Latvia Industry June 2016

Latvia

Latvia: Industrial production hits a 15-month high in June

August 3, 2016

Industrial production in Latvia grew 7.9% year-on-year in June, which followed a 5.4% increase observed in May. This is the strongest result since March 2015. According to the Central Statistical Bureau, June’s acceleration reflected a pick-up in manufacturing production.

Seasonally-adjusted month-on-month data showed that industrial production increased 0.7% over the previous month in June, which came in below the 2.3% expansion observed in May.

Due to the strong annual increase, the trend suggests a recovery in industrial production. Annual average growth in industrial output increased from 3.4% in May to 3.8% in June—a three-month high.

Industrial production is expected to continue expanding in 2016 following last year’s rebound. Analysts surveyed by FocusEconomics expect industrial production to expand 3.2%, which is unchanged from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.6%.


Author:, Economist

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