Latvia Industry October 2021

Latvia

Latvia: Industrial output records slowest expansion since in a year in October

December 3, 2021

Industrial output rose 2.4% on a monthly basis in October, following September's 5.8% increase. The figure marked the slowest reading in a year. October's figure was partly due to slower manufacturing output growth, as well as a swing into contraction in energy and gas production. In contrast, mining and quarrying production gained steam.

On a seasonally-adjusted monthly basis, industrial output fell 1.5% in October (September: +1.4% mom). Meanwhile, annual average industrial production growth rose to 6.6% in October (September: +6.3%), signaling an improving trend in the industrial sector.

FocusEconomics panelists expect industrial production to increase 4.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, industrial output is seen expanding 3.4%.


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Latvia Industry October 2021

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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