Lithuania Industry April 2020

Lithuania

Lithuania: Industrial output contracts at the sharpest rate in over six years in April

May 22, 2020

Industrial production dived 10.9% year-on-year in April, worsening from the previous month’s 1.1% drop and marking the sharpest contraction since March 2014.

The downturn chiefly reflected sliding output in the all-important manufacturing sector. In a similar fashion, water supply, sewerage, waste management and remediation activities contracted at a steeper pace in April. That said, activity in both the mining and quarrying; and electricity, gas, steam and air conditioning supply sectors rebounded in April, softening the overall blow somewhat.

On a month-on-month basis, industrial output plunged 8.3% in seasonally- and working-day adjusted terms in April, contrasting a 0.7% increase in March and marking the largest drop in nearly eight years. Meanwhile, industrial production was flat in annual average terms, deteriorating from growth of 2.3% in March.

FocusEconomics panelists project industrial production to fall 6.8% in 2020, which is down 2.6 percentage points from last month’s projection. For 2021, our panel forecasts industrial output growth of 3.8%.


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