Riga, Latvia – In a notable turnaround, Latvian industrial production surged by 1.4% in July 2024, reflecting a significant recovery from the -5.5% decline noted in June 2024. The data, which was freshly updated on September 3, 2024, offers a year-over-year comparison that underscores a renewed vigor in the country’s industrial sector.The dramatic shift represents a stark contrast to the steep plunge experienced in June, when production figures betrayed a troubling decline. The current 1.4% increase indicates that Latvia’s industrial landscape has begun to stabilize and grow, alleviating some concerns of a prolonged slump.Analysts suggest that the rebound could be attributed to several factors, including improved global economic conditions, strategic policy adjustments by the Latvian government, and an increase in both domestic and foreign demand. While it remains to be seen whether this positive trend will continue in the coming months, the July data brings a breath of relief and optimism to Latvia’s economic outlook.The material has been provided by InstaForex Company – www.instaforex.com
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