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.