Latvia Industry


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.

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 Chart

Latvia Industry July 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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