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Timber drives growth in Latvia's industrial production

05-11-2013 kl. 16:59
Latest data released by the Central Statistics Bureau of Latvia has revealed that the country's volume of industrial production expanded by 0.2 per cent month-on-month and 0.7 per cent year-on-year in September. 

The most significant gain was recorded in wood processing, with the sector advancing by four per cent on a seasonally-adjusted basis compared to August. The figure was also 8.9 per cent greater than in September 2012. 

At a time when the country's economy is experiencing strong growth, its forestry industry has gone from strength to strength and these figures suggest it is continuing to do so. 

Latvian finance minister Andris Vilks has said he expects the country's gross domestic product output will increase by a figure in excess of four per cent next year. The Economic Ministry predicts expansion will be 4.5 per cent. 

Last week, Swedbank lowered its forecast for Latvia's economic growth in 2014 to 4.3. 

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