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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.

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 May 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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