Latvian industrial production decline eased to 2.4% in November
04.01.2010, 14:00Latvia’s industrial production fell in November at the slowest pace in 17 months as the country's wood, metal and chemistry industries increased output, reports Bloomberg.
Production, adjusted for working days, dropped 2.4%, the 19th consecutive decrease, after a 13.5% slump in October, Statistics Latvia said. Industrial output rose a seasonally adjusted 8.7% in the month.
November’s output decline was the slowest since June 2008, when it dipped 0.5%.
Latvian economy contracted 19% in the third quarter, the steepest downturn in the EU, as consumer spending slumped, credit evaporated and manufacturing dropped.
Estonia, Latvia and Lithuania have suffered Europe’s severest economic decline after the credit crisis choked lending and brought to a halt the period of prosperity that had followed their 2004 European Union accession.