Lithuania: Industrial production nosedives in May
June 21, 2012
In May, industrial production nosedived, plunging 14.6% over the same month last year. The figure contrasted the 7.0% rise observed in April (previously reported: +6.8% year-on-year) and marked, in fact, the sharpest decrease since September 2009. The reading, however, was heavily affected by the closing down of the Orlen Lietuva oil refinery, the largest refinery in the country, which was shut down for maintenance during the month. A month-on-month comparison does not corroborate the negative reading suggested by the annual figures, as industrial production added 0.6% over the previous month in seasonally adjusted terms (April: +0.1% month-on-month). Meanwhile, the trend continues to point downwards, with annual average growth in industrial production dropping from 5.2% in April to 2.8% in May.
Author: Armando Ciccarelli, Head of Data Solutions