Industrial production up 4.9% in 2016

Latvia's industrial production grew by nearly 5% in 2016 according to figures released by the Central Statistical Bureau (CSB) February 3.

Compared to 2015, in 2016 industrial production volume grew by 4.9% (according to calendar adjusted data at constant prices).

Growth was facilitated by an increase in the output of manufacturing (of 5.0%) and electricity and gas supply (of 6.4%), whereas miming and quarrying experienced a drop of 0.3 %.

Compared to December 2015, in December 2016 industrial production output rose by a remarkable 11.5 % (according to calendar adjusted data at constant prices). An increase in production output was registered in manufacturing (of 11.7 %), in mining and quarrying (of 16.2 %) and in electricity and gas supply (of 10.8 %).

Industrial production volume grew in most of the manufacturing sectors, including the proportionally largest ones – in manufacture of fabricated metal products (by 19.0 %), in manufacture of wood and wood articles (by 8.9 %) and in manufacture of food products (by 1.9 %).

For the second month in a row, the largest increase in production output was registered in manufacturing sectors of high and medium-high technologies.

"A significant increase in production output was also registered in manufacture of basic pharmaceutical products and pharmaceutical preparations," the CSB said.

In December 2016, as compared to November, industrial production output increased by 0.2 %.

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Economy
Economy