Timber industry spurs Latvian industrial output growth

Latvia's industrial production increased at an annual pace of 1,3 percent in September, driven by strong growth in its timber industry.

This is according to the latest figures published by the country's Central Statistics Bureau, which show the manufacture of wood and cork articles - excluding furniture - was up by 7,7 percent over the same period.

When compared to the previous quarter, Latvia's industrial output gained one per cent using seasonally-adjusted data. Again, the timber industry was one of the country's most successful sectors, recording growth of 2,3 percent.

On a yearly basis, the nation's overall produce was down by 0,2 percent in Q3, largely due to a 2,1 percent fall in mining and quarrying. However, wood processing surged by 8,6 percent annually in the quarter.

For the year to the end of September, total industrial production was down by one per cent, with this fall attributed to a significant drop in electricity and gas supply, which declined by 8,1 percent.

However, Latvia's manufacturing industry expanded by 0,5 percent and timber once again led the way, recording an advance of 8,1 percent for the nine-month period.

A similar picture was presented in a report on Estonia's industrial production published by the national statistics office, which revealed an annual expansion of four percent for September.

When compared to the same month in the previous year, the country's timber industry recorded growth of 8,9 percent on an unadjusted basis and 6,4 percent when the figures are adjusted to take into account the number of working days.

Estonia's total industrial output was up by 1,3 percent on a monthly basis, with the manufacture of wood and wood products increasing by 0,3 percent between August and September.

HD FestForest provides forest management in Estonia, Latvia and Lithuania and is a subsidiary company of HedeDanmark.