Latvia's industrial production showed first signs of COVID-19 impact in March

Data compiled by the Central Statistical Bureau (CSB) show that, compared to March 2019, in March 2020 industrial production output dropped by 3.6 % (according to calendar adjusted data at constant prices). 

The decline was due to the output reduction in manufacturing (of 3.6 %), electricity and gas supply (4.8 %), as well as mining and quarrying (2.1 %).

Perhaps surprisingly, in March, only 6.5 % of the surveyed enterprises in 13 manufacturing sub-sectors mentioned COVID-19 and emergency situation in the country as the key reason behind the production output decline.

Latvia industrial production March 2020

A significant downturn was recorded in manufacture of wearing apparel (of 33.2 % due to both COVID-19 influence and decline in orders), repair and installation of machinery and equipment (12.1 %), and manufacture of computer, electronic and optical products (11.6 %). 

A production output rise was recorded in manufacture of paper and paper products (of 11.3 %), manufacture of electrical equipment (8.7 %), and manufacture of other non-metallic mineral products (6.3 %). 

Compared to February 2020, in March 2020 industrial production output fell by 4.1 %, according to seasonally adjusted data at constant prices. Manufacturing fell by 4.1 %, electricity and gas supply by 6.8 %, and mining and quarrying by 9.2 %.

However, with strict measures to tackle COVID-19 only coming into force in the latter part of March, April's figures are likely to suffer significantly more from the effects of the global coronavirus crisis.  

 

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Economy
Economy