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Latvia Industry December 2019

Latvia: Industrial output contracts at the sharpest rate in nearly six years in December

Industrial production fell 3.2% in annual working-day adjusted terms in December, contrasting November’s marginal 0.1% uptick. The result marked the strongest contraction in industrial output since January 2014.

December’s downturn was broad-based. Activity in the all-important manufacturing sector slipped into contractionary territory for the first time in nearly four years and led the overall downturn. On top of that, energy output dipped at the end of the year following a healthy increase in November. Meanwhile, mining and quarrying output fell for the eighth month running, although the decline was the softest since May.

In seasonally-adjusted month-on-month terms, industrial production fell 0.3% in December, softening from November’s 1.3% contraction. Meanwhile, annual average industrial production growth fell to 0.8% in the final month of last year, from 1.4% in November.

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