Latvia: Growth in industrial production gains strength in December
Industrial production expanded 5.5% in December compared to the same month last year, above November’s weaker 3.7% year-on-year increase (previously reported: +3.6% yoy). Meanwhile, annual average growth in industrial production came in at 8.5% in December, down from the 9.0% expansion recorded in November.
Growth in industrial production was fueled by robust expansions in the manufacturing, and mining and quarrying sub-sectors, while the electricity and gas supply sub-sector continued to contract. Particularly notable increases were registered in the manufacturing of motor vehicles, trailers and semi-trailers, chemicals and chemical products, and machinery and equipment.
In seasonally-adjusted terms, industrial production increased 1.3% month-on-month in December, above November’s 0.6% expansion.