Latvia: Industrial production surges in September
November 3, 2017
Industrial production surged 12.9% in September compared to the same month last year, above August’s already robust revised 12.5% year-on-year increase (previously reported: +12.1% year-on-year) and the highest reading in over six years. Meanwhile, annual average growth in industrial production was 9.8% in September, up from the 8.9% expansion recorded in August and the highest rate since November 2011.
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, as well as growth in electricity and gas supply. While the healthy reading in the energy sector benefited from an expansion in production of electricity in hydro-power plants, growth in the Latvian manufacturing sector continued to be underpinned from strong external demand.
In seasonally-adjusted terms, industrial production expanded 1.4% month-on-month in September, matching August’s reading.