Latvia: Industrial production rebounds in July
September 3, 2013
Industrial production rebounded in July, expanding 2.1% over the same month last year. The reading contrasts the 0.4% contraction registered in June and marks the strongest increase since December of 2012. The monthly improvement was mainly led by a robust increase in manufacturing output. While having slowed somewhat compared to the previous month, mining and quarrying continued to show healthy growth in July.
A month-on-month comparison confirms the improvement suggested by July's annual data. Industrial production expanded a seasonally-adjusted 1.8% in July, which contrasts the 0.2% decline observed in June. The trend continues to point downwards, with annual average growth in industrial output falling from 2.6% in June to 2.4% in July, the lowest level in more than three years.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 4.4% this year, which is down 0.2 percentage points from last month's estimate. For 2014, the panel expects growth in industrial output to accelerate to 6.5%.
Author: Ricardo Aceves, Senior Economist