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