Latvia: Industrial production surges in July
September 3, 2015
Latvia’s industrial output expanded a notable 8.3% over the same month last year. July’s print was the fastest in four months and came in above the 4.2% rise seen in June. The acceleration in July reflected a strong increase in manufacturing output, which jumped 10.5% annually in July. Conversely, electricity and gas supply decelerated, while mining and quarrying decreased.
Looking at the details, the strong increase in manufacturing production was due to a surge in the manufacture of machinery and equipment, production of furniture as well as the manufacturing of textiles.
On a sequential basis, industrial production expanded a seasonally-adjusted 2.8% in July, which rebounded from a 1.1% contraction in June.
As a result of the strong growth in July, the trend continued to point upward, with the annual average growth rising from 1.4% in June to 2.3% in July, which is the best performance since July 2013.
Author: Ricardo Aceves, Senior Economist