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Latvia December Industrial Output Growth Quickens Sharply

Latvia's industrial production increased at a significantly faster pace in December, helped mainly by a notable gain in the manufacturing sector, data released by the Central Statistical Bureau showed Monday.

Industrial production climbed 10.7 percent on an annual basis in December, significantly faster than the 3.7 percent gain seen in November, which was revised down from 3.9 percent. In November, industry recorded a 3.3 percent annual growth.

Manufacturing output jumped 10.4 percent annually in December, while production and supply of electricity and gas advanced 12.2 percent. Production in the mining and quarrying sector was, meanwhile, lower by 15.4 percent compared to December 2011.

On a monthly basis, industrial production advanced a seasonally adjusted 2.7 percent in December, after moving up 0.9 percent in the previous month, which was revised down from 1 percent.

In the whole of 2012, overall production rose 6.2 percent from a year earlier, and exceeded the pre-crisis level, data showed.

by RTTNews Staff Writer

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