Latvia: Industrial production finishes 2020 on strong note
Industrial production jumped 4.7% in year-on-year, calendar-day adjusted terms in December 2020, above November’s 3.1% rise and marking the strongest increase since August 2018.
December’s result was largely driven by quickening manufacturing output growth, which hit a near two-year high. Meanwhile, production in the mining and quarrying sector lost pace compared to November but still expanded robustly.
On a monthly and seasonally-adjusted basis, industrial output increased 0.7% in December, below November’s 1.5% rise. Lastly, the trend improved, with the annual average variation of industrial production coming in at minus 1.7% in December, up from November’s minus 2.4%.