Strong industrial growth delights Finance Ministry

Latvia's Finance Ministry was cheered by strong industrial production figures March 3, describing growth of more than 10% as a "very good result."

According to the latest official data, compared to last year's corresponding month, in February industrial output increased by 10.6%, driven by strong electricity and gas supply output volumes (+28.4%). 

Manufacturing industry in this period showed growth at 4.6%,

"Such manufacturing output growth in February is regarded as a very good result," the ministry said.

Strong growth was also recorded in the chemicals and chemical products sector, which in February this year rose by 24.7%. 

"The Latvian manufacturers' confidence index in March this year has climbed to levels last observed prior to the crisis. Thus it can be concluded that the current situation in the manufacturing industry for further development is favorable, as evidenced by the expected production volume growth of companies as well as producers' positive assessment of production order volumes. In addition, manufacturers indicate that the product sales prices in the coming months could grow, having a positive impact on companies' financial performance," the Finance Ministry said. 

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