Latvia Industry


Latvia: Industrial production expands notably for third consecutive month

July 6, 2015

Latvia’s industrial output expanded 6.5% annually in May, which marked a moderation compared to the 10.2% increase registered in April. Despite the slowdown, the reading marked a third consecutive month in which output increased at a notable pace. May’s reading resulted from a strong increase in manufacturing output, while mining and quarrying decelerated and electricity production contracted.

Sequential data showed that industrial production contracted a seasonally-adjusted 2.1% in May over the previous month, which contrasted the 1.8% increase observed in April.

Due to the notable increases recorded in the two previous months, the trend now points upward. Annual average growth in industrial production rose from 0.7% in April to 1.2% in May, which is the best performance since September 2013.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 1.7%, which is unchanged from last month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 2.8%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry May 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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