Latvia Industry May 2020

Latvia

Latvia: Industrial activity falls at softer pace in May

July 6, 2020

Industrial output slid 6.4% in year-on-year terms in May, which was a smaller drop than April's 9.2% decrease.

The softer contraction was primarily driven by a less sharp drop in manufacturing production, and a mild rebound in mining and quarrying activity.

On a seasonally-adjusted monthly basis, industrial production rebounded 4.9% in May (April: -7.4% mom), the best result since January 2010. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.9% in May, down from April's minus 0.2% reading.

FocusEconomics panelists expect industrial production to fall 7.0% in 2020, which is up 0.3 percentage points from last month’s projection. In 2021, industrial output is seen increasing 4.0%.


Author:, Economist

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Latvia Industry May 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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