Annual growth of volumes of production of processing industry in September made up 5.6%. But in monthly terms – if compared to August – the volumes raised by 2.2% (also according to the seasonally aligned data). These are unconditionally good news after shrinking of Latvian production observed in the past two months.
The lead in the republican statistic competition was gained by woodworkers and mill operators. In September the woodworking industry showed a growth of 7.8%, but production of metal ware jumped by 12.3%.
We must pay tribute to food industry as well. 4- percent growth is registered in the food production – this is a good index in consideration of long-drawn commercial warfare, sanctions /counter sanctions and fall in paying capacity of eaters in the post-Soviet space.
In other sectors the participants of the industrial long-distance race cocked up the set in summer speed and by autumn completely pegged out. It’s a good thing that they did not fall out of the race at all. We are talking about high added value industries, which achievements admired in August. So, production of computers and electronic equipment grew just by 3.9% (37.6% in August), but production of electrical equipment – by 3% (earlier – 19.6%).
Where to and how fast the Latvian industry would move further is not clear yet. The signals, which would evidence of further growth, are rather vague.
On one hand, the index of euro zone purchasing managers in processing industry in October reached the highest level starting with January 2014. The manufactures output growth, as well as the rates of arrival of new orders was the highest over two and a half year. (To be fair let’s note that sentiment in the EU was measured before Donald Trump was elected as the USA President).
On the other hand, amid the general European optimism the sentiment of the industrialists in Latvia in October noticeably deteriorated – mainly because of sad expectations regarding production ambition in the future and generally inspired by business activity.
However, no sweet without some sweat, if production is drowning the industrialists are on their own. Nothing new, otherwise than to raise productivity and attract investments, has been invented in the world. It is clear what to do, nothing remained but to do that.
And this is done. At least 3.4% average gain in volumes of processing industry shown over nine months of this year can be considered as quite satisfactory.