Latvia Industry August 2016

Latvia

Latvia: Industrial production contracts for the first time in 18 months

October 4, 2016

Industrial production in Latvia contracted 0.6% year-on-year in August, which contrasted the 2.6% increase in July. The result, the first decrease in a year and a half, reflected a contraction in mining and quarrying and in electricity generation. Moreover, the all-important manufacturing-output sub-component decelerated over the previous month.

Seasonally-adjusted month-on-month data show that industrial production decreased 2.1% over the previous month in August, which mirrored a similar contraction in July.

Due to the deterioration, the overall trend in industrial production points to a slowdown. Annual average growth in industrial output fell from 3.5% in July to 3.1% in August.

Industrial production is expected to continue expanding in 2016 following last year’s rebound. Analysts surveyed by FocusEconomics expect industrial production to expand 3.4%, which is up 0.2 percentage points from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.5%.


Author:, Senior Economist

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Latvia Industry August 2016

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


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