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Latvian construction costs rise 1.7% in Q2
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    News

    Latvian construction costs rise 1.7% in Q2

    RIGA, July 26 (LETA) - In the second quarter of 2018, construction costs in Latvia rose 1.7 percent against the first quarter of the year, the Central Statistical Bureau said.

    Builders' wages climbed 2.9 percent quarter-on-quarter, construction materials rose in price 1.7 percent and operation costs of machinery and equipment grew 1 percent against the first quarter of 2018.

    Compared to the second quarter of 2017, the overall level of construction costs increased by 4.1 percent in the second quarter of this year. Builders' wages grew 7.2 percent, prices of construction materials climbed 3.7 percent and operation costs of machinery and equipment were up 2.6 percent.

    In June 2018, construction costs went up by 0.4 percent from May 2018. Builders' wages rose 0.6 percent, prices of construction materials grew 0.5 percent and operation costs of machinery and equipment increased 0.1 percent.

    Compared to June 2017, Latvian construction costs went up 4.3 percent in June this year, as builders’ wages grew 7.8 percent, construction materials became 3.9 percent costlier and operation costs of machinery and equipment increased 2.6.

    In 2018, the data on prices of construction resources are 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 percent, in 33 percent 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 specialization.

    • Published: 26.07.2018 13:23
    • LETA
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