Latvia Industrial Production Jumps In June

Latvia industrial production jumped 7.8 percent in June from the previous year month, its Central Statistical Bureau data revealed. Based on calendar adjusted data at constant prices, Latvia’s industrial production grew 7.8 percent in the same period.

The statement attributed the increase to manufacturing output in manufacturing by 10.1 percent and mining and quarrying by 13.5 percent. On the other hand, electricity and gas supply dropped 2.2 percent in the same period.

The biggest volume growth was seen in high and medium technology industries. As far as manufacturing of machinery, it was 43.7 percent jump and the growth was 41.3 percent in respect of motor vehicles, trailers and semi-trailers. Similarly, chemical and its products added 39.2 percent whereas electrical equipment manufacture advanced 23.6 percent.

On a month-on-month term, Latvia’s industrial production fell 0.4 percent. Manufacturing industry advanced 0.7 percent whereas mining and quarrying fell 3.3 percent and electricity and gas supply dropped 2 percent.

The release added, “A significant increase in production was also observed in the manufacture of food products – by 10.1%, and in manufacture of fabricated metal products, except machinery and equipment – by 13.5%.”

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