Latvia: Industrial output contracts at sharpest rate since May 2020 in December
Industrial production dropped 4.4% year on year in December (November: +3.6% yoy). The outturn marked the worst reading since May 2020. The reading was largely due to a drop in manufacturing production. In addition, electricity and gas supply production contracted sharply.
On a seasonally adjusted monthly basis, industrial output fell 2.6% in December (November: +3.0% mom), the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 2.9%, down from November’s 3.3% reading.