Latvia: Industrial output accelerates at fastest pace in five months
October 4, 2012
In August, industrial production grew 8.1% over the same month last year, which represented an acceleration compared to the 5.3% expansion recorded in July. The print represents the fastest pace since March and was mainly the result of stronger growth in manufacturing production. In contrast, mining and quarrying deteriorated notably over the previous month. A month-on-month comparison confirms the acceleration suggested by the annual figures, as industrial production expanded a seasonally adjusted 2.0% in August, which was well above the revised 0.3% increase observed in July (initially reported: +0.2% month-on-month). As a result of the acceleration, the trend halted its almost uninterrupted downward trajectory in place since July 2011, with annual average growth in industrial production stepping up from 6.6% in July to 6.7% in August.
Author: Ricardo Aceves, Senior Economist