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Latvian June Industrial Production Falls 6.4% on Year (Update1)


    (Adds analyst comment in fourth paragraph.)

By Aaron Eglitis
    Aug. 4 (Bloomberg) -- Latvian industrial production fell 6.4
percent in June, the second-biggest drop in at least 17 months,
another sign the Baltic state's economy may slow further.
    Output, adjusted for working days, decreased an annual 6.4
percent, compared with a decline of 8.5 percent in May, the Riga-
based statistics said today on its Web site. Production rose a
seasonally adjusted 1.2 percent on the month.
    Industrial production, made up of manufacturing, mining and
quarrying, electricity, gas and water, contracted a work-day
adjusted 3.8 percent in the second quarter compared with the same
period a year earlier. The figure accounted for around 13 percent
of gross domestic product in 2007.
    Industrial production and retail sales ``together suggest that
the GDP flash estimate to be released on Friday will be weak,''
said Anssi Rantala, a Helsinki-based economist with Nordea AB, said
in an e-mail. ``We expect GDP to shrink by minus 0.5 percent in the
second quarter.''
    The Baltic nation's economy is losing steam as lenders tighten
credit and the inflation rate, close to a 12-year high of 17.7
percent in June, cuts consumers' buying power. Economic growth has
been cut by more than half, to 3.3 percent in the first quarter
from 8.1 percent in the fourth, following the start of a government
program to fight inflation.