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Latvia: Industrial production accelerates in April; records strongest growth rate since December 2012

June 3, 2015

Industrial production grew a solid 10.2% over the same month last year. The reading was above the 8.7% increase recorded in March and marked the greatest increase since December 2012. April’s reading resulted from a large increase in manufacturing output, particularly the manufacture of basic metals, electronics and chemicals. The mining and quarrying sector also contributed to the acceleration.

Industrial production increased a seasonally-adjusted 1.8% over the previous month, well below the 11.2% increase observed in March.

As a result of the notable increase recorded in the two previous months, the trend now points upward. The annual average variation in industrial production rose from March’s minus 0.1% to plus 0.7% in April, reaching its highest value since November 2013.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 1.7%, which is unchanged from last month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 2.8%.


Author:, Economist

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Latvia Industry Chart


Latvia Industry April 2015

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


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