Latvia: Industrial production slows again in June
August 3, 2015
Industrial production in Latvia increased 4.2% in June over the same month last year. June’s growth rate marked a moderation over the revised 4.7% registered in May (previously reported: +6.5% year-on-year). The slowdown in June resulted from a deceleration in manufacturing output, while mining and quarrying registered a notable acceleration compared to the previous month. Energy generation contracted for a second consecutive month.
On a monthly basis, industrial production contracted a seasonally-adjusted 1.7% in June, which followed the 2.7% drop tallied in May and represented the third consecutive contraction.
The growth trend continues to point upward. Annual average growth in industrial production rose from 0.9% in May to 1.4% in June, which is the best performance since August 2013.
Author: Ricardo Aceves, Senior Economist