Industrial Production in Latvia
Latvia recorded an average industrial production growth rate of 2.4% in the decade to 2022, above the 1.1% average for the Euro Area. In 2022, Latvia's industrial production growth was 0.8%. 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 2023.
Source: Macrobond.
Latvia Industry Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Industrial Production (ann. var. %) | 0.8 | -1.8 | 6.6 | 0.8 | -4.3 |
Industrial activity declines at a softer rate in May
Industrial output dropped 0.9% in year-on-year terms in May, which followed April's 7.8% decrease. The smaller fall was partly driven by a weaker contraction in manufacturing production. In contrast, mining and quarrying output lost steam. On a seasonally adjusted monthly basis, industrial output rose 3.1% in May (April: -4.8% mom), the best result since July 2023. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.3% in May, down from April's minus 4.2% reading.
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 4 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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