Lithuania: Industrial production slows in February
March 22, 2011
In February, industrial production expanded 13.6% over the same month last year, which was down from the 16.8% rise recorded in January (previously estimated +17.2% year-on-year). February's increase completes a full year of growth after 16 consecutive months of contraction. Manufacturing, which accounts for the bulk of industrial production, rose 18.0% over February the year before, down from the 29.5% expansion recorded in January. In contrast, mining and quarrying accelerated from January's 8.1% expansion to 31.4%, while water supply returned to positive territory (February: +2.3% yoy, January: -1.6% yoy). Electricity, gas, steam and air conditioning supply improved from a 26.2% contraction in January to a less severe 5.9% decline. A month-on-month comparison, however, does not corroborate the positive annual reading, as industrial production contracted a seasonally adjusted 0.3% over the previous month, contrasting the 1.1% rise recorded in January. The trend continues to improve, with annual average growth in industrial production rising from 8.7% in January to 9.9% in February. Nonetheless, at the current level, the industrial production index is still well below its pre-crisis peak recorded in April 2008.