We know Estonia
24.7.2024 | Estonia

Estonia’s industrial woes continue

Text Mark Taylor
Photo Klāvs Taimiņš / Unsplash

Estonia’s industrial woes continue

 

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.

 

To learn more about this and similar topics
Economic Trends in Estonia Electricity Prices Estonia Economic Statistics Export Price Index Food Product Prices Import Price Index Industrial Output Prices Producer Price Index

13.11.2024 | Estonia

The big events in Estonia between now and the New Year

The big events in Estonia between now and the New Year

01–17.11 From Forest to Table – Southern Estonian Flavours From Viljandimaa to Võrumaa restaurants all across Southern Estonia will … Read more

12.11.2024 | Estonia

Estonian tourism saw modest growth in September

Estonian tourism saw modest growth in September

In September 2024, Estonia’s accommodation establishments served 278,000 tourists—a modest 1 per cent increase from the same period last … Read more

7.11.2024 | Estonia

Neste Expands EV Charging Network with New Pääsküla Station

Neste Expands EV Charging Network with New Pääsküla Station

Neste has opened a new fast-charging station for electric vehicles in Pääsküla, on the outskirts of Tallinn. This facility … Read more

6.11.2024 | Estonia

Rail Baltic: A new era connecting Estonia and Latvia to Europe

Rail Baltic: A new era connecting Estonia and Latvia to Europe

In early November, Estonian Prime Minister Kristen Michal met his Latvian counterpart Evika Siliņa to discuss the countries’ common … Read more

3.11.2024 | Estonia

Estonian shops suffering due to continued decline in sales

Estonian shops suffering due to continued decline in sales

According to data released by Statistics Estonia, retail trade turnover in Estonia fell to 839 million euros in September … Read more

31.10.2024 | Estonia

Tartu residents are keen users of rental bikes

Tartu residents are keen users of rental bikes

Estonians are known as passionate cyclists, and the statistics show they are some of the most passionate users in … Read more

31.10.2024 | Estonia

Export aid to be introduced for Estonian companies

Export aid to be introduced for Estonian companies

A meeting of the Estonian government has approved a proposal by Minister of Economy and Industry Erkki Keldo to … Read more

27.10.2024 | Estonia

Manufacturers in Estonia seeing lower prices: Maybe consumers are next?

Manufacturers in Estonia seeing lower prices: Maybe consumers are next?

The Producer Price Index, which expresses changes in the price of goods manufactured in Estonia for the domestic market … Read more