Latvia Industry December 2015


Latvia: Following strong momentum in November, output decelerates in December

February 3, 2016

Industrial production increased 2.6% year-on-year in December, which marked a deceleration over the revised 4.5% expansion tallied in November (previously reported: +4.3% year-on-year). November’s jump had marked the strongest increase since July 2015 and December’s moderation stemmed from a deceleration in the all-important manufacturing production, as well as in electricity generation. Conversely, mining and quarrying rebounded in the last month of 2015.

Sequential data suggested an even sharper deterioration than the deceleration suggested by the annual data as industrial production plunged 1.3% in December over the previous month when adjusted for seasonal factors. The reading contrasted the 0.2% expansion observed in November and marked the fastest month-on-month decrease since August 2015.

In 2015, as a whole, Latvia’s industrial production expanded 3.4%, showing the beginning of a recovery from the contractions registered in the prior two years.

Following a rebound in 2015, industrial production is expected to continue expanding in 2016. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to expand 3.9%, which is unchanged from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.9%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry December 2015 4

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Latvia and FocusEconomics calculations.

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