Latvia: Industrial production contracts in September
Industrial output fell 1.2% in September from the same month last year, swinging from a revised 6.8% expansion in August (previously reported: +6.5% year-on-year). September’s reading marked the second decrease in output so far this year and the largest contraction since February 2015. The result was largely driven by a double-digit contraction in the electricity and gas supply sector. In addition, manufacturing production decelerated notably in September compared to the previous month.
Meanwhile, annual average industrial production growth moderated from 4.4% in August to 3.2% in September, marking a two-year low. Furthermore, in seasonally-adjusted terms, industrial production fell 3.3% month-on-month in September, compared to a 2.3% increase in August, marking the first contraction in six months.