Latvia: Industrial production growth weakens to 20-month low
December 5, 2011
In October, industrial production expanded 5.1% over the same month last year, which was well below the 9.6% increase tallied in September. The reading represented the slowest pace since February of 2010 and reflected weaker growth in manufacturing and in electricity and gas supply. A month-on-month comparison points to an even sharper deterioration that the slowdown suggested by the annual figures, as industrial output fell a seasonally adjusted 0.9% over the previous month, which contrasted the 1.1% increase tallied in September. Industrial production growth reached its peak in June and the downward trend has now continued for the fourth consecutive month, with annual average growth falling from 12.1% in September to 10.6% in October, which suggests that industrial output is losing steam.
Author: Ricardo Aceves, Senior Economist