Industrial production down in August

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Data released Tuesday by Latvia's Central Statistical Bureau (CSB) show that, compared to August 2015, in August 2016 industrial production output declined by 0.6 % (according to calendar adjusted data at constant prices).

The fall was influenced by a production output drop in electricity and gas supply (of 15.7%), as there was a decline in the amount of electricity produced at co-generation plants, as well as in mining and quarrying (of 6.1%).

Production output in manufacturing increased by 2.8%.

In comparison to the corresponding period of the previous year, a significant production output increase could still be observed in the manufacture of computer, electronic and optical products (of 37.6%) but drops were recorded in manufacture of clothes (of 14.9%), in manufacture of chemicals and chemical products (of 9.5%), in manufacture of textiles (of 3.8%), in manufacture of fabricated metal products, except machinery and equipment (of 2.0%), as well as in the manufacturing sector having the largest share in industrial production – manufacture of wood and of products of wood (of 0.8%).

Compared to July 2016, in August 2016 industrial production output declined by 2.0 % (according to seasonally adjusted data at constant prices).

Citadele bank economist Martins Abolins said: "After the very positive results of the second quarter, growth in industrial production in the third quarter has become much more down to earth... At the same time, the volume indicators are currently not fully representative of the situation in industry and it is important to take account of falls in producer prices. By comparison, this year's first eight months saw physical industrial production grow by 3.3%, but at current prices it has decreased by 0.6%."

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