Latvia: Industrial activity falls at softer pace in May
Industrial output slid 6.4% in year-on-year terms in May, which was a smaller drop than April’s 9.2% decrease.
The softer contraction was primarily driven by a less sharp drop in manufacturing production, and a mild rebound in mining and quarrying activity.
On a seasonally-adjusted monthly basis, industrial production rebounded 4.9% in May (April: -7.4% mom), the best result since January 2010. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.9% in May, down from April’s minus 0.2% reading.