Latvia skyline

Latvia Industry

Latvia Industry

Industrial Production in Latvia

The Latvian economy recorded an average industrial production growth rate of 1.6% in the decade to 2024. In 2024, industrial production growth was -2.2%. For more industry information, visit our dedicated page.

Latvia Industry Chart

Note: This chart displays Industrial Production (annual variation in %) for Latvia from 2014 to 2024.
Source: Macrobond.

Latvia Industry Data

2020 2021 2022 2023 2024
Industrial Production (ann. var. %) -1.7 6.4 0.8 -4.8 -2.2

Industrial output growth reaches three-year high in May

Latest reading: Industrial output rose 4.0% in year-on-year terms in May, which was above April's 1.9% increase. The figure marked the best reading since May 2022 and was primarily driven by pickups in manufacturing plus electricity and gas production. On a seasonally adjusted monthly basis, factory output rose at a quicker rate of 1.4% in May (April: +0.8% mom s.a.). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 5.7% in May, up from April's minus 6.0% reading.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Latvian industry projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Latvian industry.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian industry projections.

Want to get access to the full dataset of Latvian industry forecasts? Send an email to info@focus-economics.com.

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