Latvia: Industrial activity dips in March
Industrial output declined 6.3% year on year in March (February: -2.2% yoy). Looking at the details of the release, the contraction in manufacturing output worsened in March, with weaker production in wood and metal manufacturing—two of the largest industrial sectors. Meanwhile, mining and quarrying output dropped at a softer, albeit still pronounced, rate. Electricity and gas supply production also decreased.
On a monthly basis, industrial output fell 1.0% in seasonally adjusted terms in March, contrasting February’s 2.5% expansion. Meanwhile, annual average industrial production growth fell to 0.1% in March (February: +0.9%). This signals a worsening trend in the industrial sector.