Latvia Industry August 2017


Latvia: Industrial production soars in August

October 6, 2017

Industrial production jumped 12.1% in August compared to the same month last year, above July’s already robust 8.8% year-on-year increase and the highest reading in over six years. Meanwhile, annual average growth in industrial production was 8.9% in August, up from the 7.8% expansion recorded in July and the highest rate since March 2012.

Growth in industrial production was broad-based, as all the three sub-sectors expanded robustly. Particularly impressive were the increases registered in the manufacturing of motor vehicles, trailers and semi-trailers, of chemicals and chemical products and of machinery and equipment, with the latter benefiting from rising external demand.

In seasonally-adjusted terms, industrial production accelerated from a 0.1% month-on-month expansion in July to a 1.2% increase in August.

Analysts surveyed by FocusEconomics expect industrial production to expand 5.7% in 2017, which is up 1.1 percentage points from last month’s projection. For 2018, the panel expects growth in industrial output to expand 4.3%, unchanged from last month.

Author: Massimo Bassetti, Economist

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Latvia Industry Chart

Latvia Industry August 2017

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

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