Latvia: Industrial output growth moderates in October
December 4, 2019
Industrial production rose 3.0% in annual working-day adjusted terms in October, decelerating from September’s 7.3% jump which had marked the strongest expansion since February 2018.
October’s deceleration was broad-based. Manufacturing output growth nearly halved amid falling repair and installation of machinery and equipment activities as well as shrinking manufacture of motor vehicles, trailers and semi-trailers. In a similar fashion, electricity and gas supply increased at a much softer rate in November, while mining and quarrying output contracted more sharply in the same month.
In seasonally-adjusted terms, industrial production fell 2.3% in October, contrasting a 1.2% expansion in September and marking the worst result since January. That said, annual average industrial production growth rose to 1.3% in October, from 1.0% in the previous month.
Author: Almanas Stanapedis, Economist