Latvia shows EU's fourth steepest industrial output growth in June

RIGA - In June 2017, Latvia showed the fourth steepest industrial output growth in the European Union as compared to the same month a year ago, according to the latest data released by Eurostat on the bloc’s 23 member states.

In Latvia, industrial output increased by 7.8 percent against June 2016. The three countries reporting steeper industrial output growth than Latvia included Estonia (+14.5 percent), Romania (+11.5 percent) and Sweden (+8.9 percent). Slightly slower growth was recorded in Lithuania (+7 percent), Poland (+6.9 percent), Slovenia (+6.7 percent) and Hungary (+6.4 percent).

In all, 21 EU member states increased their industrial output in annual terms in June, and two countries - Malta and Ireland – reported a drop – 1.3 percent and 8.1 percent respectively.

In monthly terms, industrial output grew in nine EU member states reporting their data, and 13 member states saw their industrial output contract against May 2017, while in Spain it remained unchanged. The fastest increase was recorded in Luzembourg (+3.4 percent), Estonia, Croatia, and the Netherlands (+1.2 percent each).

Meanwhile, industrial output slowed 7.5 percent month-on-month in the Czech Republic, 3.2 percent in Malta, 0.4 percent in Latvia, 0.7 percent in Lithuania.

Both the EU recorded a 2.9 percent rise and the eurozone recorded a 2.6 percent annual increase of their industrial output in June. Over the month, industrial output dropped 0.5 percent in the EU and 0.6 percent in the eurozone.

Industrial output data were not available on Austria, Belgium, Denmark, Cyprus and Slovakia.