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Latvia Industrial production July 2023

Latvia: Industrial activity records largest decrease in six months in July

Industrial production nosedived 8.7% year on year in July (June: -5.1% yoy). July’s outturn marked the worst reading since January. Looking at the details of the release, the figure was largely driven by a fall in manufacturing output. In addition, production contracted in both the mining and quarrying, and electricity and gas supply sub-sectors.

On a monthly basis, industrial output dropped 2.8% in seasonally adjusted terms in July, contrasting June’s 0.5% expansion and marking the worst result since January. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.3% in July, down from June’s minus 2.5% reading.

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