Latvia Industry March 2021


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%.

FocusEconomics panelists expect industrial production to increase 3.2% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.3%.


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Latvia Industry Chart

Latvia Industry March 2021

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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