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Industrial production dipped in June

Latest data published by the Central Statistical Bureau of Latvia on Monday shows that compared to May, seasonally-adjusted industrial production volume in June decreased by 1.3%.

Compared to June 2013, industrial production output in June this year decreased by 2%, according to calendar adjusted data at constant prices. In the key manufacturing sector, output fell by 2.2%.

The most significant production drop was recorded in repair and installation of machinery and equipment (repair and maintenance of ships and boats, machinery and equipment, installation of industrial machinery and equipment) where production fell by an incredible 35.7%.

Compared to the first quarter of 2014 industrial production output in the second quarter grew by 2.4%, according to seasonally adjusted data at constant prices. Compared to the second quarter of 2013, the volume of industrial production in the second quarter of this year dropped by 0.2% with most of the fall caused by a drop in electricity and gas supply of 9.7%.

Compared to the corresponding period of 2013, industrial production output in the first half of 2014 decreased by 1.4%, suggesting that the country's economic recovery may have peaked already as far as industry is concerned. 

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