Press Release

Construction in Latvia in 2005

The value of construction output in 2005 reached 818.1 mln lats, an increase of 15.5% (at constant prices) in comparison to 2004. In the previous year the value of own account construction work done outside the Republic of Latvia was 6.3 mln lats (8.1 mln lats in 2004). The bulk of construction work was actually done in the countries of the European Union and the CIS countries, 2.8 and 2.4 mln lats, respectively (5.5 and 2.2 mln lats in 2004). Over the same period the value of construction work done by non-resident construction organisations in the Republic of Latvia has amounted to 3.3 mln lats.

Compared to 2004, the value of new construction (at constant prices) in 2005 increased by 27.8% or 86.4 mln lats and that of repair and reconstruction rose by 5.8% or 23.1 mln lats, respectively.

Last year there were increases of 1.8 times in the new construction and repair of sports buildings and 1.4 times in the new construction and repair of residential buildings, roads and streets, hotels and similar accommodation buildings. Over the same period there have been decreases of 33% in the construction of ports and 2.9% in the construction of administrative buildings.

In 2005, residential buildings with a total floor space of 552.2 thsd m2 were commissioned; of these 324.7 thsd m2 were built on account of the resources of the population (in 2004, 452.3 and 257.0 thsd m2, respectively).

In the previous year many important buildings for the national economy were commissioned, for example, in Riga - the business centre and residential building "Centra nams", the office building "Mukusalas maja” and the entertainment and recreational centre “Go Planet”; in Ventspils - the reconstructed Ventspils Main Library; in Daugavpils – the hotel “Park Hotel Latgola”; in Valmiera – the Vidzeme Olympic Centre and in the district of Cesis – a new brewery JSC “Cesu alus”.

By the actual execution of work the largest part of construction is still concentrated in Riga (47.6%), the district of Riga (10.6%), Liepaja (3.1%) and in the district of Valmiera (2.4%).

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

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