Latvia: Growth in industrial production slows further in November
Industrial production expanded 3.6% in November compared to the same month last year, below October’s stronger 5.3% year-on-year increase. Meanwhile, annual average growth in industrial production was 9.0% in November, down from the 9.6% expansion in October.
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 contracted notably, as production of electricity in CHP plants and gas supply to consumers dropped. Particularly impressive were the increases registered in the manufacturing of motor vehicles, trailers and semi-trailers, of chemicals and chemical products and of machinery and equipment.
In seasonally-adjusted terms, industrial production increased 0.6% month-on-month in November, contrasting October’s 2.1% contraction.