Latvia: Industrial output rebounds in May
July 4, 2019
Industrial output rose 1.7% in working day-adjusted year-on-year terms in May, contrasting April’s 2.4% contraction.
May’s improvement was chiefly driven by a marked rebound in the electricity and gas supply sector which expanded for the first time this year following a profound contraction in April. On a more negative note, manufacturing output growth continued losing traction, decelerating to a 10-month low in May, while mining and quarrying output contracted for the first time in over a year in the same month.
Meanwhile, annual average industrial production growth edged up to 0.7% in May, from 0.5% in April. Lastly, in seasonally-adjusted terms, industrial production rose 2.1% in May, contrasting the previous month’s 1.9% decrease and marking the best reading so far this year.
Author: Almanas Stanapedis, Economist