Unlike during the first wave of COVID-19, the second wave has mainly affected those sectors whose activities have been restricted by the state and manufacturing has not been significantly disrupted. The global manufacturing cycle is currently in a strong upswing, with an unexpectedly rapid recovery in demand from the initial COVID-19 shock, a shift in the structure of demand from goods to services, and low inventory levels in many sectors due to last year's supply chain disruption. According to surveys of Baltic entrepreneurs, export orders in industry are also growing in our region, and in the first two months of 2021, production volumes in Latvia have grown by 2.5% compared to the beginning of 2020. In Lithuania, meanwhile, manufacturing growth in the first two months of the year reached 6%, while in Estonia production grew by 5%. Electricity consumption in the Baltics will continue to grow and industrial growth will accelerate significantly in the spring months as production volumes are compared to the first wave of COVID-19. In addition, export growth is currently driven not only by rising production but also by rising prices. In recent months, the prices of many natural resources have risen sharply on world markets, including grain prices, which have risen by more than 40% since the middle of last year and reached their highest level since 2013. In turn, timber prices on the US stock exchanges have almost tripled since the middle of last year, and this effect is partly felt in the Baltics as well. Both grain and wood products make up a significant part of our exports, although not all wood product producers can pass on the increase in raw material prices to the consumer.