Latvian Industrial Production Jumps 4.2% in January

Latvian Trade Deficit

Latvian industrial production jumped 4.2 percent in January from the previous year period, its Central Statistical Bureau data showed.

Latvian industrial output expanded due to 4.4 percent increase in manufacturing, mining and quarrying 0.5 percent and electricity and gas supply 4.2 percent in the month.

On a year-on-year term, noticeable production growth was seen in motor vehicles manufacturing, trailers and semi-trailers manufacturing of 36.2 percent, chemicals and chemical products manufacture of 27.6 percent, fabricated metal products, except machinery and equipment expanded 6.3 percent and manufacturing food products grew at a pace of 3.1 percent.

The release added, “Output reduction, in turn, was registered in manufacture of wood and of products of wood and cork, except furniture (of 1 %), manufacture of beverages (11.6 %), manufacture of machinery and equipment (6.4 %), as well as manufacture of textiles (3.4 %) and manufacture of wearing apparel (2.7 %).”

On a year-on-year basis, industrial output fell 1.6 percent in January. Of this, 2.3 percent increase was due to manufacturing and 5% in mining and quarrying. However, electricity and gas supply there increased 1.8 percent.

On a yearly term, manufacturing turnover jumped 2.7 percent while domestic manufacturing turnover advanced by 10.3 percent.

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