Industrial production in Latvia decreased 1.9 percent year-on-year in October 2018, following a 1.2 percent drop in the previous month. It was the second consecutive decline in industrial activity, as output fell further for electricity and gas supply (-17.7 percent from -12.6 percent in September). On the other hand, production rose faster for manufacturing (3.3 percent from 2 percent) and mining & quarrying (6.3 percent from 2.7 percent). On a seasonally adjusted monthly basis, industrial output went down 1.3 percent, after an upwardly revised 3.5 percent fall in September. Industrial Production in Latvia averaged 4.14 percent from 2001 until 2018, 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 3.80 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 5.50 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.