Industrial production down on year in Latvia

Data published on July 4 by the Central Statistical Bureau of Latvia show that, compared to May 2022, in May 2023 industrial production output reduced by 8.8 % (according to calendar-adjusted data at constant prices). 

Output downturn was recorded in manufacturing (7.7 %), mining and quarrying (7.9 %), as well as electricity and gas supply (15.3 %, as production of electricity in combined heat and power plants as well as gas distribution to consumers decreased).

Industrial production output fell in two 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 (by 13.7 % and 3.1 %, respectively). 

Industrial production output upturn, compared to the corresponding month of the previous year, was observed in manufacture of computer, electronic and optical products as well as repair and installation of machinery and equipment (of 32.6 % and 49.9 %, respectively).  

Compared to April 2023, in May 2023 industrial production output reduced by 1.1 % (according to seasonally adjusted data at constant prices). Output in manufacturing increased by 0.7 % and in mining and quarrying by 9.0 %, while in electricity and gas supply there was a reduction of 14.8 %.

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Compared to May 2022, in May 2023 manufacturing turnover reduced by 3.7 % (according to calendar adjusted data at current prices). Turnover on the domestic market went down by 1.0 % and in export by 5.1 % (of which by 0.7 % in euro area and by 8.9 % in non-euro area).

Compared to April 2023, in May 2023 manufacturing turnover increased by 1.5 % (according to seasonally adjusted data). Turnover on the domestic market fell by 0.3 % while in export there was an increase of 2.4 % (of which rise of 5.4 % in euro area and drop of 0.1 % in non-euro area).

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