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Latvia: Industrial output contracts in July and marks seventh fall in the last eight months

September 3, 2014

In July, industrial production contracted 1.5% over the same month last year. The print followed the 2.0% decrease observed in June and marked the 7th contraction in the last eight months. July’s deterioration was broad-based and the only sub-category that showed an improvement was electricity and gas supply.

However, sequential comparison does not confirm the deterioration suggested by the annual data. Industrial output expanded a seasonally-adjusted 1.4% in July, which recovered from the 1.3% contraction observed in June.

Moreover, the overall trend continued to point to a deterioration in output. Annual average growth in industrial production fell from minus 0.8% in June to minus 1.2% in July.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2014 and expand 1.6%, which is unchanged from the previous month’s projection. For 2015, the panel expects growth in industrial output to accelerate to 3.8%.


Author:, Senior Economist

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Latvia Industry July 2014

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Latvia and FocusEconomics calculations.


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