Manufacturing turnover declines by 0.9% in June
Latest data compiled by the Central Statistical Bureau of Latvia show that, compared to May manufacturing turnover in June 2014,1 according to seasonally adjusted data (at current prices), decreased by 0.9%, of which by 1.9% in domestic market. In turn export grew by 0.3%, of which increase in Non-eurozone of 1.5% and drop in Eurozone of 5.8%.
Compared to the previous month turnover drop of 12.8% was recorded in manufacture of electrical equipment (drop in both markets); in repair and installation of machinery and equipment (repair and maintenance of ships and boats, repair of fabricated metal products, machinery and equipment, installation of industrial machinery and equipment) - of 6.5%, due to drop in domestic market, while export witnessed an increase; and in in manufacture of beverages - of 6.4% (downturn in both markets).
As compared to the previous month turnover drop was also recorded in two manufacturing sectors having the largest share in industrial production: in wood processing of 1.7% (drop in export of 4.3% and growth in domestic market of 0.5%), and in manufacture of food products - of 1.4% (drop in domestic market of 1.2% and export of 1.9%).
Compared to June 2013, manufacturing turnover in industry according to calendar adjusted data decreased by 2.2%, of which in domestic market by 3.5% and in export - by 0.6% (of which decrease in Eurozone - of 6.2% while in Non-eurozone there was a growth of 2.6%).
Turnover downturn was recorded in repair and installation of machinery and equipment - of 41.1% (due to decline in domestic market, while export witnessed growth); in manufacture of machinery and equipment - of 31.6% (drop in domestic market and growth in export); in manufacture of electrical equipment - of 27.9% (downturn in both markets); and in manufacture of beverages - of 21.4% (downturn in both markets).
As compared to the 1st quarter of 2014, manufacturing turnover in the 2nd quarter of 2014, according to seasonally adjusted data decreased by 1.1%, of which by 2.6% in domestic market. Export grew by 0.9%, of which increase in Non-eurozone of 1.6% and drop in Eurozone of 3.3%.
As compared to the 2nd quarter of the previous year manufacturing turnover in industry in the second quarter of 2014 according to calendar adjusted data increased by 2.1%; of which in domestic market by 2.6% and in export - by 1.6% (of which growth in - Non-eurozone of 4.2% and decline in Eurozone - of 2.4%).
Compared to the corresponding period of the previous year, in the first six months of 2014 manufacturing turnover according to calendar adjusted data grew by 1.9%. This growth was mainly influenced by domestic market growth of 4.5%; however, downturn of 1.2% was witnessed in export (of which in Eurozone - of 0.9%, and in Non-eurozone - of 1.3%).
|Changes in turnover of selected manufacturing sectors|
First half of 2014 as % of first half of 2013 (calendar adjusted data)
Data source: Central Statistical Bureau of Latvia
More information on seasonally adjusted, calendar adjusted and non-adjusted industrial production turnover indices is available in the CSB databases.
Industrial Statistics Section
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1 Industrial turnover index characterises monthly changes in demand for industrial goods and services on the market. It includes turnover of mining and quarrying, as well as of industrial enterprises at current prices.Industrial turnover breakdown by domestic market and export is used as weights. Unlike industrial goods, turnover index is not deflated, i.e, price changes are not taken into account. Turnover only includes own-produced goods sold and industrial services provided.
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