Latvia: Industrial production gains momentum in March
May 5, 2021
Industrial production rose 4.7% in year-on-year, calendar-adjusted terms in March, firmly above the 2.7% increase logged in February.
March’s higher reading was driven by faster output growth in the manufacturing sector, as well as activity in the mining and quarrying sector rebounding solidly. Meanwhile, energy supply production rose at a slower pace in March, moderating growth somewhat.
On a monthly and seasonally-adjusted basis, industrial output increased 0.5% in March, easing from February’s 1.1% increase. Lastly, the trend improved slightly, with the annual average variation of industrial production coming in at minus 0.3% in March, up from February’s minus 1.0%.