Latvia's industrial production up slightly in 2022

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Data published on February 3 by the Central Statistical Bureau of Latvia (CSB) show that, compared to 2021, in 2022 industrial production output increased by 0.8% (according to calendar-adjusted data at constant prices).

Output in manufacturing rose by 2.6 %, electricity and gas supply dropped by 11.5 %, and mining and quarrying fell by 0.7 %.

In 2022 industrial production output upturn was registered in 14 out of 22 manufacturing sectors. A significant rise, compared to 2021, was recorded in the manufacture of basic metals (2.9 times), manufacture of beverages (18.8 %), and manufacture of basic pharmaceutical products and pharmaceutical preparations. Output increase was also registered in the manufacture of motor vehicles, trailers, and semi-trailers (parts and accessories for motor vehicles) (13.4 %) and the manufacture of electrical equipment (8.5 %).

Industrial production output decline, in turn, was recorded in the manufacture of machinery and equipment not elsewhere classified (12.3 %), the manufacture of paper and paper products (9 %), and the manufacture of chemicals and chemical products (5 %).

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Compared to December 2021, in December 2022 industrial production output dropped by 4.4 % (according to calendar-adjusted data at constant prices). Of which in manufacturing by 3.6 %, in mining and quarrying by 17.8 %, and in electricity and gas supply by 6.2 %.

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Compared to 2021, in 2022 manufacturing turnover increased by 18.2 % (according to calendar adjusted data at current prices). The rise was due to the turnover upturn on the domestic market of 21.6 % and of 16.5 % in export (of which by 25 % in euro area and 10.2 % in non-euro area).

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