Latvia Industry


Industrial production falls in August

Industrial production tumbled in August, contracting 3.5% over the same month last year. The reading contrasts the 2.1% expansion registered in July and marks the lowest reading since December of 2009. The deterioration was mainly led by a decrease in electricity and gas supply. Manufacturing also registered negative growth, although mining and quarrying continued to expand moderately.

A month-on-month comparison confirms the deterioration suggested by August's annual data. Industrial production contracted a seasonally-adjusted 2.0% in July, which contrasts the 1.7% rise observed in July. The trend continues to point downwards, with annual average growth in industrial output falling from 2.4% in July to 1.3% in August, the lowest level in more than three years.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.4% this year, which is unchanged from last month's estimate. For 2014, the panel expects growth in industrial output to accelerate to 6.3%, which is also unchanged from last month's forecast.

Author:, Economist

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Latvia Industry Chart

Latvia Industry August 2013

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics calculations.

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