FX.co ★ Latvia Industrial Output Hits Fastest Growth in 3 Years

In May 2025, Latvia experienced a notable annual increase in industrial production, which rose by 4.0%. This marks the most significant growth rate since May 2022, and is an improvement from the 1.9% increase observed in the previous month. This uptick was largely fueled by a robust recovery in the electricity and gas supply sector, which saw a rise of 1.4% compared to a decline of 12.2% in the preceding May. Additionally, manufacturing growth accelerated to 5.6% from 5.0%, with particularly strong performance observed in the production of machinery and equipment, which surged by 13.2% following a decrease of 11.9%, and in the production of computer, electronic and optical products, which increased by 11.1% compared to a prior drop of 6.1%. Conversely, the mining and quarrying sector continued to see a contraction, declining by 18.2%, an even greater dip from the previous month's 11.7% decrease. On a month-to-month basis, industrial production also increased by 1.4% in May, up from 0.8% in April.