Latvia Industry


Latvia: Industrial production continues losing strength

December 4, 2015

Industrial production increased 1.7% on an annual basis in October, which came in below 2.0% expansion observed in September. The weak reading in October—the weakest since February—mainly reflected waning growth in manufacturing output. Conversely, mining and quarrying and electricity generation showed signs of gaining strong momentum.

Sequential data confirm the weakening of Latvia’s industrial production. Output decreased a seasonally-adjusted 0.4% in October over the previous month, which followed the 0.7% contraction observed in September.

The trend continues to point upward, although less steeply than in previous months. The annual average growth edged up from 2.3% in September to 2.4% in October, which is the best performance since July 2013.

Following a rebound in 2014, industrial production is expected to continue expanding in 2016. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to expand 4.1%, which is up 0.1 percentage points from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 4.0%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry October 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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