Latvian industrial production booms 11% y/y in November

Latvian industrial production booms 11% y/y in November
By bne IntelliNews January 3, 2017

Latvia's calendar-adjusted industrial production boomed 11% y/y in November, following an expansion of 6.7% the previous month, the Central Statistical Bureau (CSB) reported on January 3.

The gain is the third positive reading in a row following a hiccup in August; 10 of the last 12 months have shown output growth. With production going strong in two out of three months of the final quarter of 2016, it appears likely GDP growth will improve upon the poor 0.3% y/y seen in July-September. 

The industrial production growth in November owed to expansion in all the main categories. Mining and quarrying grew 9.8%, the manufacturing sector expanded 9.1%, and the utilities sector advanced 18.6%. 

Within the manufacturing sector, production of motor vehicles, trailers and semi-trailers did particularly well, growing over 46%, followed by a 31.3% gain in the electrical equipment segment. Only one segment suffered contraction, as production of chemicals fell 7.1%.
In seasonally adjusted monthly terms industrial production grew 2.8%, with mining and quarrying falling 3.9%. Manufacturing grew 1.9%, while output in utilities grew 7.4%.  

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