Latvia: Industrial output growth hits six-month high in June
August 5, 2019
Industrial production rose 4.4% in annual working-day adjusted terms in June, up from a 1.7% year-on-year increase in May. June’s acceleration, which marked the strongest output growth since December 2018, was entirely driven by a surge in electricity and gas supply.
Meanwhile, manufacturing production growth decelerated notably from the previous month in June, largely due to tumbling manufacture of chemicals and chemical products, and machinery and equipment. This, coupled with a sharper contraction in the mining and quarrying industry, weighed on overall output growth in June.
Lastly, annual average industrial production growth edged up to1.1% in June, from 0.7% in May. Furthermore, in seasonally-adjusted terms, industrial production rose 1.6% in June, accelerating from the previous month’s 2.1% increase.
Author: Almanas Stanapedis, Economist