Latvian Industrial Production Follows Global Trend In November 2008

Central Statistical Bureau (CSB) of Latvia reported http://www.csb.gov.lv/csp/events/?mode=arh&period=01.2009&cc_cat=251&id=8554 yesterday:

In January – November 2008 industrial production output (at current prices) comprised LVL 4405 mln, of which in November – LVL 379.1 mln, according to the data of Central Statistical Bureau.

Compared to October industrial production output in November 2008, except steam and water supply (at constant prices), has reduced by 3.1%, according to seasonally adjusted data². Of which in mining and quarrying – by 14%, in manufacturing - by 2.5%, but in electricity and gas supply - by 3.8%. Most notable decrease of industrial production volume was recorded in manufacturing of basic metals – 14.6%, in manufacturing of machinery, mechanisms, and equipment – 12.1%, and in manufacture of non-metallic mineral products – 11.2%.

Compared to November of previous year industrial production output in November 2008, except steam and water supply, has reduced by 13.9%, according to working day adjusted data. Of which in mining and quarrying – by 16.8%, in manufacturing - by 15.2%, but in electricity, gas and water supply - by 10.8%. The highest volume reduction was observed in manufacturing of machinery, mechanisms, and equipment – 38.8%, in manufacturing of furniture – 34.3%, in manufacturing of basic metals – 30.9%.

This appears quite consistent with global trends at moment, we saw similar figures today for France, see details by BNP Paribas here: http://economic-research.bnpparibas.com/applis/www/recheco.nsf/EcoFlashByDateEN/A04E5D121835E244C12575390038EDB9/$File/EcoFlash011_english.pdf?OpenElement, and German data suggest even darker picture, details by Danske here: http://danskeanalyse.danskebank.dk/abo/Germanyindustrialorders080109/$file/Germany_industrial_orders_080109.pdf .