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.
Author: Ricardo Aceves, Senior Economist