Big boost to industrial production

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Data released by the Central Statistical Bureau (CSB) on July 4 show that, compared to May 2016, in May 2017 industrial production output increased by 9.9 % (according to calendar adjusted data at constant prices). 

An industrial production output increase was recorded in manufacturing (of 9.4 %), mining and quarrying (21.3 %), and electricity and gas supply (9.8 %).

"Compared to the corresponding month of the previous year, an industrial production output rise was observed in most of the manufacturing sectors, including those having the largest share in the industrial production – manufacture of wood and of products of wood and cork (6.8 %), manufacture of food products (7.5 %) and manufacture of fabricated metal products, except machinery and equipment (1.5 %). The most notable output increase was recorded in high- and medium-high-tech industries: manufacture of electrical equipment (51.1%), manufacture of machinery and equipment (26.5 %), manufacture of computer, electronic and optical products (24.9 %), and manufacture of basic pharmaceutical products and pharmaceutical preparations," said the CSB.

Compared to April 2017, in May 2017 industrial production output grew by 1.7 % (according to seasonally adjusted data at constant prices), of which by 3.1 % in manufacturing, while in electricity and gas supply and in mining and quarrying there was a decline of 2.6 % and 0.2 %, respectively.

Responding to the data, the Finance Ministry said the growth in manufacturing was "the strongest growth in manufacturing this year" and that as yet the UK's 'Brexit' from the European Union had not had any discernible impact on Latvian timber exports to that country.

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