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

Related Content

Data

Ukraine’s GDP was up by 2.5% y/y in the first half of this year, which is also in line with the result in the first quarter, according to economy ministry estimates.

As anticipated, Turkey’s central bank, amid its battle against double-digit inflation, on July 27 kept its one-week repo (8%), overnight lending (9.25%) and borrowing (7.25%) rates on hold.

Lithuanian retail sales grew an unadjusted 3.4% y/y in June in constant prices, Statistics Lithuania reported on July 27

Poland and Turkey’s stock markets are soaring, up 38% and 35% respectively, making them the best performing markets in the MSCI EM universe. But Russia is in its traditional place of worst performing market YTD, down 15%.

Increase in lending driven by both consumer and corporate segments, while the main engine remains the retail mortgage segment.

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Most Read

Selected articles from our premium news/views wire IntelliNews Pro

Follow Us On

Reports

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