Latvia: Industrial production softens in November
January 3, 2014
Industrial production weakened in November and expanded 0.4% over the same month of the previous year. The reading was below the 1.3% increase registered in October. The softening was mainly the result of a deterioration in mining and quarrying as well as in electricity, although manufacturing output did accelerate compared to the previous month.
A month-on-month comparison confirms the slowdown suggested by November's annual data. Industrial production growth was flat in November, which was below the 0.3% increase observed in October. The trend continues to point downward, with annual average growth in industrial output falling from 1.1% in October to 0.8% in November; this marks the lowest level in more than three years.
FocusEconomics Consensus Forecast panelists expect industrial production to have increased 5.7% in 2014, which is unchanged from last month's estimate. For 2015, the panel expects growth in industrial output to accelerate to 7.3%.
Author: Ricardo Aceves, Senior Economist