Latvia: Industrial production continues showing signs of deceleration
November 3, 2015
Industrial production increased 2.0% on an annual basis in September, which was half the 4.0% expansion observed in August. The slower increase in September—the slowest since February—reflected a deceleration in both manufacturing output and electricity generation. Conversely, mining and quarrying swung from a whopping 13.2% increase in August to a 3.6% contraction in September.
A month-on-month comparison showed that industrial production contracted a seasonally-adjusted 0.7% in September, which followed a 1.3% decrease in August and thus marked a second consecutive fall.
Due to September’s expansion, the trend continues to point upward, although less steeply than in previous months. The annual average growth edged up from 2.3% in August to 2.4% in September, which is the best performance since July 2013.
Author: Ricardo Aceves, Senior Economist