Latvia: Industrial output expands at fastest pace since July 2021 in June
Latest reading: Industrial output increased 7.3% in year-on-year terms in June, following May’s 4.0% rise, marking the fastest growth in almost four years. The upturn was driven by higher output growth in manufacturing as well as in electricity and gas supply. That said, mining activity contracted at a sharper rate compared to May.
On a seasonally adjusted monthly basis, factory output rose at a more moderate pace of 0.5% in June (May: +1.6% mom s.a.). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at -5.1% in June, up from May’s -5.7% reading.