Lithuania: Industrial output contracts at sharpest rate in over five years in January
Industrial production dived 3.2% year-on-year in January, contrasting December’s 0.6% uptick and marking the sharpest contraction since August 2014.
January’s deterioration was mostly driven by a downturn in the all-important manufacturing sector where activity growth slipped into a negative territory following a healthy expansion in December. On top of that, activity in the electricity, gas, steam and air conditioning supply sector contracted at the sharpest rate in nearly two years in January, further weighing on the overall result. On a slightly more positive note, momentum in both the mining and water supply, sewerage, waste management and remediation activities sectors strengthened at the outset of the year, softening the overall downturn somewhat.
On a month-on-month basis, industrial output fell 1.7% in seasonally and working-day adjusted terms in January, softening slightly from December’s 1.9% decrease. Meanwhile, annual average growth in industrial production slumped to a near three-year low of 3.0% in January (December: 3.6%).