Industrial production dips, but trend more encouraging

Latvian industrial production declined slightly in August, but the long-term trend is still upwards, official data published Monday showed. 

Compared to July industrial production volume in August 2015 (according to seasonally adjusted data at constant prices) decreased by 1.4%, the Central Statistics Bureau (CSB) said.

"The decline was caused by a decrease of 3% in manufacturing; in turn, growth of 7.1% was recorded in mining and quarrying, and of 7.3% in electricity and gas supply," the CSB said.

Growth in the energy sector was promoted by an increase in production of electricity in co-generation power plants.

The year-on-year figures were much more encouraging.

Compared to August 2014 industrial production volume in August 2015 (according to calendar adjusted data at constant prices) grew by 6.4%, of which in mining and quarrying – by 14.1%, in manufacturing – by 4.8%, and in electricity and gas supply - by 12.4%.

The largest production growth in August 2015 as compared to the corresponding period of the previous year was registered in manufacture of basic metals. Growth was also recorded in manufacture of machinery and equipment - of 23.3%, in manufacture of furniture – of 19.5%, and in manufacture of computer, electronic and optical products - of 14.9%. Production increase was also registered in the sector having the largest share - in manufacture of wood and wood articles - of 4.2%.

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Economy
Economy