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Construction cost level in Latvia up 5.6%

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Compared to December 2017, the level of construction costs in Latvia increased by 5.6 % in December 2018. Labour remuneration of workers grew by 8.7 %, prices of building materials – by 5.8 %, but maintenance and operational costs of machinery and equipment – by 3.1 %.


Compared to November, level of construction costs in Latvia in December 2018 grew by 0.7 %. Labour remuneration of workers grew by 1.1 %, prices of building materials – by 0.8 %, but maintenance and operational costs of machinery and equipment – by 0.1 %, according to data from the Central Statistical Bureau of Latvia.
 

In December, the average level of construction costs was mostly affected by an increase in labour remuneration to assemblers, as well as to workers carrying out finishing works (roofers, plasterers, sanitary technicians and others).
 

In Q4 208, as compared to the 3rd quarter, the overall level of construction costs increased by 1.2 %. Prices of building materials increased by 1.4 %, labour remuneration of workers – by 1.3 %, but maintenance and operational costs of machinery and equipment grew by 0.7 %.
 

In Q4 2018, as compared to the 4th quarter of 2017, the overall level of construction costs increased by 5.1 %. Labour remuneration of workers grew by 8.8 %, prices of building materials – by 4.7 %, but maintenance and operational costs of machinery and equipment – by 3.2 %.
 

The average 12-month level of construction costs of 2018 increased by 4.4 % in comparison to the average 12-month level of 2017. Labour remuneration of workers grew by 8.3 %, prices of building materials – by 3.7 %, but maintenance and operational costs of machinery and equipment – by 2.8 %.
 

In 2018, the data on prices of construction resources were provided by approximately 190 construction enterprises and more than 40 trade enterprises. When calculating the Construction Cost Index, the prices of building materials submitted by enterprises for the calculation of producer price indices in industry and import price index are also used.
 

The sample includes construction enterprises with the highest value of own account construction works in 2017. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 80 %, in 33 % of which the value of own account construction work exceeded EUR 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

BNN

29-01-2019
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