Estonia’s industrial woes continue

Text Mark Taylor
Photo Klāvs Taimiņš / Unsplash

In June 2024, Estonia’s Producer Price Index which measures industrial output decreased by 0.5 per cent compared to the same month last year, despite a 0.7 per cent rise from May 2024. This decline reflects a variety of industry-specific price changes.

According to Eveli Šokman, team lead of producer price statistics at Statistics Estonia, the year-on-year decrease was largely driven by falling prices in the manufacture of wood products, food products, and electricity and heat energy production. Conversely, price increases in fuel oils, machinery repair, and electronic equipment partly offset the overall decline. “Overall, manufacturing saw a 0.2 per cent drop, with food product manufacturing experiencing a notable 3.4 per cent decrease,” Šokman explained.

Month-on-month changes show that June’s index was influenced primarily by rising electricity prices, alongside decreased costs in food product manufacturing and machinery repair.

The Export Price Index saw a 0.6 per cent increase from May 2024, with notable price hikes in electricity, building materials, and mining. However, prices for chemicals, agricultural products, motor vehicles, and furniture saw reductions. Compared to June 2023, the Export Price Index rose by 0.4 percent.

The Import Price Index rose by 0.8 per cent in June compared to May. Major price increases were observed in electricity, mining and quarrying, and industrial machinery, while prices for agricultural products, chemicals, and petroleum products decreased. Year-on-year, the Import Price Index increased by 0.9 per cent.

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Economic Trends in Estonia Electricity Prices Estonia Economic Statistics Export Price Index Food Product Prices Import Price Index Industrial Output Prices Producer Price Index