Latvia Industry August 2022


Latvia: Decline in industrial output softens in August

October 4, 2022

Industrial production declined 0.3% year on year in August (July: -2.9% yoy). Looking at the details of the release, manufacturing output dropped in August, while mining and quarrying output accelerated.

On a monthly basis, factory output rose 0.6% in seasonally adjusted terms in August, contrasting July’s 1.2% fall and marking the best result since March. Meanwhile, annual average industrial production growth fell to 4.8% in August (July: +5.2%). This signals a worsening trend in the industrial sector.

FocusEconomics panelists expect industrial production to rise 1.9% in 2022, which is down 1.3 percentage points from last month’s projection, and 2.4% in 2023.


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Latvia Industry Chart

Latvia Industry August 2022

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.

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