Non-financial investment in Latvia in 2008

13.03.2009

Non-financial investments (long-term investments in intangible fixed assets and investments in tangible fixed assets) in Latvia in 2008 comprised 2828.1 mln lats, a decrease of 9% if compared to 2007, according to the Central Statistical Bureau. In the public sector non-financial investments accounted for 1312.0 mln lats (46% of the total non-financial investment value), up by 6% on the previous year. In government ownerships non-financial investments have reduced by 13%. But in local government ownerships, in turn, they have grown by 30%, if compared to the previous year. In comparison with the previous year investments in real estate of local governments increased by 30%. 1516.1 mln lats (54% of the total value) were, in turn, invested in the private sector in 2008, a decrease of 19% compared to 2007.

Investment in residential and other buildings accounted for 47% or 1325.8 mln lats of the total non-financial investments, 32% or 913.2 mln lats – in technological machinery and equipment, 19% or 524.9 mln lats – in other fixed assets and inventories, 2% or 64.2 mln lats – in long-term investments.

Non-financial investments in the 4th quarter of 2008 by kind of economic activity

Non-financial investments, at current prices, in mln lats

2008 at constant prices, % over 2007

X-XII 2008 (at constant prices), % over X-XII 2007

2008

X-XII 2008

Total

2828.1

878.3

91

83

of which:

agriculture, hunting and forestry

123.0

46.3

133

222

fishing

3.0

0.9

96

76

industry – total

743.2

227.2

80

67

mining and quarrying

10.7

2.1

87

78

manufacturing

449.2

129.9

90

82

of which:

manufacture of food products and beverages

86.9

29.9

91

134

wood and of products of wood and cork excluding furniture

88.3

26.5

78

55

manufacture of non-metallic minerals

136.2

35.9

163

98

electricity, gas and water supply

283.3

95.2

69

53

construction

117.7

31.4

83

79

wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods

317.1

68.0

92

69

hotels and restaurants

33.0

9.4

104

147

transport, storage and communication

361.4

104.4

97

101

financial intermediation

82.2

22.5

60

61

real estate, renting and business activities

258.5

84.0

77

74

public administration and defence; compulsory social security

481.8

192.0

107

98

education

61.2

22.2

122

107

health and social work

92.2

30.0

126

120

other community, social and personal service activities

153.8

40.0

99

71

Changes of non-financial investments in the 4th quarter of 2008 by main economic activities of national economy (at constant prices, % of corresponding period of previous year)

B – Fishing
C+D+E – Industry
F – Construction
G – Wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods
I – Transport, storage and communication
K- Real estate, renting and business activities
L-Public administration and deference; compulsory social security
M – Education

In the 4th quarter of 2008 non-financial investments in Latvia accounted for 878.3 mln lats, 17% less than in the 4th quarter of 2007. In the fourth quarter of 2008 227.2 mln lats or 26% of the total non-financial value were invested in industry, of which 35.9 mln lats or 16% were invested in manufacturing of non-metallic mineral products, 29.9 mln lats (13%) – in manufacturing of food products and beverages, 26.5 mln lats (12%) - in the manufacture of wood and products of wood and cork, except furniture.

104.4 mln lats (12%) were invested in the sector of transport, storage and communications, a decrease of 1% if compared to the 4th quarter of 2007.

More information on non-financial investments in Latvia is available on the Web Page of the CSB.

Prepared by the Investment and Real Estate Statistics Section
tel. +371 67366857
Arvīds Uibo