January's industrial production down 5% on year in Latvia

Central Statistical Bureau calendar adjusted data at constant prices, published March 7, show that, compared to January 2023, in January 2024 industrial production output1 fell by 5.0 %.

 Output in manufacturing reduced by 7.3 %, in electricity and gas supply by 1.1 %, while in mining and quarrying rose by 3.2 %.

The most reduced industrial production output was registered in manufacture of other non-metallic mineral products (24.2 %), manufacture of furniture (17.6 %), manufacture of wearing apparel (9.4 %), manufacture of computer, electronic and optical products (9.2 %), manufacture of beverages (6.5 %), and manufacture of electrical equipment (3.9 %). Lower output was also recorded in two out of three sectors having the largest share in manufacturing: manufacture of fabricated metal products, except machinery and equipment and manufacture of wood and of products of wood and cork, except furniture (10.2 % and 1.6 %, respectively).

Increased output was registered in printing and reproduction of recorded media (9.8 %), manufacture of paper and paper products (3.9 %), and manufacture of chemicals and chemical products (2.2 %). Rise was also recorded in the manufacturing sector having the second largest share in manufacturing – manufacture of food products (3.1 %).

Compared to December 2023, in January 2024 industrial production output went down by 2.7 % (seasonally adjusted data at constant prices). In manufacturing it dropped by 4.7 %, in electricity and gas supply by 1.6 %, while in mining and quarrying it rose by 1.4 %.

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Compared to January 2023, in January 2024 manufacturing turnover reduced by 4.4 % (calendar adjusted data at current prices). Turnover on domestic market fell by 4.5 % and on non-domestic market by 4.4 % (of which by 4.0 % in euro area and by 4.8 % in non-euro area).

Compared to December 2023, in January 2024 manufacturing turnover rose by 1.2 % (seasonally adjusted data). Turnover on domestic market went up by 3.4 % and on non-domestic market by 0.1 % (of which up by 8.6 % in euro area and down by 6.2 % in non-euro area).

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