Industry revenue of »manufacture of metal structures« in Latvia 2011-2023

Revenues of the Latvian metal structures manufacturing industry witnessed strong growth between 2011-2014, fuelled by the growth in building construction projects, civil engineering projects including road & rail and utility projects, and favorable manufacturing conditions. However, the industry has witnessed a slowdown ever since, with revenues declining from 293 million U.S. dollars in 2014 to 272 million U.S. dollars in 2019, owing to the subdued growth in the construction and infrastructure market and the intense import competition that is satisfying majority of the domestic demand. In fact, such has been the impact that the country’s basic metals manufacturing industry is projected to be defunct in the long term, relying solely on exports.

The outbreak of the corona virus has added to the industry’s woes and revenues are projected to decline sharply in the short to medium term, as industrial manufacturing and production operations have come to a virtual standstill. Industrial production output fell 4 percent in March, compared to the month of February, as per data from the Central Statistical Bureau.

Industry revenue of »manufacture of metal structures« in Latvia from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Latvia. The industry “manufacture of metal structures and parts of structures“ has the code “C2511“.

Details on the methodology can be found here.

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