Latvia Industry May 2018


Latvia: Industrial production falls to an over three-year low in May

July 4, 2018

Industrial production declined 1.1% in May from the same month last year, falling to an over-three year low. The print was in contrast to the 0.9% rise recorded in April. Meanwhile, annual average growth in industrial production dropped to 5.9% in May from 6.9% in April.

May’s deterioration came on the back of the sharpest contraction in electricity and gas supply in over three years, marking the third consecutive fall. Meanwhile, mining and quarrying output rebounded in May following the sharpest contraction in five years in April, and growth in the manufacturing sector accelerated.

In seasonally-adjusted terms, industrial production dropped 0.2% month-on-month in May, swinging from April’s revised 0.1% rise (previously reported: +0.2% month-on-month).

Latvia Industrial Production Forecast

Analysts surveyed by FocusEconomics expect industrial production to expand 5.0% in 2018, which is down 0.2 percentage points from last month’s projection. For 2019, the panel expects growth in industrial output of 4.1%.


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Latvia Industry Chart

Latvia Industry May 2018 0

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

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