Latvia: Industrial output slows in July
September 5, 2016
Industrial production in Latvia grew 2.7% year-on-year in July, which was down from 7.9% increase in June. According to the Central Statistical Bureau, July’s deceleration reflected a slowdown in manufacturing production and in electricity generation. In addition, mining and quarrying plummeted for the fifth consecutive month.
Seasonally-adjusted month-on-month data showed that industrial production decreased 1.9% over the previous month in July, which contrasted the mild 0.6% expansion observed in June.
Due to the slowdown, the overall trend in industrial production points to moderation. Annual average growth in industrial output fell from 3.8% in June to 3.5% in July.
Author: Ricardo Aceves, Senior Economist