Latvia: Industrial production accelerates in May
July 4, 2012
In May, industrial production expanded 6.0% over the same month last year, which was above the 3.8% increase tallied in April. The monthly acceleration showed that production of electricity and gas bounced back and expanded 2.4% in May (April: -11.8% year-on-year). Meanwhile, manufacturing production continued to show healthy growth. Only mining and quarrying deteriorated in May. Meanwhile, industrial output increased 1.9% in seasonally adjusted terms over the previous month, which contrasted the 1.2% drop observed in April. Despite the acceleration, the trend continues to point downwards, with annual average growth in industrial production falling from 7.9% in April to 7.4% in May.
Author: Ricardo Aceves, Senior Economist