Compared to 2012, the average level of construction costs in Latvia in 2013 grew by 2.6%. Labour remuneration of workers increased by 5.9%, maintenance and operational costs of machinery and equipment – by 2.2%, prices of building materials – by 0.9%.
As compared to December of the previous year construction costs increased by 0.1%. Labour remuneration of workers grew by 1.4%, prices of building materials – by 0.3%, but maintenance and operational costs of machinery and equipment reduced by 0.9%.
Compared to November, the average level of construction costs in December 2013 remained the same. Prices of building materials increased by 1.0%, but maintenance and operational costs of machinery and equipment decreased by 1.7%, labour remuneration of workers - by 0.3%.
Construction cost indices
Data source: Central Statistical Bureau of Latvia
In 2013 data on the prices of construction resources were provided by about 180 construction enterprises and 30 trade enterprises. Moreover, construction cost index calculations were based on the prices of building materials submitted by the enterprises for the calculation of producer price indices in industry and import price indices.
The sample included construction enterprises with the highest value of own account construction works in 2012. The share of enterprises with the volume of own account construction works exceeding LVL 1 million comprised 79%, in 20% of which the volume of own account construction works exceeded LVL 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialization.
More information on construction costs is available in the Producer prices.Information on changes of construction costs in January 2014 will be published on 28 February.
Producer Price Indices Section
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