Latvia Industry


Latvia: Industrial production contracts in November

January 5, 2015

In November, industrial production contracted 0.9% over the same month the previous year in November 2014 (October: +1.6% year-on-year). The reading followed two consecutive months of expansion in industrial output and marked the lowest level in four months. The deterioration in industrial output stemmed from a contraction in manufacturing output, which more than offset an expansion in mining and quarrying and electricity generation.

On a sequential basis, industrial production plummeted a seasonally-adjusted 1.7% over the previous month in November, which contrasted the 0.5% increase tallied in October.

As a result of the annual contraction, the trend fell with the annual average growth in industrial output inching down from minus 1.0% in October to minus 1.1% in November.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 3.9%, which is unchanged from the previous month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 4.7%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry November 2014

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

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