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Latvia Industrial production May 2023

Latvia: Industrial output drops again in May

Industrial output fell 8.8% year on year in May (April: -7.0% yoy). The sharper drop largely reflected a marked downturn in electricity and gas supply output. Meanwhile, both manufacturing, and mining & quarrying production contracted at a softer pace mid-way through Q2.

On a monthly basis, industrial output dropped 1.1% in seasonally adjusted terms in May, which was greater than April’s 0.6% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at a two-year low of minus 1.7% in May, down from April’s minus 0.8%.

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