Latvia: Industrial production continues to expand robustly in June
August 3, 2017
Industrial production increased 7.8% in June from the same month last year, coming in above April’s revised 10.4% rise (previously reported: +9.9% year-on-year). Meanwhile, annual average growth in industrial production remained unchanged at May’s five-year high of 7.3% in June.
June’s expansion was fairly broad-based, as two out of three of the main components of the index grew robustly. Mining and quarrying recorded the biggest increase, growing by 13.5%, despite decelerating compared to the prior month. This was followed by manufacturing, which rose 10.1%, on the back of a jump in the manufacture of machinery and equipment, motor vehicles, trailers and semi-trailers and chemicals and chemical products. Meanwhile, the electricity and gas supply sub-sector swung from a robust expansion in May to a 2.2% contraction in June.
In seasonally adjusted terms, industrial production swung from a revised 2.0% expansion in May (previously reported: +1.7% month-on-month) to a 0.4% contraction in June.