Lithuania: Industrial production improves strongly in October
November 22, 2010
In October, industrial production expanded 16.9% over the same month last year, which more than doubled the 8.2% expansion recorded in September. Moreover, the reading marked the eighth consecutive month of rising industrial production after sixteen months of contraction. Growth in all but one of the main sub-sectors improved compared to the previous month. Manufacturing, which accounts for the bulk of industrial production, soared 20.9% over October last year, which almost doubled the 10.6% annual increase recorded in September. Mining and quarrying jumped from a 10.9% expansion in September to a 31.4% increase in October. Electricity, gas, steam and air conditioning supply fell 8.9%, up from the 13.3% contraction in September. Finally, water supply dropped 0.6%, contrasting the 0.7% rise recorded in the previous month. A month-on-month comparison corroborates the improvement suggested by the annual figures, as industrial production jumped a seasonally-adjusted 8.10% over the previous month, contrasting the 0.90% contraction recorded in September. As a result of the positive monthly reading, annual average industrial production rose from 0.1% in September to 2.4% in October, marking the second consecutive positive result after eighteen months of contraction.
Author: Armando Ciccarelli, Head of Data Solutions