Latvia: Growth in industrial production remains solid in August
October 5, 2015
Industrial production increased 6.4% on an annual basis in August, which came in below the whopping 8.3% expansion observed in July. The moderation in August, although still solid, stemmed from a sharp deceleration in manufacturing production. Conversely, mining and quarrying as well as electricity generation showed notable accelerations compared to the previous month.
On a sequential basis, industrial production swung from a seasonally-adjusted 2.8% increase in July to a 1.5% contraction in August.
As a result of the still-strong growth in August, the trend continues to point upward, with the annual average growth rising from 2.3% in July to 2.9% in August, which is the best performance since May 2013.
Author: Ricardo Aceves, Senior Economist