Latvia Industry May 2021

Latvia

Latvia: Industrial output growth moderates in May

July 5, 2021

Industrial output rose 10.1% year-on-year in May (April: +20.5% yoy). Looking at the details of the release, May’s slowdown was due to a broad-based deterioration, with manufacturing, mining and quarrying, and electricity and gas supply production rising at a weaker pace.

On a monthly basis, industrial output dropped 2.3% in seasonally-adjusted terms in May, contrasting April’s 2.5% expansion and marking the worst result since April 2020. Meanwhile, annual average industrial production growth rose to 3.5% in May (April: +2.2%), signaling an improving trend in the industrial sector.

FocusEconomics panelists expect industrial production to increase 5.2% in 2021, which is up 1.8 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.3%.


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Latvia Industry May 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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