Lithuania: Industrial production declines for first time in almost two years
November 22, 2011
In October, industrial production contracted 1.3% over the same month last year, which was down sharply from the revised 9.3% expansion recorded in September (previously reported: +8.3% year-on-year) and, in fact, represented the first contraction since February 2010. The slowdown was broad-based as all the sub-components decelerated over the previous month. Manufacturing eased from a 10.4% expansion in September to a paltry 0.3% increase in October, while mining and quarrying also moderated. In contrast, the electricity and gas as well as water supply sectors posted negative readings. A month-on-month comparison points to an even more severe deterioration than suggested by the annual figures, as industrial production declined a seasonally adjusted 3.6% in October, which was down from the 1.0% contraction recorded in September. Moreover, the trend is pointing downwards, with annual average growth in industrial production falling from 12.1% in September to 10.3% in October.