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Industrial production continues to rise

By Anatol Steven. 08.12.2010

Zane Berzina, owner of Stendera ziepju fabrika
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Manufacturing output is particularly strong in 2010, pushed by foreign demand.

Industrial production continues its resurgence in Latvia. Compared to September 2010, industrial production volumes increased by 1.2% in October, according to seasonally adjusted data at constant prices, the Central Statistical Bureau reported this week.
Manufacturing rose by 1.5%, mining and quarrying by 1.9%. Some sectors saw a decrease, however, such as electricity and gas supply by 0.6%.
To show how far industrial production output has recovered over the past year, industry grew by as much as 21.1% in October compared to October 2009. Of this, manufacturing improved by 25% and mining and quarrying by 18.3%. But electricity and gas supply only increased by 3.8%.
The most notable manufacturing growth was seen in the manufacture of motor vehicles, trailers and semi-trailers, which effectively doubled, and also in the manufacture of transport equipment (ship and rail construction) by 68.9% and the manufacture of electrical equipment by 57.2%.
Posting a rapid growth in manufacturing were the automobile, trailer, semi-trailer and other vehicles, electrical equipment, building materials, readymade metal products, textiles and pulp product manufacturing sectors. Over the month, the biggest rise was recorded in pharmaceuticals.
“Even though the dynamics of new orders and turnover posts a moderate rise in the domestic market as well, foreign demand still remains the driving developmental factor,” Svetlana Rusakova, a Bank of Latvia economist, explained.
“A slower development in industry is therefore expected in the final months of the year, and its rate of annual growth will be additionally influenced by the base effect (i.e., development will be measured against a higher point of reference). Both budget decisions and the instability of foreign demand may also have a negative influence on the development of manufacturing next year.”
Nevertheless, Rusakova stressed that a positive influence on the mood of the investors may be brought about by a speedy adoption of the state budget and other fiscally prudent measures.
[Pictured: Zane Berzina, owner of Stendera ziepju fabrika (Stendera Soapworks), giving a presentation of the production of soap and soap-related products. EPA Photo]




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