Latvia: Industrial production shows another month of solid growth
April 4, 2016
Industrial production in February expanded a solid 3.8% annually, which followed the 4.6% increase observed in January. In a statement, the statistical office showed that manufacturing output rebounded in February and that mining and quarrying accelerated over the previous month. Electricity generation and gas supply—which is known to be highly volatile—decelerated notably in February after having had expanded substantially in January.
A month on-month comparison showed that industrial production contracted 0.1% over the previous month in seasonally-adjusted term. The print was down from the upwardly revised flat reading tallied in January (previously reported: -0.3% month-on-month).
Due to the strong annual increase, the trend continues to suggest that the recovery in industrial output continues. Annual average growth in industrial production climbed from 4.1% in January to 4.6% in February, which marked the best rhythm in three years.
Author: Ricardo Aceves, Senior Economist