Latvia Industry August 2020

Latvia

Latvia: Industrial production swings back to contraction in August

October 5, 2020

Industrial production output dropped 3.0% in year-on-year, calendar-day adjusted terms in August, contrasting the 0.1% uptick logged in July.

August’s decline was mainly driven by a swing to contraction of manufacturing output, while growth of the mining and quarrying sector lost significant pace.

On a monthly and seasonally-adjusted basis, industrial output slipped 0.4% in August, following July’s 0.8% dip. Meanwhile, the trend deteriorated, with the annual average variation of industrial production coming in at minus 1.5% in August, below July's minus 1.1%.

FocusEconomics panelists expect industrial production to fall 5.4% in 2020. In 2021, industrial output is seen increasing 4.0%.


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Latvia Industry August 20 20

Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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