Latvia: Industrial production accelerates in October
December 4, 2013
Industrial production accelerated in October, expanding 1.3% over the same month last year. The reading was above the 0.7% increase registered in September. The improvement was mainly the result of a notable increase in mining and quarrying production, while manufacturing output remained at the same pace that had been observed the previous month. Electricity generation and gas supply tumbled compared to the previous month.
A month-on-month comparison confirms the improvement suggested by October's annual data. Industrial production expanded a seasonally-adjusted 0.3% in October, which was above the 0.2% increase observed in September. Nevertheless, the trend continues to point downward, with annual average growth in industrial output falling from 1.3% in September to 1.1% in October, the lowest level in more than three years.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.4% this year, which is unchanged from last month's estimate. For 2014, the panel expects growth in industrial output to accelerate to 6.3%, which is also unchanged from last month's forecast.
Author: Ricardo Aceves, Senior Economist