Latvia: Industrial output tumbles in April
Industrial output dipped 2.4% in working day-adjusted year-on-year terms in April, contrasting March’s 1.5% increase. April’s deterioration reflected a profound contraction in the electricity and gas supply sector, following an already marked drop in March, as well as softer manufacturing output growth. On a more positive note, mining and quarrying output growth accelerated in April.
Meanwhile, annual average industrial production growth slowed from 0.7% in March to 0.5% in April, the weakest reading in four years. Lastly, in seasonally-adjusted terms, industrial production fell 2.0% month-on-month in April, contrasting previous month’s 0.7% increase.