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Latvia Industrial production February 2023

Latvia: Decline in industrial output softens in February

Industrial production slid 2.2% year on year in February on a calendar-adjusted basis (January: -9.8% yoy). Looking at the details of the release, the decline in mining and quarrying output worsened. Meanwhile, manufacturing production fell at a more moderate rate in February, and electricity and gas supply production expanded.

On a monthly basis, factory output grew 2.8% in seasonally adjusted terms in February, rebounding from January’s 3.2% fall. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 0.8% in February, down from January’s 1.6% reading.

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