Lithuania: Industrial output shrinks at sharpest pace in over three years in August
September 23, 2019
Industrial production jumped 8.6% year-on-year in September, contrasting August’s 1.8% dip which had marked the strongest contraction in over three years. Notably, September’s outturn marked the strongest expansion since April amid a broad-based acceleration.
The all-important manufacturing sector led upturn as output rebounded decisively from August. On top of that, production in the mining and quarrying sector rose mildly in September, contrasting a sharp contraction in the previous month. In a similar fashion, water supply, sewerage, waste management and remediation activities recovered from August’s slip, while output growth in the electricity, gas, steam and air conditioning supply sector quickened in September.
On a month-on-month basis, industrial output rose 2.5% in seasonally and working-day adjusted terms in September, contrasting August’s 2.4% decrease and marking the best result in six months. Meanwhile, annual average growth in industrial production jumped to a four-month high of 4.9% in September (August: 4.0%).
Author: Almanas Stanapedis, Economist