Latvia: Industrial activity drops at sharpest pace since October 2009 in January
Industrial production collapsed 9.8% year on year in January (December: -4.4% yoy). The figure marked the worst reading since October 2009. Looking at the details of the release, January’s downturn was largely driven by a fall in manufacturing output. Furthermore, production contracted in both the mining and quarrying, and electricity and gas supply sub-sectors.
On a seasonally adjusted monthly basis, industrial output fell at a more pronounced rate of 3.3% in January (December: -2.8% mom), the worst result since February 2022. Meanwhile, annual average industrial production growth fell to 1.6% in January (December: +2.9%). This signals a worsening trend in the industrial sector.