Industrial output in Estonia continues to fall

Text Mark Taylor
Photo Andrei Chertkov

The Producer Price Index, which expresses changes in the prices of industrial goods manufactured in Estonia for the domestic market and for export, fell by 0.8 per cent in December 2023 compared with November and by 4.4 per cent compared with December 2022.

“Compared with December 2022, the Producer Price Index was most affected by price decreases in electricity and heat energy production as well as in the manufacture of wood and wood products, paper products, and food products. Rising prices in the manufacture of electronic products and electrical equipment had the opposite effect on the index,” said Eveli Šokman, a leading analyst at Statistics Estonia.

Compared with November 2023, the index was primarily affected by price decreases in electricity production, as well as in the manufacture of fuel oils and wood products. The index was also influenced by price increases in the manufacture of electronic products.

In December, the Export Price Index fell by 0.4 per cent compared with November. The biggest price decreases were recorded for electricity, petroleum products, and motor vehicles and trailers. Compared with December 2022, the Export Price Index fell by 3.7 per cent.

The Import Price Index declined by 1.0 per cent in December compared with November. Prices fell the most in electricity production, in mining and quarrying, and for petroleum products. Compared with December 2022, the Import Price Index declined by 3.3 per cent.

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Export Price Index Exports Import Price Index Imports Industrial Output Industry Manufacturing Producer Price Index