Latvia: Industrial activity declines at a softer rate in May
Industrial output dropped 0.9% in year-on-year terms in May, which followed April’s 7.8% decrease. The smaller fall was partly driven by a weaker contraction in manufacturing production. In contrast, mining and quarrying output lost steam.
On a seasonally adjusted monthly basis, industrial output rose 3.1% in May (April: -4.8% mom), the best result since July 2023. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.3% in May, down from April’s minus 4.2% reading.