In May, industrial production nosedived, plunging 14.6% over the same month last year. The figure contrasted the 7.0% rise observed in April (previously reported: +6.8% year-on-year) and marked, in fact, the sharpest decrease since September 2009. The reading, however, was heavily affected by the closing down of the Orlen Lietuva oil refinery, the largest refinery in the country, which was shut down for maintenance during the month. A month-on-month comparison does not corroborate the negative reading suggested by the annual figures, as industrial production added 0.6% over the previous month in seasonally adjusted terms (April: +0.1% month-on-month). Meanwhile, the trend continues to point downwards, with annual average growth in industrial production dropping from 5.2% in April to 2.8% in May.
Industrial production nosedives in May
June 21, 2012
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Lithuania Industry Chart
Note: Year-on-year changes and annual average growth of industrial production index in %.
Source: Statistics Lithuania and FocusEconomics calculations.
Lithuania Economic News
October 21, 2016
In September, Lithuania’s industrial production rose a noteworthy 8.0% from the same month last year, the highest reading in eight months.
October 10, 2016
Consumer prices in Lithuania rose 0.6% in September from the previous month, which contrasted the 0.5% drop in August.
September 21, 2016
In August, Lithuania’s industrial production rose 1.6% over the same month last year.
September 8, 2016
Consumer prices fell 0.5% over the previous month in August, which was slightly above July’s 0.7% drop.
August 30, 2016
GDP rose 1.9% in annual terms in Q2, according to detailed data released by the National Statistics Office on 30 August.