Industrial production in Latvia fell by 2% in five months

In the manufacturing industry, there was a 4.3% decline in the first five months of 2024 compared to the same period last year, while in electricity and gas supply there was an increase of 5.3%, and in mining and quarrying – by 15.5%.

In May 2024, compared to May 2023, the volume of industrial output, according to calendar adjusted data, decreased by 0.9% in comparable prices. Production volumes in the manufacturing industry decreased by 4.5%, in electricity and gas supply there was an increase of 12.8%, in the mining industry and quarrying there was an increase of 4.2%.

Industrial output in May of this year compared to May of last year decreased in the production of equipment, mechanisms and working machines – by 26.1%, in the production of computers, electronic and optical equipment – by 19.4%, in the production of cars, trailers and semi-trailers – by 11.2%, as well as in the production of furniture – by 9.8%. There was also a decline in two of the three largest manufacturing industries by specific weight: in the production of finished metal products, excluding machinery and equipment – by 12.4% and in the production of wood and wood products – by 0.6%.

At the same time, the volume of industrial output increased in the production of beverages – by 14.1%, in the production of chemicals and chemical products – by 7.9%, and in the production of non-metallic mineral products – by 1.5%. There was also growth in one of the three largest branches of the manufacturing industry in terms of proportion – food production – by 1.8%.

In May 2024, compared to April 2024, the volume of industrial production, according to seasonally adjusted data in actual prices, increased by 3.1%. Production volumes increased in the manufacturing industry by 0.5% and in electricity and gas supply by 5.4%, while in the mining industry there was a decrease of 5.1%.

In May, compared to April, the turnover of the manufacturing industry, according to seasonally adjusted data, decreased by 4.1%. On the domestic market, turnover for the month decreased by 3.6%, on the export market – by 4.3%, including in the eurozone – by 7.5%, outside the eurozone – by 1.4%.