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Latvia Industry July 2022

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

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.

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