Latvia: Industrial production contracts in January

According to Latvia’s Central Statistical Bureau, industrial output fell 1.8% in working day-adjusted year-on-year terms in January, compared to a strong 4.5% expansion in December. The print reflected a marked contraction in the electricity and gas supply sector, which offset expansions in the manufacturing, and mining and quarrying sectors.

Meanwhile, annual average industrial production growth continued to moderate at the beginning of the year, falling to an over three-year low of 1.7% in January, from to 2.2% in December. In seasonally-adjusted terms, industrial production fell 3.7% month-on-month in January, swinging from December’s 3.3% increase.

Latvia Industrial Production Forecast

Our panelists expect industrial production to expand 3.5% in 2019, unchanged from last month’s projection, and 3.1% in 2020.