Latvia Industry February 2016


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.

Following a rebound in 2015, industrial production is expected to continue expanding in 2016. Analysts surveyed by FocusEconomics Consensus Forecast expect industrial production to expand 3.5%, which is unchanged from last month’s projection. For 2017, the panel expects growth in industrial output to accelerate to 3.8%.

Author:, Senior Economist

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Latvia Industry Chart

Latvia Industry February 2016

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

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