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.