Latvia: Industrial production rebounds in May
July 4, 2016
Industrial production in Latvia rebounded and expanded 5.1% year-on-year in May, which swung from a 0.5% contraction in April. May’s expansion reflected a pick-up in both the manufacturing sector and electricity generation. Conversely, mining and quarrying deteriorated over the previous month.
Seasonally-adjusted month-on-month data corroborate the improvement suggested by the annual figure. Industrial production increased 2.4% over the previous in May, which contrasted the 1.9% decrease observed in April.
The trend suggests a moderating cycle in production. Annual average growth in industrial output fell from 3.4% in April to 3.3% in May—the slowest rhythm since November 2015.
Author: Ricardo Aceves, Senior Economist