In March manufacturing turnover witnessed 3.6% growth
Latest data compiled by the Central Statistical Bureau show that compared to February manufacturing turnover in March 2015 according to seasonally adjusted data (at current prices) increased by 3.6%. In domestic market turnover grew by 2.8%, and in export - by 4.5% (of which in Eurozone - by 10.4%, and in Non-eurozone - by 0.6%).
Turnover growth was recorded in manufacture of basic metals, in manufacture of chemicals and chemical products - of 34.5%, in manufacture of food products - of 3.8%, and in manufacture of furniture - of 3.6%.
Unlike industrial goods that also include unfinished goods and goods in stock, turnover only includes the goods sold and industrial services provided.
Compared to March 2014 manufacturing turnover in March 2015 according to calendar adjusted data decreased by 0.5%, of which in domestic market - by 3.1%, while export witnessed a growth of 2.5% (of which growth in Eurozone - of 24.6%, and drop in Non-euro zone of 9.4%).
Turnover drop was recorded in manufacture of wearing apparel - of 14.6%, in manufacture of textiles - of 8.6%, and in manufacture of food products - of 2.9% (of which in export - of 11.4%, while domestic market witnessed 0.4% growth). 8.9% drop was recorded in manufacture of other non-metallic mineral products, which was caused by decrease in domestic market.
In turn, growth was recorded in manufacture of basic metals, in manufacture of basic pharmaceutical products, in manufacture of furniture - of 15.3%, and in manufacture of wood and articles of wood - of 7.8%.
Compared to the 4th quarter of 2014 manufacturing turnover in the 1st quarter of 2015 according to seasonally adjusted data stayed at the level of the previous quarter. Export witnessed a growth of 1.9% (of which in Eurozone - of 25.5%, while in Non-eurozone there was a decline of 8.5%), and a decrease of 1.5% in domestic market.
Compared to the 1st quarter of 2014, in the 1st quarter of 2015 manufacturing turnover, according to calendar adjusted data, decreased by 2.8%. This decrease was affected by a drop of 7% in domestic market. Turnover in export rose by 2.4% (of which in Eurozone - by 21.4%, while in Non-eurozone there was a drop of 8.1%).
|Changes in turnover of selected manufacturing sectors|
1st quarter of 2015 as % of the 1st quarter of 2014 (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 database section Industry.
1 Industrial Turnover Index characterises monthly changes in demand for industrial goods and services on the market. It is calculated as a non-deflated (at current prices, not excluding the effect of prices) weighted index, using industrial turnover in breakdown in domestic market and export as the weights. Unlike industrial goods that also include unfinished goods and goods in stock, turnover only includes the goods sold and industrial services provided.
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