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Revenues of the Latvian metal structures manufacturing industry witnessed strong growth between 2011-2014, fuelled by the growth in building construction projects, civil engineering projects including road & rail and utility projects, and favorable manufacturing conditions. However, the industry has witnessed a slowdown ever since, with revenues declining from *** million U.S. dollars in 2014 to *** million U.S. dollars in 2019, owing to the subdued growth in the construction and infrastructure market and the intense import competition that is satisfying majority of the domestic demand. In fact, such has been the impact that the country’s basic metals manufacturing industry is projected to be defunct in the long term, relying solely on exports.

The outbreak of the corona virus has added to the industry’s woes and revenues are projected to decline sharply in the short to medium term, as industrial manufacturing and production operations have come to a virtual standstill. Industrial production output fell * percent in March, compared to the month of February, as per data from the Central Statistical Bureau.