Slight uptick in Latvia's industrial production stats

The Central Statistical Bureau (CSB) released calendar adjusted data at constant prices February 5 which show that, compared to December 2022, in December 2023 industrial production output in Latvia  grew by 1.7 %. 

Increased output was recorded in all three sectors having the largest share in manufacturing: manufacture of food products (10.2 %), manufacture of fabricated metal products, except machinery and equipment (10.0 %), and manufacture of wood and of products of wood and cork, except furniture (1.6 %). A significant upturn was experienced by manufacture of machinery and equipment (21.8 %) as well as manufacture of paper and paper products (13.1 %).

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In contrast the most reduced industrial production output was registered in manufacture of furniture (19.6 %), followed by manufacture of beverages (15.5 %), printing and reproduction of recorded media (10.7 %), and manufacture of clothes (14.8 %).

Compared to November 2023, in December 2023 industrial production output went up by 1.2 % (seasonally adjusted data at constant prices). 

Compared to December 2022, in December 2023 manufacturing turnover reduced by 0.4 % (calendar adjusted data at current prices). Turnover on domestic market fell by 2.0 % and on non-domestic market rose by 0.6 % (of which drop of 3.0 % in euro area and rise of 3.1 % in non-euro area).

Compared to November 2023, in December 2023 manufacturing turnover rose by 1.6 % (seasonally adjusted data). Turnover on domestic market went down by 1.5 % and on non-domestic market up by 3.3 % (of which by 4.0 % in euro area and by 2.8 % in non-euro area).

Commenting on the figures the Ministry of Finance noted that in 2023, volumes in manufacturing industry decreased by 4.5% compared to 2022, which is the largest decrease in volumes in annual terms since 2009.

Similar to manufacturing, all industry contracted by 4.5% in 2023, with electricity and gas supply decreasing by 0.8% and mining by 19%.

"Contrary to the general mood of the processing industry, 2023 was a successful year for food product manufacturers. At a time when most sub-sectors indicated a lack of demand, food producers did not note a decrease in demand in the surveys, thus in 2023 the largest volume increases in annual terms (+4.5%) were achieved since 2017. In addition, in December of last year, the volumes produced grew by 10.2% compared to December 2022, while turnover in actual prices grew by 13.2%, including similar both domestic and export turnover. The beverage industry was not so successful in 2023, however, with volumes decreasing by 5.8%, thus the total growth of food and beverage production in 2023 is 7.6%," said the Ministry.

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