Latvia Industry May 2022


Latvia: Industrial output growth improves in May

May 6, 2022

Industrial output rose 5.3% in year-on-year terms in May, which followed April's 3.7% increase. Looking at the details of the release, manufacturing output rose at a quicker pace in May, while mining and quarrying output bounced back to growth.

On a seasonally-adjusted monthly basis, factory output rebounded, rising 0.2% in May (April: -0.1% mom). Meanwhile, annual average industrial production growth fell to 4.9% in May (April: +5.3%). This signals a worsening trend in the industrial sector.

FocusEconomics panelists expect industrial production to rise 2.7% in 2022, which is up 0.5 percentage points from last month’s projection, and 3.0% in 2023.


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Latvia Industry Chart

Latvia Industry May 2022 1

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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