Latvian industrial production figures a mixed bag in November

Data compiled by the Central Statistical Bureau (CSB) show that, compared to November 2018, in November 2019 industrial production output fell by 0.2 % (according to calendar adjusted data at constant prices). 

The largest output drop was in medium-high technology manufacturing sectors: manufacture of machinery and equipment (of 18.5 %), manufacture of motor vehicles, trailers and semi-trailers (of 15.7 %) and manufacture of electrical equipment (of 1.3 %).

Compared to November 2018, in November 2019 manufacturing turnover decreased by 1.3 % (according to calendar adjusted data at current prices). A turnover decrease was recorded in exports – of 3.2 % (reduction in euro area – of 2.7 % and in non-euro area – of 3.6 %), while turnover in the domestic market went up by 2.4 %.

Compared to October 2019, in November 2019 industrial production output decreased by 1.2 % (according to seasonally adjusted data at constant prices). 

Compared to October 2019, in November 2019 manufacturing turnover rose by 0.7 % (according to seasonally adjusted data). A turnover increase was recorded in exports – of 2.9 % (of which in euro area – of 5.9 % and in non-euro area – of 0.4 %), while in the domestic market turnover fell by 3.2 %.

Citadele bank economist Mārtiņš Āboliņš said: "With the disappointing results for November, the forecast for the beginning of the year that the overall growth of manufacturing in 2019 will not exceed 3% has come true and there is no reason to believe that the performance of the Latvian manufacturing industry will be better in 2020. At the same time, however, I see no reason for much pessimism, as short-term economic indicators point to some stabilization in the global economy."

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