Latvia Industry January 2021

Latvia

Latvia: Industrial production loses pace in January

March 8, 2021

Industrial production rose 2.8% in year-on-year, calendar-day adjusted terms in January, below the 4.7% jump logged in December 2020.

January’s slowdown was driven by softer output growth in the mining and quarrying, and manufacturing sectors. Meanwhile, energy supply production rebounded in January.

On a monthly and seasonally-adjusted basis, industrial output declined 1.5%, contrasting December 2020’s 0.8% increase. Lastly, the trend improved, with the annual average variation of industrial production coming in at minus 1.4% in January, up from December’s minus 1.7%.

FocusEconomics panelists expect industrial production to increase 3.3% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, industrial output is seen expanding 3.1%.


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