Latvia: Industrial output growth surges to 19-month high in September
November 4, 2019
Industrial production jumped 7.0% in annual working-day adjusted terms in September, accelerating from August’s 2.0% increase and marking the strongest expansion since February 2018.
September’s upturn was driven by marked increase in electricity and gas supply as well as stronger manufacturing sector activity. Manufacturing output growth accelerated against the backdrop of a considerable increase in repair and installation of machinery and equipment as well as soaring production of electrical equipment and of computer, electronic and optical products. On a less positive note, mining and quarrying output contracted again in the same month, weighing on the overall result.
In seasonally-adjusted terms, industrial production rose 1.2% in September, down from 3.1% in August. That said, annual average industrial production growth jumped to 1.0% from 0.3% in August.
Author: Almanas Stanapedis, Economist