Latvia's industrial output shows steady growth in 2016

Last year has been fairly successful for Latvian producers as the Baltic country's industrial output increased by 4.9 percent against 2015, according to the data released by the national statistics office on Friday.

Manufacturing picked up 5 percent and electric power and gas supply accelerated by 6.4 percent in 2016, while mining and quarrying slowed by 0.3 percent, the statistics showed.

Achieving its fastest growth since 2012, the Latvian manufacturing industry provided the most significant contribution to the economic growth last year, compensating a slump in construction, representatives of the Latvian Finance Ministry said, commenting the latest industrial output data.

The Finance Ministry also praised the 15.5 percent growth achieved by producers of computers, electronic and optical equipment, as their contribution to the manufacturing industry's overall output substantially increased in 2016.

Construction materials producers also reported a robust growth for 2016 as their output increased by 11.1 percent on year.

"Developments of recent months with steadily growing production in practically all manufacturing branches and reports of growing electricity generation volumes in January raise hopes for robust manufacturing growth also in the next coming months and the full 2017," said the ministry.

"Improving business and consumer confidence in Europe is signaling a situation conducive to the growth of Latvian exports,"the Finance Ministry added. Endit