Latvian industrial production growth accelerates to 4.9% in 2016

Latvian industrial production growth accelerates to 4.9% in 2016
By bne IntelliNews February 3, 2017

Latvia's calendar-adjusted industrial production expanded 4.9% in 2016, picking up speed on the 3.4% growth in 2015, the Central Statistical Bureau (CSB) reported on February 3.

Should growth continue in 2017, it is likely to support faster GDP expansion. The economy grew only 1.6% in 2016, 1.1pp slower than in 2015. GDP is forecast to grow 3.5% this year.

The gain sees industrial output grow for a second consecutive year, with the manufacturing sector a major driver with output 5% higher. Production in the utilities segment expanded 6.4%. In the mining and quarrying segment activity contracted 0.3%.
Industrial production growth in the final month of the year pushed to 11.5% on the year in calendar adjusted terms. Output in the mining and quarrying sector grew 16.2%, while manufacturing expanded 11.7%. Production in the electricity and gas supply segment gained 10.8%.

In seasonally adjusted monthly terms industrial production grew 0.2%, with mining and quarrying expanding 5.5%, while manufacturing grew 1.8%. Output in utilities dwindled 6.3%.  

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