Latvia: Industrial production contracts for first time in four months
February 3, 2014
In December, industrial production fell 4.1% over the same month of the previous year. The reading contrasted the revised 0.5% increase observed in November (previously reported: +0.4% year-on-year) and represented the first decrease in four months. The deterioration was mainly the result of a notable contraction in electricity and gas supply.
On a sequential basis, December industrial production fell a seasonally-adjusted 1.4% over the previous month, which followed the revised 0.3% contraction registered in November (previously reported: 0.0% month-on-month). In the full year 2013, industrial production declined 0.4%, which contrasts the 6.3% expansion observed in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2014 and expand 5.0%, after an estimated 0.3% contraction for 2013. For 2015, the panel expects growth in industrial output to accelerate to 6.3%.
Author: Ricardo Aceves, Senior Economist