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%.
Author: Almanas Stanapedis, Economist