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.
Author: Ricardo Aceves, Senior Economist