Latvia: Industrial activity drops at sharpest rate since October 2009 in April
June 3, 2020
Industrial output slid 9.2% year-on-year in April (March: -3.5% yoy). April's figure marked the worst reading since October 2009 and came amid widespread business and factory closures due to the Covid-19 pandemic.
The reading was largely driven by a plunge in manufacturing production which fell at the sharpest pace since December 2009. In addition, both mining and quarrying production, and electricity and gas supply contracted sharply.
On a month-on-month seasonally adjusted basis, industrial production fell at a quicker rate of 7.4% in April (March: -4.0% mom). The reading marked the worst result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.2%, down from March's plus 0.4%.
Author: Almanas Stanapedis, Economist