FX.co ★ Latvian Industrial Output Falls Most In 8 Months

Latvia experienced a continued decline in industrial production for the fourth consecutive month in December, marking the steepest decline in eight months, according to figures released by the Central Statistical Bureau on Monday.

In December, industrial production fell by a calendar-adjusted 6.0 percent compared to the same month the previous year—an acceleration from the 4.2 percent decrease recorded in November.

This represented the most significant contraction since April, when production plummeted by 7.9 percent.

A notable contributor to this overall decline was a substantial 29.7 percent decrease in the electricity and gas supply segment. However, there were gains in other areas, with mining and quarrying production increasing by 33.0 percent and manufacturing output rising by 3.2 percent.

On a monthly scale, industrial production saw a seasonally adjusted decline of 1.5 percent in December, following a 1.1 percent decrease in the previous month.

For the year 2024, the agency reported a total decrease in industrial production of 2.3 percent compared to 2023.