Latvia Industry December 2020


Latvia: Industrial production finishes 2020 on strong note

February 3, 2021

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%.

FocusEconomics panelists expect industrial production to increase 3.3% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.1%.


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Latvia Industry Chart

Latvia Industry December 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.

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