Latvia: Growth in industrial production jumps in February
April 23, 2018
Industrial production soared 8.7% in February compared to the same month last year, more than doubling January’s 4.2% year-on-year increase. Meanwhile, annual average growth in industrial production came in at 8.3% in February, slightly down from January’s 8.5%.
Growth in industrial production was fueled by robust expansions in the manufacturing, and electricity and gas supply sub-sectors, while production in the mining and quarrying sub-sector declined. Particularly notable increases were registered in the manufacturing of chemicals and chemical products; electrical equipment; and motor vehicles, trailers and semi-trailers.
In seasonally-adjusted terms, industrial production jumped 3.9% month-on-month in February, contrasting February’s 1.4% contraction.
Latvia Industrial Production Forecast
Analysts surveyed by FocusEconomics expect industrial production to expand 4.3% in 2018, which is unchanged from last month’s projection. For 2019, the panel expects growth in industrial output to expand 4.1%.