Estonia Industrial Production Rises In May

Estonia's industrial production increased in May underpinned by growth in electricity and mining output, data from Statistics Estonia showed on Tuesday.

Industrial production grew 4.8 percent year-on-year in May, following a 4.0 percent increase in the previous month.

Manufacturing output increased 2.2 percent annually in May, after a 4.0 percent rise in the prior month.

Production in mining surged 25.5 percent and electricity production grew 34.2 percent.

Output increased in mining due to the extraction of peat and also in the energy sector due to the rising domestic production of electricity, Helle Bunder, an analyst at Statistics Estonia, said.

Data showed that export sales of manufacturing production rose 31.0 percent annually in May and domestic sales grew 27.2 percent.

On a seasonally adjusted basis, industrial production declined 0.3 monthly in May, after a 0.8 percent growth in the previous month. Manufacturing output fell 2.2 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Luxury electric car maker Tesla Inc. has produced more than 3 million vehicles, of which 1 million in Shanghai Gigafactory, according to its founder and Chief Executive Officer Elon Musk. In a tweet on Sunday, Musk said, "Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M." King's Hawaiian is recalling its Pretzel Slider Buns, Pretzel Hamburger Buns and Pretzel Bites products as they contain one ingredient already recalled by Lyons Magnus, the U.S. Food And Drug Administration said. The Pretzel recall was initiated out of an abundance of caution after one of its supplier Lyons Magnus recently called back various nutritional and beverage products. German consumer goods maker Henkel AG & Co. reported Monday weak profit in its first half amid increasing costs, despite growth in sales. Further, the company maintained its adjusted earnings forecast for fiscal 2022, but raised outlook for organic sales growth.For fiscal 2022, the company continues to expect adjusted earnings per preferred share to decline in the range of 15 percent to 35 percent
Follow RTT