Latvia Industry June 2020

Latvia

Latvia: Decline in industrial activity softens in June

August 3, 2020

Industrial production declined 0.3% year-on-year in June, improving notably from May’s 6.2% contraction.

The improvement was broad-based. Manufacturing output contracted at a much softer pace in June, while both mining and quarrying output, and electricity supply gained steam at the end of Q2.

On a monthly basis, industrial output increased 7.5% in seasonally-adjusted terms in June, which was significantly better than May’s 5.2% expansion and marked the best result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.2% in June, down from May's minus 0.8%.

FocusEconomics panelists expect industrial production to fall 7.1% in 2020, which is down 0.1 percentage points from last month’s projection. In 2021, industrial output is seen increasing 4.5%.


Author:, Economist

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