FX.co ★ Latvian Industrial Output Contracts 3.0%

Latvia experienced a decline in industrial production for the third consecutive month in November, as reported by the Central Statistical Bureau on Friday. The data indicated a year-on-year decrease of 3.0 percent in industrial production for November, following a 2.0 percent decline in October.

A significant factor in this overall decrease was the sharp 20.7 percent drop in output within the electricity and gas supply sector. Conversely, the mining and quarrying sector saw a substantial increase in production, rising by 30.7 percent, while manufacturing output showed a slight recovery, improving by 0.3 percent.

On a month-to-month comparison, industrial production exhibited a seasonally adjusted decline of 0.3 percent in November, reversing the 0.5 percent growth recorded in the previous month.