Industrial production down on year, up on month in February

Data published by the Central Statistical Bureau of Latvia (CSB) on April 3 show that, compared to February 2022, in February 2023 industrial production output reduced by 2.2 % (according to calendar adjusted data at constant prices). 

An output downturn was recorded in manufacturing (2.9 %) as well as mining and quarrying (30.0 %), whereas in electricity and gas supply it grew by 4.4 %, as production of electricity in combined heat and power plants as well as gas distribution to consumers increased.

An industrial production output drop was recorded in two out of three manufacturing sectors having the largest share in manufacturing: manufacture of wood and of products of wood and cork, except furniture as well as manufacture of fabricated metal products, except machinery and equipment (9.6 % and 11.3 %, respectively). 

Compared to January 2023, in February 2023 industrial production output rose by 2.8 % (according to seasonally adjusted data at constant prices). Output in manufacturing grew by 0.5 %, in electricity and gas supply by 30.2 %, while in mining and quarrying there was a drop of 4.0 %.

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Compared to February 2022, in February 2023 manufacturing turnover increased by 10.3 % (according to calendar adjusted data at current prices). Turnover on the domestic market went up by 24.9 % and in export by 4.3 % (of which by 4.1 % in euro area and by 4.4 % in non-euro area).

Compared to January 2023, in February 2023 manufacturing turnover rose by 0.4 % (according to seasonally adjusted data). Turnover on the domestic market went up by 2.1 % and in export down by 0.5 % (of which decline of 2.1 % in euro area and increase of 0.9 % in non-euro area).

The data may be subject to revision.

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