Latvia Industry May 2017


Latvia: Industrial production continues to expand robustly in May

July 19, 2017

Industrial production increased 9.9% in May from the same month last year, coming in above April’s 9.6% rise. Meanwhile, annual average growth in industrial production edged up from 6.9% in April to a five-year high of 7.3% in May.

May’s expansion was broad-based, as all three main components of the index grew robustly. Mining and quarrying recorded the biggest increase, growing by 21.3%. This was followed by electricity and gas supply, which rose 9.8%. Meanwhile, growth in the manufacturing sector was 9.4%, benefiting from a surge in the manufacture of electrical equipment and machinery and equipment.

In seasonally adjusted terms, industrial production swung from a revised 0.2% contraction in April (previously reported: -0.3% month-on-month) to a 1.7% expansion in May.

Analysts surveyed by FocusEconomics expect industrial production to expand 5.7% in 2017, which is up 1.1 percentage points from last month’s projection. For 2018, the panel expects growth in industrial output to expand 4.3%.

Author: Massimo Bassetti, Economist

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Latvia Industry Chart

Latvia Industry May 2017

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistical Bureau of Latvia and FocusEconomics calculations.

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