Latvia: Growth in industrial production jumps in February
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.