Latvia Industry


Latvia: Industrial production deteriorates for the fourth consecutive month

April 2, 2015

In February, industrial production contracted 1.6% over the same month last year. The contraction followed the 3.5% drop observed in January and marked the fourth consecutive drop in Latvia’s industrial production. February’s deterioration resulted from a large contraction in electricity production and gas supply, which was only partially offset by an increase in the mining and quarrying sector.

A month-on-month comparison paints a better picture of industrial production than the annual data. Industrial production rose a seasonally-adjusted 1.5% over the previous month, which contrasted the 3.1% decrease observed in January.

Meanwhile, the annual average variation in Industrial production in February was unchanged at January’s minus 0.9%.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 2.0%, which is unchanged from the previous month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 2.5%.

Author:, Economist

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Latvia Industry Chart

Latvia Industry February 2015

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

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