International Internet Magazine. Baltic States news & analytics
Tuesday, 11.03.2014, 04:39
Latest data compiled by the Central Statistical Bureau of Latvia show that, compared to January 2013, industrial production in January of this year (according to calendar adjusted data at constant prices) has dropped by 11%.
Keyword tags: Analytics, Industry, Latvia, Markets and Companies, Metals Market
According to Statistics Estonia, in January 2014, the production of industrial enterprises decreased by 1% compared to January of the previous year. The decline in production was caused by a decrease in electricity production; however, the production in manufacturing and mining increased slightly.
Compared to December 2013, producer prices in Latvia increased one% in January 2014, the second largest increased in all European Union countries for which data are available, according to the latest report from the EU statistical office Eurostat. The largest month-on-month increase was registered in Estonia – 1.1%, informs LETA.
According to Statistics Estonia, in January 2014, the producer price index of industrial output changed by 0.4% compared to December 2013 and by –0.2 % compared to January 2013.
With halt in production at the metallurgical company Liepajas metalurgs, manufacturing volumes in the city of Liepaja (southwestern Latvia) have reduced by approximately 50%, however, manufacturing volumes in the city still remain higher than any other city in Latvia outside Riga, LETA was informed by Liepaja City Council public relations representative Andrejs Rjabcevs.
Latvian Defense Minister Raimonds Vejonis (Union of Greens/Farmers) had a meeting with representatives from the Federation of Security and Defense Industries of Latvia on Tuesday to discuss the opportunities for cooperation between the defense sector and the business community, LETA learned from the Defense ministry.
European member states are still far from the 20 percent target of industry’s share in the EU’s GDP by 2020. According to a recent European Commission report on the current status of EU industry, to meet this goal European states need re-industrialization, mainly through manufacturing sectors. It seems that the Baltic States’ developers should have the same agenda.