Latvia: Industrial output growth decelerates for a second straight month
September 3, 2012
In July, industrial production expanded 5.3% over the same month last year, which was a notch below the 5.4% increase recorded in June. The reading mainly reflected a slowdown in manufacturing production. In contrast, mining and quarrying improved notably over the previous month. A month-on-month comparison confirms the slowdown suggested by the annual data, as industrial production expanded a seasonally adjusted 0.2% in July, which was below the 1.0% increase recorded in June. Moreover, as a result of the deceleration, the trend continues to point downwards, with annual average growth in industrial production falling from 6.8% in June to 6.6% in July.
Author: Ricardo Aceves, Senior Economist