Industrial production grows by 2.0% y/y in Latvia

Industrial production grew by 2.0% y/y in August, following a decline of 1.3% y/y in July, figures of the statistical office, published on Friday showed. The increase was supported by the utility sector, where output rose tangibly by 8.9% y/y, after a notable drop in July. On a less positive note, however, manufacturing output growth eased down further to 0.4% y/y. Looking closer at the breakdown, the deceleration was broad-based, driven by the production of food, beverages, apparel, computer products and electrical equipment amongst others. It is worth stressing that decline was recorded in two out of the three manufacturing sectors having the largest share in industrial production – manufacture of wood and of products of wood and cork, except furniture, and also manufacture of food products.

Looking at the alternative data breakdown, the decline in production of intermediate goods decelerated to 0.8% y/y. On the other hand, output growth of capital goods slowed down to 3.3% y/y and that of consumer non-durable goods also decelerated to 0.2% y/y.

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