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Wednesday, 16.04.2014, 13:48
Compared to February 2013, industrial production output in Latvia decreased by 1.7% in February 2014 – the fourth largest reduction in the European Union, according to the EU's statistical office Eurostat. The largest year-on-year reductions were registered in the Netherlands – by 8.9%, Finland – by 5.4%, and Lithuania – by 2.1%, writes LETA.
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Latest seasonally adjusted data (at current prices) compiled by the Central Statistical Bureau of Latvia show that,1compared to January 2014 manufacturing turnover in February 2014increased by 4.1%, of which by 7.3% in domestic market.
Statistics Lithuania informs that in March 2014, compared to February, prices for the total industrial production sold increased by 0.4%, refined petroleum products excluded – by 0.5%. Over the year (March 2014, against March 2013), prices for the total industrial production sold decreased by 4.3, refined petroleum products excluded – by 3.2%.
In February of this year, compared to January, industrial production volume (according to seasonally adjusted data at constant prices) has increased by 0.9%, of which in manufacturing – by 3.3% and in mining and quarrying – by 7.9%, but in electricity and gas supply there was drop of 1.8%.
Compared to January, producer prices in Latvia reduced 0.3% in February 2014, the third smallest reduction amongst all European Union countries for which data are available, according to the latest report from the EU statistical office Eurostat, informs LETA.
According to Statistics Estonia, in February 2014, the production of industrial enterprises did not change compared to February of the previous year. The production in manufacturing and mining increased, while the production in energy decreased.
Main driving forces of the manufacturing industry in Lithuania are production and export of foodstuff
After Statistics Lithuania announced that the output of Lithuania's manufacturing industry in January-February 2014 was by 4.8% lower year-on-year, analysts of DNB Bank have noted that the output of refined petroleum products plays a major role and accounts for as much as one third of the total manufacturing industry output, reports LETA/ELTA,