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%.
Author: Ricardo Aceves, Senior Economist