Latvia: Industrial production accelerates in April
June 3, 2011
In April, industrial production increased 13.7% over the same month last year, accelerating from a revised 10.0% expansion registered in March (previously reported: +9.6% year-on-year), which marked the fastest expansion since December 2010. The monthly improvement was primarily driven by faster growth in manufacturing, which accounts for the bulk of industrial output, and soared 17.1% annually. In addition, electricity and gas supply maintained the pace observed in March (+8.8 yoy), while mining and quarrying contracted, albeit at a slower pace. A month-on-month comparison confirms the faster expansion suggested by the annual figures, as industrial production grew 3.42% in seasonally adjusted terms, improving from a 1.69% expansion observed in March. The trend continues to point a strong recovery in the industrial sector, with annual average growth in industrial production rising from 14.9% in March to 15.3% in April.
Author: Ricardo Aceves, Senior Economist