Latvian industrial production rebounds in May

By bne IntelliNews July 4, 2016

Latvia's calendar-adjusted industrial production expanded 5.1% y/y in May, after dropping into contraction the previous month, the Central Statistical Bureau (CSB) reported on July 3.

The growth interrupts the recent trend in which output has been gradually slowing, resulting in April's shrink. Questions remain on how sustained the expansion could be, especially in the context of problems at steelmaker Liepajas Metalurgs, the country’s largest manufacturing facility. However, May's expansion was the highest since a November outburst of 7% y/y.

Output in the manufacturing sector expanded 5.3% on the year. Within the sector, production of computer, electronic and optical products boomed over 24%, followed by a nearly 20% growth in the fabricated metal products segment.

Output in electricity and gas supply also contributed to the headline result by growing 4.8%. Only production in the mining and quarrying sector declined, by 2.9%.

In seasonally-adjusted monthly terms, industrial production grew 2.4%, with mining and quarrying declining 1.8%, while manufacturing grew 2.9%. The electricity and gas supply segment expanded 2.8% on the month.

Still, it will take a more sustained growth in industry to relieve worries over the wider Latvian economy, which has recently been projected to expand only 1.9% in 2016, down from 2.7% in 2015.

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Latvian industrial production rebounds in May

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Data

Romania was the region’s leader in export growth in the six years since the recent crisis, with annual growth averaging 9%, while numerous other CEE countries saw export growth beat China's both pre and post crisis.

Turkish equities experienced a slight net inflow of $5.3mn in the week ending October 13.

Romanian public debt rose by €5bn in the year ending August 2017, but remain below the 39.4% it hit at the end of 2014 after tripling since before the global recession.

Retail sales were up and incomes continue to recover as Russia’s consumers return as modest force for an economic recovery. Nominal wage gains are slowing as companies get used to the lower inflation environment; and consumers are using more credit

Their leaders are among the fiercest critics of Brussels, but a new poll shows citizens of member states from CEE are more confident in the EU than their home countries.

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Most Read

Selected articles from our premium news/views wire IntelliNews Pro

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