Latvia: Industrial output falls at sharpest rate since May 2020 in September
Industrial output dropped 3.7% in year-on-year terms in September, which followed August’s 1.0% decrease. The outturn marked the worst reading in over two years. The figure came on the back of a decline in electricity and gas supply output. Meanwhile, manufacturing production improved.
On a seasonally adjusted monthly basis, industrial output fell 0.9% in September (August: +0.3% mom). Meanwhile, annual average industrial production growth fell to 4.3% in September (August: +4.8%), which marked an over one-year low.