Latvia: Industrial output growth moderates in May
Industrial output rose 10.1% year-on-year in May (April: +20.5% yoy). Looking at the details of the release, May’s slowdown was due to a broad-based deterioration, with manufacturing, mining and quarrying, and electricity and gas supply production rising at a weaker pace.
On a monthly basis, industrial output dropped 2.3% in seasonally-adjusted terms in May, contrasting April’s 2.5% expansion and marking the worst result since April 2020. Meanwhile, annual average industrial production growth rose to 3.5% in May (April: +2.2%), signaling an improving trend in the industrial sector.