Latviski English По-русски
Monday 18.06.2018 | Name days: Madis, Alberts

Manufacturing turnover down 0.8% in Latvia

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUManufacturing turnover in September according to seasonally adjusted data (at current prices) grew by 3.5%, of which by 3% in domestic market, and by 4% in export, including an increase of 7.1% in Eurozone, and of 3.9% in Non-eurozone.

Compared to the previous month turnover growth was observed in manufacture of machinery and equipment – of 42.1% (growth both – in domestic market and export), in manufacture of motor vehicles, trailers and semi-trailers – of 16.7% (growth in both markets). Turnover growth in both markets was also observed in sectors having the largest share in industrial production: in wood processing – of 9.2%, in manufacture of fabricated metal products, except machinery and equipment – of 5.7%, and in manufacture of food products – of 1%, according to data from the Central Statistical Bureau of Latvia.

Compared to September 2013, manufacturing turnover in industry according to calendar adjusted data decreased by 0.8%, which was affected by turnover drop of 3.2% in domestic market. Growth of 2.4% in export was promoted by turnover increase of 7.9% in Non-eurozone (Eurozone experienced a drop of 6.6%).

Major turnover drop was recorded in the manufacture of electrical equipment – of 29.5% (decrease in domestic market – of 43.9%, and in export – of 21.9%), in repair and installation of machinery and equipment – of 27.6% (affected by a drop of 33% in domestic market, while in export there was a growth of 2.5%), and in manufacture of machinery and equipment – of 17.7% (decline of 27.2% in domestic market, and of 7.2% in export). Turnover decline of 1.2% was also recorded in manufacture of food products. It was due to a drop of 10.2% in export, while in domestic market there was an increase of 2.5%.

In turn, the most significant turnover growth in both markets was recorded in wood processing (of 15.6%), in manufacture of fabricated metal products, except machinery and equipment (of 14.6%), and in manufacture of furniture – of 24.2%.

As compared to Q2 2014 manufacturing turnover in Q3 2014, according to seasonally adjusted data decreased by 1.4%, of which by 3.3% in domestic market. In export there was a growth of 0.9% (of which an increase of 0.7% in Eurozone, and a drop of 0.2% in Non-eurozone).

As compared to Q3 the previous year manufacturing turnover in industry in Q3 2014 (according to calendar adjusted data) decreased by 2.8%; of which in domestic market by 5.1%. In export there was a growth of 0.3% (of which growth of 3.4% in Non-eurozone, and a decrease of 5.1% in Eurozone).

Compared to the corresponding period of the previous year, during the first nine months of 2014 manufacturing turnover grew by 0.2% (according to calendar adjusted data). This growth was mainly promoted by growth of 1% in domestic market, while in export there was a decrease of 0.7%; of which there was a drop of 2.4% in Eurozone, while Non-eurozone witnessed an increase of 0.3%.


Leave a reply

Week in Lithuania. Lithuanian Railways joins European train system Interrail

Lithuanian state railway company Lietuvos Geležinkeliai has joined Interrail, a European train system that allows passengers to buy cheaper tickets for train travel across Europe.

Zolitūde tragedy lawyer criticises Latvian laws as favourable to insolvency administrators, not business owners

Outspoken Latvian lawyer, Aldis Gobzems, who defends in civil trials the victims of the Zolitūde supermarket collapse, where 54 people died and dozens suffered injuries, has joined the KPV LV party for the parliamentary election and is pointing to perceived political support to a few successful insolvency administrators.

Eurozone simulation with monthly billions to be quit in 2018

The European Central Bank has stated it would quit end its massive programme to stimulate the eurozone economy by buying bonds for 30 billion euros each month in December.

Human traffickers in Hungary sent to prison for 71 people dead in meat truck

For the deaths of 71 migrants, who suffocated in a sealed meat truck in Hungary in August 2015, a Hungarian court has sentenced four men to 25-year jail terms after finding them guilty of people-smuggling.

Lithuanian employers bristle against minimum wage raise to 450 euro

The disparities of the socio-economic development of the regions are very high in Lithuania, so raising the minimum wage from 400 euros now to 450 euros as suggested by the Lithuanian Government would cripple many small and medium-sized business owners in the less prosperous regions and the municipalities, Lithuanian economists caution. The minimum wage was raised in Lithuania by 20 per cent to 400 euros last year.

No-confidence vote on Latvian Justice Minister postponed to June 20

In the Latvian parliament, two motions asking for the resignation of Latvian Justice Minister Dzintars Rasnačs have been submitted and the vote is expected to take place on June 20.

Judge urges to stop testing politicians for cooperation with Soviet KGB

As Latvian politicians running in elections have to acknowledge that they have not worked for the Soviet State Security Committee during the Soviet occupation of the country, courts have since 1995 been looking into cases of possible cooperation and now, due to the lack of evidence, politicians should drop the evaluation of possible cooperation with the KGB, suggested a judge at the Riga Regional Court.

State budget income up 11% in Latvia this year

In the Latvian state budget, a total of 3.8 billion euros have been paid in the first five months of 2018, which is by 11% more than in the respective period last year, the Latvian State Revenue Service stated.

Volkswagen fined billion euros for diesel exhaust scheme

German car maker Volkswagen has been fined one billion euros by German prosecutors for its diesel emissions scandal and the car firm's management has stated it did not plan to appeal against the fine.

U.S.: Sanctions against North Korea to remain until complete denuclearisation

The U.S. has warned North Korea that it would not see any economic sanctions lifted until it has demonstrated «complete denuclearisation», according to U.S. Secretary of State Mike Pompeo.

Popular restaurant chain denies alleged tampering with cash registers

Criminal police in Latvia has conducted searches at the popular Riga restaurant chain Vairāk Saules on suspicion of alleged tampering with its cash registers.

Pigs in first swine fever-hit farm culled

As to the first case of domestic pigs in Latvia being infected with the African swine fever virus in 2018, Latvian veterinary authorities have culled 165 pigs in the affected farm in central Latvia.

Bank of Latvia head appeals against decision to remove his access to state secrets

The Bank of Latvia President, Ilmārs Rimšēvičs, who is suspected of accepting a bribe, has appealed to the Prosecutor General, Ēriks Kalnmeiers, against the decision by the Latvian Constitution Protection Bureau to remove his permit to access state secrets.

Charging electric car to cost 15 cents per minute in Latvia

As Latvia builds its network of 150 quick charging stations for electric vehicles, the Latvian government has approved the cost of the service at 15 euro cents per minute with the value added tax.

Bank watchdog allows ABLV Bank to perform voluntary liquidation

Latvian Financial and Capital Market Commission (FCMC) has decided at a board meeting to allow ABLV Bank to start its voluntary liquidation process.

Greece and Macedonia agree on new, acceptable name for latter to end dispute

The governments of Greece and its neighbouring country Macedonia have reached an agreement on the name of the latter to end a decades-long dispute that has blocked Macedonia's aspirations to become part of NATO and the European Union.

North Korea commits to verifiable denuclearisation, U.S. - to quit participating in war games

In the first summit meeting between North Korea and the U.S., Pyongyang has committed to verifiable denuclearisation and in return Washington has stated American troops would no longed take part in mass war games held in South Korea.

Plan to ban female gamete donation passed for third reading in Saeima

At the Latvian Saeima, the draft amendments aimed at banning women, who have not given birth, from donating their gametes, has been passed for the third reading to the members of the parliament.

In pictures: Design competition for reconstruction of Riga Circus continues

As the Latvian Ministry of Culture is continuing the competition for the architectural design for the reconstruction of Riga Circus building, an exhibition of the submitted design projects has been opened at the Architecture Faculty of the Riga Technical University.

Historians: Soviet occupation authorities constantly interfered in religious life

During the Soviet occupation of Latvia, security workers and the Council of Religious Cult Affairs had constantly interfered in the selection of church officials, established the Latvian Commission for the Scientific Research of the State Security of the Latvian Soviet Socialist Republic.

Fruit growers in Latvia see effects of drought and heat as «disastrous»

The unusually high temperatures and lack of precipitation this May in Latvia have added to the adverse effects that last year's chilly and wet summer has had in the field of fruit growing, the leadership of the Latvian Orchardman Association, has warned.

Migrant rescue ship rejected by Italy and Malta to be accepted in Spain

Mediterranean rescue ship with 629 people on board that has not been allowed to dock in Italy and Malta, would, according to Spain's Prime Minister Pedro Sánchez, be accepted in Spain to help avoid a humanitarian disaster.

North Korean-U.S. historic summit focuses on defusing tensions in Korea

Head of North Korea Kim Jong-un and U.S. President Donald Trump have met for talks in Singapore working on the issues of denuclearisation and lowering tensions in Korea months after they have exchanged military threats.

Police in Latvia switches from grey to colourful

As the Latvian State Police starts changing the way its cars are painted, it has presented their new colours, which will be on all State Police cars by 2020.

Petition calling for Latvia-wide restrictions on gambling launched

Latvia's New Conservative Party is calling for strict limitations to the work of gambling rooms in the country and is inviting people to sign an online petition on the issue.

Newest comments

Have you been offered a bribe for particular choice in election?

View Results

Loading ... Loading ...

Polls Archive

Category feed: Feed: