Weak industrial and manufacturing figures in August

Calendar-adjusted data published by the Central Statistical Bureau October 4 show that, compared to August 2022, in August 2023 industrial production output reduced by 4.9 %. 

Output in mining and quarrying fell by 27.3 %, in manufacturing by 3.8 %, and in electricity and gas supply by 5.4 %.

An output downturn was observed in two out of three 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 (of 7.0 % and 8.0 %, respectively).

Output reductions were also recorded in printing and reproduction of recorded media (29.5 %), manufacture of other non-metallic mineral products (18.3 %), manufacture of beverages (17.1 %), as well as manufacture of motor vehicles, trailers and semi-trailers (parts and accessories for motor vehicles) (11.6 %).

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Upturns, compared to the corresponding month of the previous year, were registered in manufacture of chemicals and chemical products as well as the manufacture of computer, electronic and optical products (of 26.0 % and 14.8 %, respectively).

An output increase was also registered in manufacture of machinery and equipment (10.6 %), repair and installation of machinery and equipment (7.7 %), and manufacture of electrical equipment (4.8 %).

Compared to July 2023, in August 2023 industrial production output rose by 1.7 % (seasonally adjusted data at constant prices). 

Compared to August 2022, in August 2023 manufacturing turnover reduced by 4.8 % (calendar adjusted data at current prices). Turnover on domestic market went down by 6.1 % and on non-domestic market by 4.0 % (of which by 0.5 % in euro area and by 6.9 % in non-euro area).

Compared to July 2023, in August 2023 manufacturing turnover fell by 1.9 % (seasonally adjusted data). Turnover on the domestic market decreased by 2.6 % and on non-domestic market by 1.6 % (of which rise of 1.5 % in euro area and drop of 4.3 % in non-euro area).

Commenting on the figures, the Latvian Ministry of Finance said: "Year-on-year declines have followed each other for the ninth month in a row, but if volumes fell by a total of 6.2% in the first seven months of this year, then the 3.8% decline in August can be considered a positive sign, as the rate of contraction is slowing down. 

"The 0.3% increase in the manufacturing industry compared to the previous month also shows positive trends. Going forward, the ratio compared to last year will also be improved by the low base, which was determined by the decrease in production rates in the second half of 2022, when the industry struggled with high energy prices and a lack of raw materials."

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