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Latvia Industrial production February 2024

Latvia: Decline in industrial output softens in February

Industrial production slid 0.3% year on year in February (January: -5.0% yoy). The reading reflected a broad-based upturn: Manufacturing output fell at a slower pace, mining and quarrying activity growth accelerated, and electricity and gas supply rebounded in February.

On a monthly basis, factory output rose 2.8% in seasonally adjusted terms in February, contrasting January’s 2.6% fall and marking the best result since July 2023. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 7.1% in February, up from January’s minus 7.2% reading.

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