Latvia: Industrial production continues to fall in November
January 3, 2019
According to Latvia’s Central Statistical Bureau, industrial output fell 0.6% in working day-adjusted year-on-year terms in November, improving somewhat from the 1.9% drop recorded in October. The print marked the third consecutive month of contraction and reflected a marked drop in electricity and gas supply, which more than offset healthy growth in the manufacturing as well as mining and quarrying sectors.
Meanwhile, annual average industrial production growth decelerated to an over three-year low of 2.2% in November, from 2.6% in the previous month. Lastly, in seasonally-adjusted terms, industrial production rose 0.9% month-on-month in November, recovering from October’s 1.3% contraction.
Author: Almanas Stanapedis, Economist