Latvian Industrial Output Falls Most In 8 Months

(RTTNews) - Latvia's industrial production declined for the fourth straight month in December, and at the steepest pace in eight months, data from the Central Statistical Bureau showed on Monday.

Industrial production dropped a calendar-adjusted 6.0 percent year-on-year in December, faster than the 4.2 percent fall in November.

Further, this was the sharpest contraction since April, when output had plunged 7.9 percent.

Output produced in the electricity and gas supply segment alone plunged by 29.7 percent, which largely drove the overall downturn. On the other hand, mining and quarrying production surged 33.0 percent, and manufacturing output rose by 3.2 percent.

On a monthly basis, industrial production fell a seasonally adjusted 1.5 percent in December, following a 1.1 percent decrease seen a month ago.

During the year 2024, total industrial production shrank 2.3 percent compared to 2023, the agency said.