Latvia: Industrial production remains weak in October
December 4, 2012
In October, industrial production increased 3.1% over the same month last year, which mirrored the expansion recorded in September. The print, together with September's figure, represents the weakest increase since February 2010 and mainly reflected a deterioration in mining and quarrying as well as in electricity, which was nearly offset by an acceleration in manufacturing production.
A month-on-month comparison points to a sharper deterioration, as industrial production contracted a seasonally adjusted 0.3% in October, which followed the 2.9% decline recorded in September. As a result of the subdued annual reading, the trend continues to point downwards, with annual average growth in industrial production inching down from 6.2% in September to 6.1% in October.
Author: Ricardo Aceves, Senior Economist