Manufacturing turnover contracted in 2014

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Latvia's manufacturing turnover shrank by more than 1% in 2014, suggesting its much-trumpeted recovery from economic crisis may have stalled. 

Latest data compiled by the Central Statistical Bureau (CSB) show that compared to 2013 manufacturing turnover in 2014 (according to calendar adjusted data at current prices) decreased by 1.1%. 

Domestic market turnover declined by 0.9%, while exports contracted by 1.3%, with Eurozone exports contracting by a significant 4.4%, while non-Eurozone exports grew 0.5%.

The metals sector was particularly hard hit with the closed Liepajas Metalurgs steelworks largely responsible for an eye-watering 58% shrinkage in turnover.

The traditionally important wood processing sector held up though, growing by 10.8%.

Compared to the fourth quarter of 2013 manufacturing turnover in the fourth quarter of 2014 decreased by 4.9% - suggesting that the downward trend may be set to continue this year.

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