Latvia: Industrial output drops to five-month low
August 4, 2014
In June, industrial production contracted 2.0% over the same month last year. The print followed the 0.2% decrease observed in May and marked the sharpest drop in five months and the sixth contraction in the last seven months. June’s deterioration was broad-based and the only sub-category that showed an improvement was electricity and gas supply.
A month-on-month comparison corroborates the deterioration suggested by the annual data: Industrial output contracted a seasonally-adjusted 1.3% in June, which contrasted the 0.1% increase tallied in May.
Moreover, the trend continued to point downward. Annual average growth in industrial production fell from minus 0.7% in May to minus 0.8% in June.
Author: Ricardo Aceves, Senior Economist