Latvia: Industrial output continues on the path to recovery
April 4, 2011
In February, industrial production rose 9.6% over the same month last year, accelerating from a 6.5% expansion recorded in January, which had marked the slowest expansion in over a year. The February reading mainly reflects a strong 20.3% year-on-year expansion in electricity and gas supply, which bounced back from a 0.1% contraction observed in January. In addition, manufacturing output grew 13.3% in February, faster than the 11.4% increase registered in January. A month-on-month comparison confirms the faster expansion suggested by the annual figures, as industrial production grew 0.50% in seasonally adjusted terms, contrasting a 2.40% fall in January. The trend continues to point to a speedy recovery in the industrial sector. The annual average growth in industrial production rose from 14.3% in January to 14.8% in February, which represents the fastest rate in more than a decade.
Author: Ricardo Aceves, Senior Economist