Latest data released by the Central Statistics Bureau of Latvia has revealed that the country's
volume of industrial production expanded by 0.2 per cent month-on-month and 0.7 per cent
year-on-year in September.
The most significant gain was recorded in wood processing, with the sector advancing by four
per cent on a seasonallyadjusted basis compared to August. The figure was also 8.9 per cent
greater than in September 2012.
At a time when the country's economy is experiencing strong growth, its forestry industry has
gone from strength to strength and these figures suggest it is continuing to do so.
Latvian finance minister Andris Vilks has said he expects the country's gross domestic product
output will increase bya figure in excess of four per cent next year. The Economic Ministry predicts
expansion will be 4.5 per cent.
Last week, Swedbank lowered its forecast for Latvia's economic growth in 2014 to 4.3.
HD FestForest provides forest management in Estonia, Latvia and Lithuania and is a subsidiary
company of HedeDanmark.
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