Latvia Industry September 2020

Latvia

Latvia: Industrial production contracts again in September

November 3, 2020

Industrial production output dropped 2.8% in year-on-year, calendar-day adjusted terms in September, slightly softer than August’s 2.9% fall.

September’s result was mainly driven by a milder decline in manufacturing production and a considerable pickup in mining and quarrying output. The electricity and gas sector, on the other hand, contracted at a sharper pace than in August.

On a monthly and seasonally-adjusted basis, industrial output rose 0.5% in September, rebounding from August’s 0.5% dip. Meanwhile, the trend deteriorated, with the annual average variation of industrial production coming in at minus 2.3% in September, below August's minus 1.5%.

FocusEconomics panelists expect industrial production to increase 4.1% in 2021, which is unchanged from last month’s forecast. In 2022, industrial output is seen expanding 3.1%.


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Latvia Industry September 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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