Latvia: Industrial output contracts in May
July 4, 2014
In May, industrial production contracted 0.2% over the same month last year, which contrasted the 1.3% increase registered in April. The reading marked the fifth contraction in industrial production in the last six months. May’s result reflected that an expansion in manufacturing output as well as in mining and quarrying was more than offset by a contraction in electricity and gas supply.
A month-on-month comparison confirms the deterioration observed in the annual data. Industrial production increased a timid 0.3% in May in seasonally-adjusted terms. The print came in well below the 2.1% expansion observed in April.
Moreover, the trend continued to point downward. Annual average growth in industrial production fell from minus 0.6% in April to minus 0.7% in May.
Author: Ricardo Aceves, Senior Economist