Latvia Industry


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.

Following a contraction in 2014, industrial production is expected to recover this year. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to rebound in 2015 and expand 3.7%, which is up 0.9 percentage points from last month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 4.1%, which is unchanged from last month’s forecast.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry September 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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