Latvia: Manufacturing Production Plunges 18% On Year In December

Central Statistical Bureau of Latvia published industrial and manufacturing production data for December 2008:

Compared to November volume of industrial production, except steam and water supply, in December 2008 according to seasonally adjusted data reduced by 2.5%, of which in manufacturing by 3.3%, in electricity and gas supply – by 1.1%, but in mining and quarrying there was an increase of 3.9%.

Compared to December of previous year in December 2008 industrial production output, except steam and water supply, has reduced by 14.2%, according to working day adjusted data. Of which in manufacturing – by 18.2%, in mining and quarrying - by 10.6%, but in electricity and gas supply - by 6.4%.

Compared to 2007 industrial production output in 2008 (at constant prices) decreased by 6.7%, of which in manufacturing by 8.3%, in electricity, gas and water supply by 0.7%, but in mining and quarrying there was an increase of 2.4%. Most notable volume decrease was recorded in manufacturing of furniture, manufacturing n.e.c. – 29.8%, in manufacturing of machinery, mechanisms, and equipment – 16.5%, and in manufacturing of rubber and plastic products - 15.9%. But increase, in turn, was observed in manufacturing of other transport equipment (repairing and construction of ships and boats) – 35.7%, and in manufacture of motor vehicles, trailers and semi-trailers – 0.9%.

Click on chart to enlarge, courtesy of Nordea Analytics.