Latvia Industry


Industrial production softens in November

Industrial production weakened in November and expanded 0.4% over the same month of the previous year. The reading was below the 1.3% increase registered in October. The softening was mainly the result of a deterioration in mining and quarrying as well as in electricity, although manufacturing output did accelerate compared to the previous month.

A month-on-month comparison confirms the slowdown suggested by November's annual data. Industrial production growth was flat in November, which was below the 0.3% increase observed in October. The trend continues to point downward, with annual average growth in industrial output falling from 1.1% in October to 0.8% in November; this marks the lowest level in more than three years.

FocusEconomics Consensus Forecast panelists expect industrial production to have increased 5.7% in 2014, which is unchanged from last month's estimate. For 2015, the panel expects growth in industrial output to accelerate to 7.3%.

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Latvia Industry Chart

Latvia Industry November 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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