Latvia: Industrial production accelerates in January
March 5, 2012
In January, industrial production soared 8.2% over the same month last year, which marked a notable acceleration compared to the 3.2% increase observed in December. The January result was primarily the result of a strong expansion in manufacturing as well as healthy growth in mining and quarrying. Only electricity and gas supply recorded a loss in January. A month-on-month comparison confirms the strong expansion suggested by the annual figures as industrial production increased a seasonally adjusted 1.9% in January, which contrasted the 2.4% drop recorded in December. As a result of the January print, the trend resumed its upward trajectory, with annual average growth in industrial output edging up from 9.0% in December to 9.1% in January, suggesting that industrial production is gaining traction.