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Latvia: Industrial production falls in December

February 3, 2015

In December, industrial production fell 0.5% over the same month of the previous year. The reading marked a second consecutive contraction, although the pace of contraction was less pronounced than in the previous month (November: -1.9% year-on-year). The contraction in industrial production was the result of drop in manufacturing output and in mining and quarrying. Only electricity production improved over the previous month.

A month-on-month comparison showed that industrial production increased a seasonally-adjusted 0.2% in December, which contrasted the 1.9% decrease tallied in November.

Throughout 2014, growth in industrial production was meagre. Industrial production contracted 1.0% in 2014, which followed the 0.4% contraction observed in 2013.

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 December 2014

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


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