Latvia: Industrial output records slowest expansion in over a year in November
Industrial output grew 1.1% year-on-year in November (October: +2.4% yoy). November’s figure marked the lowest reading since October 2020. The figure was partly due to a deterioration in manufacturing output, which grew at the slowest pace since February. In addition, mining and quarrying production also weakened.
On a seasonally-adjusted monthly basis, industrial output rose 0.3% in November (October: -1.5% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 6.4% in November, down from October’s 6.6%.