Latvia Industry November 2020

Latvia

Latvia: Industrial production gains pace in November

January 4, 2021

Industrial production increased 2.7% in year-on-year, calendar-day adjusted terms in November 2020, rebounding from October’s 1.2% fall and growing at the fastest pace since October 2019.

November’s result was primarily driven by a pick-up in manufacturing output, with growth reaching a near two-year high. Production in the mining and quarrying sector also gained traction compared to October.

On a monthly and seasonally-adjusted basis, industrial output rose 1.5% in November, following October’s flat reading. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 2.5% in November, above October’s minus 2.7%.

FocusEconomics panelists expect industrial production to increase 3.2% in 2021, which is down 0.2 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.3%.


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Latvia Industry November 20 20

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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