Industrial production in Latvia surged 4.4 percent year-on-year in June of 2019, after an upwardly revised 2 percent rise in the previous month. It was the fastest increase in industrial activity since December, boosted by electricity & gas supply (23.5 percent vs 2.8 percent in May). On the other hand, output growth slowed for manufacturing (0.8 percent vs 2.1 percent) and the mining sector continued to contract (-10.2 percent vs -3.2 percent). In the second quarter of the year, industrial production rose 1.4 percent compared to the same period of the 2018. On a seasonally adjusted monthly basis, industrial production advanced 1.6 percent, following an upwardly revised 2.3 percent gain in the prior month. Industrial Production in Latvia averaged 4.02 percent from 2001 until 2019, reaching an all time high of 23.20 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 5.50 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.