Latvia Industry January 2016


Latvia: Industrial production gains momentum in January

March 7, 2016

Industrial production increased 4.6% annually in January, and gained the momentum lost in December, when output slowed to a 2.6% expansion. According to the statistical office, acceleration in January reflected a surge in electricity generation and gas supply (+31.8 year-on-year) as well as stronger growth in mining and quarrying. Conversely, manufacturing production swung from a 3.1% annual increase in December to a 2.9% contraction in January.

A month-on-month comparison, however, showed that industrial production contracted a seasonally-adjusted 0.3% in January, which followed a 1.3% decrease in December.

Due to the strong annual increase, the trend continues to suggest that the recovery in industrial output continues. Annual average growth in industrial production climbed from 3.5% in December to 4.1% in January, which marked the best rhythm in nearly three years.

Following a rebound in 2015, industrial production is expected to continue expanding in 2016. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to expand 3.9%, which is unchanged from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.9%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry January 2016 0

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

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