Latvia Industry July 2021

Latvia

Latvia: Industrial output growth gains momentum in July

September 3, 2021

Industrial output grew 8.4% in year-on-year terms in July, which was above June's 7.6% increase. Looking at the details of the release, mining and quarrying output gathered steam from the previous month, while energy production rebounded solidly. That said, manufacturing production grew at a slower pace in July.

On a seasonally-adjusted monthly basis, factory output rose at a softer pace of 0.8% in July (June: +1.3% mom). Meanwhile, annual average industrial production growth rose to 4.9% in July (June: +4.3%), signaling an improving trend in the industrial sector.

FocusEconomics panelists expect industrial production to increase 6.1% in 2021, which is down 0.2 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.8%.


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Latvia Industry July 2021

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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