Latvia Industry


Latvia: Industrial production rebounds sharply in March after decreasing for four consecutive months

May 5, 2015

In March, industrial production grew 8.7% over the same month last year, rebounding sharply from the 1.7% decrease recorded in February and marking the largest increase in over two years. This was the first time Latvia’s industrial production had grown in four months. March’s recovery resulted from large expansions in the manufacturing sector as well as in electricity production and gas supply, which were only partially offset by a slowdown in the mining and quarrying sector.

Industrial production rose a seasonally-adjusted 10.9% over the previous month, jumping up from the 0.9% increase observed in February.

Meanwhile, the annual average variation in industrial production inched up from February’s minus 0.9% to minus 0.1% in March.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 1.8%, which is down 0.2 percentage points from last month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 2.7%.

Author:, Economist

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Latvia Industry Chart

Latvia Industry March 2015

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Latvia and FocusEconomics calculations.

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