Latvia industrial production jumped 5.4 percent in October on a year-on-year term, according to a release from the Central Statistical Bureau. However, on a month-on-month basis, the country’s industrial production fell 2 percent.
The year-over-year increase in Latvia’s industrial production was driven by 5.9 percent growth in manufacturing. Mining and quarrying witnessed 10.7 percent expansion whereas electricity and gas supply grew 3 percent.
The release revealed, “Compared to the corresponding month of the previous year, output increase was recorded in manufacture of motor vehicles, trailers and semi-trailers (of 42.7 %), manufacture of chemicals and chemical products (25.4 %), and manufacture of electrical equipment (17 %). Output increase was observed also in the manufacturing sectors having the largest share in the industrial production: manufacture of wood and of products of wood and cork (of 1.3 %), manufacture of food products (2.1 %), and manufacture of fabricated metal products, except machinery and equipment (16.1 %).”
As far as the month-over-month term, mining and quarrying fell 1.7 percent whereas manufacturing expanded 0.2 percent. however, electricity and gas supply dropped 21.1 percent.