Latvia Industry March 2016

Latvia

Latvia: Industrial output moderates in March but sequential data suggest solid growth

May 6, 2016

Industrial production expanded 2.7% year-on-year in March, which came in below the 3.8% increase in February. According to the statistical office, March’s moderation reflected slower growth in manufacturing output as well as in electricity generation. An additional drag on output growth was a contraction in mining and quarrying.

However, looking at sequential data, industrial production surged a seasonally-adjusted 4.3% in March when compared to the previous month. The reading came in above the revised flat reading observed in February (previously reported: -0.1% month-on-month).

Owing to the moderation in the annual data, the trend changed course. Nonetheless, it still suggests a healthy performance in output. Annual average growth in industrial production fell from 4.6% in February to 4.1% in March.

Following a rebound in 2015, industrial production is expected to continue expanding in 2016. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to expand 3.5%, which is unchanged from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.8%.


Author:, Senior Economist

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Latvia Industry March 2016 0

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Latvia and FocusEconomics calculations.


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