Manufacturing turnover down in June

Data released Friday by the Central Statistical Bureau of Latvia (CSB) show that, compared to May seasonally-adjusted manufacturing turnover in June decreased by 0.9%.

 

Compared to the previous month a turnover drop of 12.8% was recorded in the manufacture of electrical equipment, and more worryingly a turnover drop was also recorded in Latvia's two largest manufacturing sectors: in wood processing of 1.7% (drop in exports of 4.3% and growth in domestic market of 0.5%), and in food products - of 1.4% (drop in domestic market of 1.2% and export of 1.9%). 

Compared to June 2013, manufacturing turnover in industry according to calendar adjusted data decreased by 2.2%.

Compared to the first quarter of 2014, manufacturing turnover in the 2nd quarter of  2014, according to seasonally adjusted data decreased by 1.1%.

Compared to the second quarter of 2013 manufacturing turnover in industry in the second quarter of 2014 according to calendar adjusted data increased by 2.1%.

Compared to the corresponding period of the previous year, in the first six months of 2014 manufacturing turnover according to calendar adjusted data grew by 1.9%.

"This growth was mainly influenced by domestic market growth of 4.5%," CSB said.

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