Latvia: Industrial production improves in September
November 4, 2013
Industrial production rebounded in September, expanding 0.7% over the same month last year. The reading contrasts the revised 2.4% contraction registered in August (previously reported: -3.5% year-on-year). The improvement was mainly led by a increase in manufacturing output. Mining and quarrying production tumbled over the previous month as did electricity generation and gas supply.
A month-on-month comparison confirms the improvement suggested by September's annual data. Industrial production expanded a seasonally-adjusted 0.2% in September, which contrasts the 1.5% decrease observed in August. Nevertheless, the trend continues to point downward, with annual average growth in industrial output falling from 1.4% in August to 1.3% in September, the lowest level in more than three years.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 3.4% this year, which is unchanged from last month's estimate. For 2014, the panel expects growth in industrial output to accelerate to 6.3%, which is also unchanged from last month's forecast.
Author: Ricardo Aceves, Senior Economist