Latvia: Industrial production continues losing strength
December 4, 2015
Industrial production increased 1.7% on an annual basis in October, which came in below 2.0% expansion observed in September. The weak reading in October—the weakest since February—mainly reflected waning growth in manufacturing output. Conversely, mining and quarrying and electricity generation showed signs of gaining strong momentum.
Sequential data confirm the weakening of Latvia’s industrial production. Output decreased a seasonally-adjusted 0.4% in October over the previous month, which followed the 0.7% contraction observed in September.
The trend continues to point upward, although less steeply than in previous months. The annual average growth edged up from 2.3% in September to 2.4% in October, which is the best performance since July 2013.
Author: Ricardo Aceves, Senior Economist