Industrial production up in January

Latvia's indpstrial production climbed an impressive 4.7% in January according to latest data from the Central Statistics Bureau.

Compared to January 2016, in January 2017 industrial production output rose by 4.7 % (according to calendar adjusted data at constant prices). 

Increases were recorded in manufacturing and mining and quarrying (of 7.8 % and 18.8 %, respectively), whereas in electricity and gas supply there was a decline of 0.4 % (production of electricity grew, whereas gas consumption declined).

A significant industrial production output rise was observed in the manufacture of machinery and equipment (of 35.4 %), manufacture of beverages (of 25.8 %), manufacture of electrical equipment (of 20.3 %), and manufacture of basic pharmaceutical products and pharmaceutical preparations.

Compared to December 2016, industrial production output in January 2017 decreased by 2.8 % (according to seasonally adjusted data at constant prices), of which in manufacturing by 2.8 % and in electricity and gas supply by 3.5%, whereas in mining and quarrying there was a rise of 2.9 %.

Commenting on the data, the Finance Ministry said: "Analyzing manufacturing performance, it can be concluded that the trends were similar to those observed in previous months, and output increased in almost all sub-sectors. Latvia's largest manufacturing sub-sector, the timber industry, in January, compared to the corresponding month of the previous year, registered a substantial growth of 11.5%."

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