April 6, 2021.
The information was prepared by the Public Relations Division of the Ministry of Economics.
According to the data of the Central Statistical Bureau, according to unadjusted data, manufacturing output in February 2021 was 0.8% lower than a year ago. According to calendar adjusted data, output increased by 0.8%.
“Despite the protracted impact of the pandemic, the manufacturing industry continues to grow. In general, production volumes were slightly lower than a year ago, but this decrease was much smaller than in January. The main factor for the growth of the sector is export opportunities, “emphasizes the Minister of Economics Jānis Vitenbergs.
In February, year-on-year, growth was observed in the largest manufacturing sub-sector – wood processing – by 2.3%. The chemical industry (+ 10%), clothing (+ 22%) and machinery and equipment (+ 9.4%) also made a significant positive contribution to the sector’s growth. Production volumes also increased in other manufacturing sub-sectors.
On the other hand, negative trends in manufacturing in February, as in January, were observed in the second largest sub-sector – food production (-7.5%). The production volumes of beverages (-36.6%), fabricated metal products (-10.5%), non-metallic minerals (-10.7%) and metals (-19.7%) also decreased in the second month.
Overall, in the first two months of the year, manufacturing output was 1.9% lower than a year ago (according to unadjusted data).
In February, year-on-year, manufacturing turnover increased at current prices. The volumes of products sold on the domestic market grew more moderately, but the volumes of products sold in exports grew faster, + 2.1% and + 4.5%, respectively.
Although producers are able to adapt to the current situation, new outbreaks of the epidemic and measures to limit the spread of the virus are also hampering the growth of the manufacturing industry. Economic activity in the manufacturing industry is expected to gradually increase as the epidemiological situation contributes to vaccination. Manufacturing still has potential for development, especially at the expense of rising exports.
Additional information:
Ministry of Economy
Public Relations Department
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