Latvian manufacturing continued modest growth in March

Data compiled by the Central Statistical Bureau (CSB) and reelased May 7 show that, compared to March 2018, in March 2019 industrial production output increased by 1.5 % (according to calendar adjusted data at constant prices). 

In mining and quarrying industrial production output rose by 18 %, in manufacturing by 4.7 %, while in electricity and gas supply there was a decrease of 9.6 %.

Compared to February 2019, in March 2019 industrial production output grew by 0.7 %, according to seasonally adjusted data at constant prices. 

Compared to March 2018, in March 2019 manufacturing turnover increased by 6.6 % (according to calendar adjusted data at current prices). Turnover on the domestic market went up by 4.3 % and in export by 7.8 % (of which by 6 % in euro area and by 9.2 % in non-euro area).

Compared to February 2019, in March 2019 manufacturing turnover fell by 2.4 % (according to seasonally adjusted data). Turnover on the domestic market dropped by 1.3 % and in export by 3 % (of which by 4.3 % in euro area and by 1.9 % in non-euro area).

Responding to the data, the Ministry of Finance said: "Recent survey results published by the European Commission show a deterioration in the sentiment in the Latvian manufacturing industry, as evidenced by the lower estimate of the volume of orders for industrial products and, consequently, of expected output. At the same time, it should be noted that the index changes observed this year do not indicate a drop in manufacturing output in the coming months, but signal a potential slowdown in growth rates."

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