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.