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.
Author: Ricardo Aceves, Senior Economist