Latvia Industry


Industrial production declines in June

Industrial production fell 0.4% over the same month last year in June (May: +0.9% year-on-year), which marks the fourth contraction in the last five months. The monthly deterioration mostly reflects the sharp contraction in electricity and gas supply, while manufacturing production showed weak growth in June.

The month-on-month comparison confirms the deterioration seen in the annual data; industrial production dropped a seasonally adjusted 0.2% in June, which contrasts the 2.2% expansion observed in May. As a result, the trend continues to point downwards, with annual average growth in industrial production dropping from 3.1% in May to 2.7% in June, the lowest level in almost three years.

FocusEconomics Consensus Forecast panellists expect industrial production to increase 4.4% this year, which is down 0.2 percentage points from last month's estimate. For 2014, the panel expects growth in industrial output to accelerate to 6.5%.

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Latvia Industry Chart

Latvia Industry June 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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