Latvia’s industrial output increased by 3.4 percent y-o-y in 2015, according to figures published by the national statistics office this week. Manufacturing was up 4.1 percent, while mining and quarrying grew by 6.4 percent from the previous year. The manufacturing sector’s strong performance was driven by a 39.3-percent jump in computer and electronics production. Furniture output also rose by 13.9 percent and wood processing was up by 6.9 percent.
Clothing output, meanwhile, decreased by 15.6 percent y-o-y in 2015. Production of nonmetallic mineral products also fell by 10 percent, while food output dropped by 5 percent. The manufacturing sector is expected to grow by 1 to 2 percent this year, according to the Bank of Latvia.
The country’s Central Statistical Bureau also released data this week stating that the number of people facing severe material deprivation decreased from 19.2 percent in 2014 to 16.4 percent in 2015. The average monthly salaries went up by €44 (8.6 percent) in 2014, while monthly pension payments increased on average by just €7.06 (2.7 percent).
