FX.co ★ Estonia Industrial Output Falls at Softer Pace

Estonia’s industrial production declined by 3.0% year-on-year in May 2026, extending its contraction for a fourth consecutive month, though the fall was less severe than April’s 3.8% drop. Output in electricity, gas, steam, and air conditioning supply remained a key drag on overall performance, plunging 22.9% compared with a 14.9% decrease in April. Manufacturing output also weakened further, down 3.5% after a 3.2% decline in the previous month, pressured in particular by sharp falls in the repair and installation of machinery and equipment (-40.5%), coke and refined petroleum products (-38.7%), computers and peripheral equipment (-75.0%), and grain mill products, starches, and starch products (-13.9%). By contrast, mining and quarrying activity surged 39.9%, quickening from a 15.7% increase in April. On a monthly basis, overall industrial output edged down 0.2%, reversing an upwardly revised 1.3% gain recorded in the previous month.