Lithuania: Industrial production surges to year-high in May
May 23, 2014
In May, industrial production increased 8.1% over the same month last year, which was a steep jump up from the 0.9% increase recorded in April. The result marked the highest level since May of last year. This month’s result was driven by robust growth in the manufacturing sector, whereas mining and quarrying tallied only a modest rise. Meanwhile, the electricity, gas and steam sector and the water supply category registered contractions.
On a sequential basis, industrial production increased 1.6% over the previous month in seasonally-adjusted terms, which was well below the 4.9% expansion registered in April. Annual average growth in industrial production fell from minus 0.2% in April to minus 1.4% in May, which marked the lowest level in nearly four years.
Author: Carl Kelly, Economist