Latvia Industry July 2022

Latvia

Latvia: Industrial activity falls at sharpest rate since August 2020 in July

September 5, 2022

Industrial production slid 2.9% year on year in July (June: +0.7% yoy). July's result marked the worst reading since August 2020. The reading was primarily driven by weaker manufacturing output growth. In addition, electricity and gas supply output contracted at a steeper rate.

On a seasonally-adjusted monthly basis, industrial output fell at a more moderate rate of 1.2% in July (June: -2.2% mom). Meanwhile, annual average industrial production growth fell to 3.4% in July (June: +4.4%), signaling a worsening trend in the industrial sector.

FocusEconomics panelists expect industrial production to rise 3.2% in 2022, which is up 0.3 percentage points from last month’s projection, and 2.9% in 2023.


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Latvia Industry July 2022

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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