Monthly industrial production up 2.3%
By Anatol Steven.
07.09.2010
Figures recently released show another sign of a turnaround in the Latvian economy.
The country’s industrial production volume in July 2010 grew by 2.3 percent compared to June, according to collated seasonally adjusted data at constant prices. Manufacturing increased the most in the industrial production sector, rising by 2.7 percent.
Compared to July 2009, industrial production output increased by as much as 18 percent, of which manufacturing grew by 18.7 percent.
Other industrial areas did not quite reach these heights but were nonetheless impressive, with mining and quarrying increasing by 16.4 percent over the year and electricity and gas supply increasing by 12.9 percent.
But the biggest rises were recorded in the manufacture of basic pharmaceutical products and pharmaceutical preparations, by 89.9 percent; in the manufacture of electrical equipment, by 75.3 percent; and in the manufacture of vehicles, trailers and semi-trailers, by 57.8 percent.
“Foreign demand remained the principal factor of development, but according to the data for June important growth in new orders was also observed in the domestic market, and turnover has grown substantially in several industries”, Svetlana Rusakova, a Bank of Latvia economics expert explained, adding that domestic demand remains sluggish.
“Despite growing risks for impeded development in global demand, it is foreign demand that will be the determining factor in the development of processing industries.”
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