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Construction the fastest growing sector in Latvia this year

Photo: Edijs Palens/LETA.
 RIGA, Dec 28 - The construction sector in Latvia, which suffered a substantial decline during the crisis, has successfully recovered this year and was the fastest growing sector in 2012.

Those operating in the construction sector in Latvia have been successful in substantially increasing construction exports in foreign markets, which is one of the main reasons for the successful recovery.

In the first nine months of the year, compared to the same period last year, construction volumes in Latvia have increased by 17.8 percent.

The Economy Ministry predicts that the total growth in the construction sector in 2012 will reach 14.3 percent, and that growth next year could reach 8.3 percent.

Compared to October, construction costs in Latvia in November 2012 decreased on average by 0.2 percent, according to the data of the Central Statistical Bureau.

Salaries for workers reduced by 1.2 percent, prices of building materials diminished by 0.1 percent, whereas maintenance and operational costs of machinery and equipment rose by 0.3 percent.

As compared to November of the previous year, construction costs grew by 7.2 percent. The most notable rise (by 17.2 percent) was observed in salaries for workers. Maintenance and operational costs of machinery and equipment increased by 9.3 percent and prices of building materials rose by 1.9 percent.

Growth in construction costs of transport facilities had the most significant increasing impact on the overall level of construction costs.

In 2012, the price data on construction resources are obtained from about 180 construction enterprises and 30 trade enterprises. Moreover, construction cost calculations are based on the prices of building materials submitted by the enterprises for the calculation of producer price indices in industry and import price indices.

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