FX.co ★ Estonia Industrial Output Falls to 4-Month Low

Industrial production in Estonia declined by 0.5% year-on-year in February 2026, reversing from a revised 5.8% increase in January, which had been a nine-month high. This was the weakest reading since October 2025.

Manufacturing output fell by 1.1% year-on-year, after growing 2.9% in January, dragged down in particular by food products (-5.3%) and electrical equipment (-9.5%). Growth also slowed sharply in mining and quarrying (1.3% vs 10.7% in January) and in electricity, gas, steam and air-conditioning supply (3.1% vs 21.7%).

Within the energy sector, electricity production fell by 3.8% in volume terms, measured in megawatt-hours, while heat production increased by 10.2% year-on-year in February, supported by lower-than-normal winter temperatures.

On a monthly basis, industrial output decreased by 0.7% in February, following a revised 1.0% decline in the previous month.