Latvia Industry

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Latvia: Industrial production drops to one-year low

March 6, 2015

In January, industrial production contracted 3.5% over the same month last year. The reading followed the 0.6% drop observed in December and represented the fastest contraction since January 2014. January’s deterioration was solely the result of a massive contraction in electricity production and gas supply, which plummeted 19% annually. That said, manufacturing output and mining and quarrying rebounded in January.

A month-on-month comparison confirms the deterioration suggested by the annual data. Industrial production fell a seasonally-adjusted 3.1% over the previous month, which contrasted the 0.1% increase observed in December.

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

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 January 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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