Latvia’s industrial production output rose by 10.1% y/y in May, according to calendar adjusted data at constant prices, the country’s Central Statistical Bureau (CSB) announced on July 5.
Production output increase was registered in manufacturing - by 11%, in electricity and gas supply – by 3.8%, and in mining and quarrying - by 2.4%.
Compared to the corresponding month of the previous year, when the second largest decline in production during the COVID-19 pandemic was observed, the manufacturing production output in all the following sectors continued to show a significant increase: in production of motor vehicles, trailers and semi-trailers - by 70.4%, the manufacture of furniture - by 47.3%, manufacture of machinery and equipment - by 29% as well as manufacture of computers, electronic and optical products.
Output continued to grow significantly in the manufacture of textiles - by 25%, in printing and reproduction of recorded media - by 20% and in two of the three largest manufacturing industries - manufacture of wood and of products of wood and cork, and manufacture of fabricated metal products, except machinery and equipment (by 11.1% and 5.1% respectively).
In turn, the volume of production decreased in the repair and installation of machinery and equipment - by 14.6% and in food production - by 2.3%.
According to seasonally adjusted data at constant prices, manufacturing output decreased by 2.3% m/m in May, including in manufacturing - by 2.4% and in mining and quarrying - by 5.9%, but in electricity and gas supply it increased by 1.8%.
Compared to May 2020, in May 2021 manufacturing turnover, according to calendar adjusted data at current prices, increased by 25.7%. Turnover increased by 16.7% in the domestic market and by 30.7% in exports (including 20.4% in the euro area and by 39.5% in non-euro area).
In May 2021, compared to April 2021, manufacturing turnover, according to seasonally adjusted data, decreased by 0.8%. Turnover decreased by 1.7% in the domestic market and by 0.4% in exports (it decreased by 2% in the euro area and increased by 0.8% in non-euro area).