Industrial production in Latvia decreased 3.2 percent year-on-year in February of 2019 following a 1.8 percent fall in the previous month. It was the biggest annual decline in industrial production since January 2014, as output dropped further for electricity and gas supply (-25.9 percent from -15.3 percent in January). On the other hand, production rose faster for manufacturing (5.7 percent from 3.6 percent) and for mining & quarrying (12.4 percent from 8.4 percent). On a seasonally adjusted monthly basis, industrial output went up 0.9, rebounding from a 3.7 percent fall in January. Industrial Production in Latvia averaged 4.06 percent from 2001 until 2019, reaching an all time high of 23.30 percent in October of 2010 and a record low of -26.70 percent in February of 2009.
Industrial Production in Latvia is expected to be 4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Latvia to stand at 2.50 in 12 months time. In the long-term, the Latvia Industrial Production is projected to trend around 3.90 percent in 2020, according to our econometric models.