Lithuania: Industrial production contracts for the first time in nearly two years in September
October 23, 2018
Industrial output fell 2.5% year-on-year in September, swinging from a healthy 3.8% expansion in August (previously reported: +3.5% year-on-year). The print marked the first contraction since October 2016 and the worst result in over two years.
September’s result came on the back of a fall in manufacturing production, the first drop in 23 months, driven by lower output of petroleum products. In line with the weak performance of the manufacturing sector, mining and quarrying output, as well as electricity, gas, steam and air conditioning supply, also contracted in annual terms in September.
On a month-on-month basis, industrial output dipped 3.3% in seasonally and working-day adjusted terms in September, compared to a 1.4% increase in August. Meanwhile, annual average growth edged down to a 15-month low of 5.0% in September, from 5.6% in August.
Author: Almanas Stanapedis, Economist