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.
Author: Ricardo Aceves, Senior Economist