Output volumes in the service sectors practically

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Remained at the level of the 3rd quarter of the previous year, while product tax revenues increased in the 3rd quarter. Detailed data for the 3rd quarter will be available in a month. However, it can already be concluded that the 3rd quarter of this year continued. trends observed in the economy in the first half. Weaker performance in the manufacturing sectors in the 3rd quarter was expected, as the unfavorable external environment affects Latvia's export market.
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In general, in July-August this year, the export of goods in actual prices was 20% lower than a year ago, largely due to the drop in producer prices. In July-August this year, the output volumes of the  Industry Email List manufacturing industry were 6.2% lower than a year ago. Of course, the trends in the sub-sectors are very different - the volumes have grown in the production of computers, electronic and optical equipment, the chemical industry, food production, while the decline in volumes was in the production of non-metallic mineral products, woodworking, furniture production, metalworking, light industry.

   

On the other hand, the adverse weather conditions have affected the decline in crop production and mining industry. In the previous months, when the increase in consumer prices exceeded the increase in income, the real income of the population decreased and negatively affected household consumption. In the 3rd quarter of this year, retail sales volumes were 3.7% lower than a year ago, which means that household consumption remains weak in the 3rd quarter as well.