Latvia: Industrial activity drops again in June
Industrial output plunged 5.5% in year-on-year terms in June, which was a deterioration from May’s 0.5% decrease. Looking at the details of the release, electricity and gas supply output swung into contraction. On the flipside, manufacturing output declined at a softer rate in June, and mining and quarrying output also increased at a quicker pace.
On a seasonally adjusted monthly basis, industrial production fell 2.4% in June (May: +3.3% mom s.a.). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.7% in June, down from May’s minus 4.3% reading.