Latvia Industry July 2016

Latvia

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.

Industrial production is expected to continue expanding in 2016 following last year’s rebound. Analysts surveyed by FocusEconomics expect industrial production to expand 3.4%, which is up 0.2 percentage points from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.5%.


Author:, Senior Economist

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Latvia Industry July 2016

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


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