Latvia: Industrial production down 4.5% in 2023: statistics

Latvia’s industrial production declined by 4.5% in 2023 compared to 2022, according to data from the Central Statistical Bureau, LSM reported. Output in manufacturing decreased by 4.5%, in electricity and gas supply by 0.8%, and in mining by 19% over a year. The drop in manufacturing output was the largest annual decline since 2009. Martins Abolins, economist at Citadele Banka, said that the recession in Latvian industry was coming to an end. He expects Latvian industry to grow by 3-5% in 2024. Meanwhile, Agnese Puke, economist at the Bank of Latvia, said that the mood in Latvian industry remained pessimistic. She noted that the capacity load in most manufacturing sectors deteriorated and was well behind pre-pandemic levels in the fourth quarter of 2023.