Latvia Industry April 2020

Latvia

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%.

FocusEconomics panelists expect industrial production to fall 7.3% in 2020, which is unchanged from last month’s projection. In 2021, industrial output is seen increasing 4.0%.


Author:, Economist

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Latvia Industry April 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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