RIGA: Latvia’s calendar-adjusted industrial output rose by 3.4 percent in constant prices in 2015 against a year before, figures from the national statistics office showed Wednesday.
While manufacturing quickened 4.1 percent year-on-year and mining and quarrying picked up 6.4 percent, electric power and gas supply slowed 0.1 percent in Latvia last year.
In 2015, manufacturing growth was driven by a 39.3 percent increase in the output of computers, electronic and optical equipment, a 13.9 percent rise in furniture production and a 6.9 percent increase in wood processing.
Meanwhile, the steepest drop was recorded in clothing production where output fell 15.6 percent year-on-year. Also, the output of nonmetallic mineral products was down 10 percent and food production dropped 5 percent last year.
Commenting on the statistics, Bank of Latvia economist Igors Kasjanovs described last year’s results as a “considerable achievement, given the complicated situation in the region and the world.”
“The manufacturing industry’s performance was thus one of the main drivers of Latvia’s economic growth in 2015,” the central bank’s economist noted.
The Bank of Latvia expected the manufacturing sector to grow by 1-2 percent in 2016.
