Latvia: Industrial production gains impetus in November
January 4, 2016
Industrial production jumped 4.3% on an annual basis in November, which came in above the 1.7% expansion observed in October. The rebound in November followed three consecutive months of deceleration and mainly reflected a notable improvement in manufacturing output. Electricity generation moderated the pace of expansion in November, while mining and quarrying contracted.
A month-on-month comparison confirms the acceleration suggested by the annual data. Output increased a seasonally-adjusted 0.3% in November over the previous month, which contrasted the 0.4% contraction observed in October.
Due to the strong momentum observed in November, the trend continues to point upward. The annual average growth rose from 2.5% in October to 3.1% in November, which is the fastest average growth since May 2013.
Author: Ricardo Aceves, Senior Economist