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International Internet Magazine. Baltic States news & analytics Thursday, 30.05.2024, 21:32

Latvia's construction productivity at 40% of EU average

BC, Riga, 03.12.2020.Print version
In Latvia, construction productivity is approximately at 40 percent of the European Union's average rate, Luminor Bank's economist Peteris Strautins said at an online conference hosted by the Partnership of Latvian Building Contractors, cites LETA.

Citing Eurostat data, the economist said that construction productivity in Latvia is roughly EUR 16,000 per capita a year, while the EU's average productivity is around EUR 42,000 per capita a year.

At the same time, Strautins noted that Latvia is not very far behind its Baltic neighbors and Eastern European countries. In Lithuania, for instance, construction productivity is about the same as in Latvia, in Estonia the annual construction productivity rate is EUR 25,000 per capita and in Poland EUR 18,000. In Slovenia and Hungary, the productivity rate is 21,000 per capita a year.

The difference with construction productivity in Western European countries is larger, however. In Switzerland, for instance, construction productivity is EUR 83,000 per capita a year, in the UK EUR 76,000, in Sweden EUR 60,000 and in Germany EUR 50,000.

"On the whole, though construction productivity is relatively good in comparison with other industries, for instance, manufacturing," Strautins said.

He added, based on other measurement methods, comparing productivity against the hours worked, Latvia's indicator is at 60 percent of the EU average.

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