Analytics, Construction, Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Tuesday, 21.05.2019, 15:59

Construction costs increased by 0.4% in Latvia

Ļubova Ņemsadze, Producer Price Indices Section, CSB of Latvia, 26.07.2018.Print version
Data of the Central Statistical Bureau (CSB) show that, compared to May, in June 2018 the level of construction costs in Latvia grew by 0.4%. Labour remuneration of workers grew by 0.6%, prices of building materials – by 0.5%, but maintenance and operational costs of machinery and equipment – by 0.1%.

In June, the average level of construction costs was mostly affected by an increase in labour remuneration to concrete workers and workers of related professions, as well as to workers carrying out finishing works (roofers, plasterers, sanitary technicians and others).




Compared to June 2017, construction costs rose by 4.3%. Labour remuneration of workers increased by 7.8%, prices of building materials – by 3.9%, but maintenance and operational costs of machinery and equipment – by 2.6%.


In the 2nd quarter of 2018, as compared to the 1st quarter, the overall level of construction costs increased by 1.7%. Labour remuneration of workers grew by 2.9%, prices of building materials – by 1.7%, but maintenance and operational costs of machinery and equipment – by 1.0%.


In the 2nd quarter of 2018, as compared to the 2nd quarter of 2017, the overall level of construction costs increased by 4.1%. Labour remuneration of workers grew by 7.2%, prices of building materials - by 3.7%, but maintenance and operational costs of machinery and equipment - by 2.6%.


In 2018, the data on prices of construction resources are provided by approximately 190 construction enterprises and more than 40 trade enterprises. When calculating the Construction Cost Index, the prices of building materials submitted by enterprises for the calculation of producer price indices in industry and import price index are also used.


The sample includes construction enterprises with the highest value of own account construction works in 2017. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 80%, in 33% of which the value of own account construction work exceeded EUR 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

 






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