Latvia Industry June 2022

Latvia

Latvia: Industrial output growth wanes in June

August 3, 2022

Industrial output grew 0.7% compared to the same month of the previous year in June, which was a deterioration from May's 6.4% increase. The result was largely driven by weaker manufacturing output. In addition, electricity and gas supply output contracted at a steeper rate.

On a monthly basis, factory output dropped 2.1% in seasonally-adjusted terms in June, contrasting May’s 0.4% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at a one-year low of 4.4%, down from May's 5.0%.

FocusEconomics panelists expect industrial production to rise 2.9% in 2022, which is up 0.2 percentage points from last month’s projection, and 2.7% in 2023.


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Latvia Industry June 2022

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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