Construction in Latvia in the 1st half of 2007

23.08.2007

The value of construction output in the 1st half of 2007 reached 602.4 mln lats, an increase of 16.2% (at constant prices) in comparison to 1st half of 2006, according to the Central Statistical Bureau. In the 2nd quarter the value of construction output reached 377.8 mln lats, an increase of 15.9% compared to the 2nd quarter of previous year.

In the 1st quarter of this year the value of own account construction work done outside the Republic of Latvia was 2.8 mln lats (in the 1st half of 2006 – 1.6 mln lats). The bulk of construction work was actually done in the countries of the European Union and the CIS countries, 1.9 and 0.9 mln lats, respectively (in the 1st half of 2006 1.1 and 0.4 mln lats).

Over the same period the value of construction work done by non-resident construction organisations in the Republic of Latvia has amounted to 3.5 mln lats.

Compared to the 1st half of 2006, the value of new construction (at constant prices) has increased by 33.9% or 90.4 mln lats. The value of repair and reconstruction decreased by 2.6% or 6.6 mln lats, respectively.

The new construction and repair and reconstruction of magisterial pipelines, communications and power lines has increased 1.6 times and of residential buildings and retail trade and wholesale buildings - 1.4 times.

Over the same period there have been decreases of 20% in the construction of streets and roads and 13% in the construction of hotels and similar buildings.

In the 1st half of 2007, residential buildings with a total floor space of 463.7 thsd m2 were commissioned; of these 195.8 thsd m2 were built on account of the resources of the population (in the 1st half of 2006 312.1 and 157.3 thsd m2, respectively).

In the 1st half of 2007 many important buildings for the national economy were commissioned, for example, in Riga – construction company’s “PBLC” business centre, passenger tunnel in Riga passenger port, newly constructed therapy block in Ventspils hospital, Kārsava and Zilupe railway border checkpoints, first stage on new Cesvaine Secondary school, reconstructed 330/110 kilowatt substation in Grobiņa, new bituminous concrete production unit in Iecava.

Prepared by the Investment and Real Estate Statistics Section
Tel. 7366857
Arvīds Uibo