Latvia’s Industrial Production Output Drops by 6.3% in March: Eurostat Data on EU Member States

The output of industrial production in Latvia in March, compared to the third month of 2022, has decreased by 6.3%. This is a sharper drop than the average in the European Union (EU) (but far from the “record breakers”) – according to the EU statistical offices Eurostat data on 26 EU member states published on Monday, May 15.

The fall in March on an annual basis was registered in 18 EU member states for which information is available, but it was faster than in Latvia in Ireland (-26.1%), Lithuania (-16.6%), Estonia (-12.6%) and Bulgaria ( -9%).

Meanwhile, the biggest increase in March was registered in Malta (+12.5%), Denmark (+8.9%) and Spain (+5.6%).

At the same time, the average output of industrial production in EU member states decreased by 1.3% in March compared to the corresponding month a year ago, and by 1.4% in the eurozone. On the other hand, compared to the previous month – February – the output of industrial production decreased by 3.6% in March in the EU, and by 4.1% in the eurozone.

Compared to the previous month, the output of industrial production decreased in 16 countries, the sharpest decline was in Ireland (-26.3%), Sweden (-3.9%) and Germany (-3.1%). On the other hand, the largest increase was registered in Finland (+3%), Slovenia (+2.3%), as well as the Czech Republic and Slovakia (+1.7% in both countries). In Latvia, the output of industrial production has decreased by 1%, in Estonia it has decreased by 0.9%, and in Lithuania it has increased by 0.9%. Neither yearly nor monthly data is available for Cyprus.

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