Latvia: Industrial output decelerates sharply in April
June 4, 2012
In April, industrial production expanded 3.8% over the same month last year, which was well below the 8.5% increase observed in March and represented the slowest growth rate so far this year. The monthly slowdown reflected slower growth in manufacturing. Meanwhile, production of electricity and gas declined for the second consecutive month. A month-on-month comparison shows a sharper deterioration than the slowdown suggested by the annual figures, as industrial output fell 1.2% over the previous month in seasonally adjusted terms, which contrasted the 2.0% increased tallied in March. As a result of the deceleration, the trend points downwards, with annual average growth in industrial production falling from 8.6% in March to 8.0% in April.
Author: Ricardo Aceves, Senior Economist