Industrial data for July show signs of mild summer and heat-related fatigue. Everything seems fine, and everything is moving, but reading through the latest report from statisticians leaves a sense of routine after seeing the bright figures of the first half of the year.

In July, the year-on-year growth is similar to the annual average; real production output was 7.9% higher than a year ago (with a total of +8.9% in the first 7 months). Just as an anticyclone 'parked' over the skies of Latvia in July, manufacturing output remained stagnant compared to June, with monthly growth at exactly 0.0%.

Almost all key sub-sectors show positive year-on-year growth, with the exception of our industry's 'misery sibling' – food processing. Significant investments currently underway and planned in fish and grain processing, as well as confectionery production, will help it emerge from this status. There are sectors where the most striking growth figures are already behind us, which is mainly explained by the base effect, i.e., the deepest decline was last spring; the automotive industry is one such example.