Latvia: Decline in industrial activity softens in September
Industrial output dropped 2.7% year on year in September (August: -4.9% yoy). The figure marked the highest reading since February. Looking at the details of the release, manufacturing production contracted at a sharper rate in September, while mining and quarrying output contracted at a softer, albeit still pronounced, pace. Meanwhile, electricity and gas supply production increased.
On a monthly basis, industrial production grew 0.5% in seasonally adjusted terms in September, which was below August’s 1.6% expansion. The trend pointed down, with the annual average variation of industrial production coming in at minus 4.6% in September, down from August’s minus 4.0% reading.