Latvia: Decline in industrial activity softens in August
Industrial production dropped 4.9% year on year in August (July: -8.7% yoy). August’s print marked the best reading since February. The softer drop was partly due to a softer fall in manufacturing output. In contrast, mining and quarrying production weakened.
On a seasonally adjusted monthly basis, industrial production rose 1.7% in August (July: -2.7% mom), the best result since February. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.0%, down from July’s minus 3.3%.