Latvia Industry

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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.

FocusEconomics Consensus Forecast panelists expect industrial production to rebound in 2015 and expand 1.7%, which is unchanged from last month’s projection. For 2016, the panel expects growth in industrial output to accelerate to 2.8%.


Author:, Senior Economist

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Latvia Industry June 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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