Lithuania: Industrial production falls to 22-month low in March
April 22, 2014
In March, industrial production contracted 12.9% over the same month last year. The steep decline, which followed the 2.4% drop recorded in February, represented the weakest result that has been recorded since May 2012. The contraction was driven by a massive drop in the electricity, gas and steam sector as well as a fall in manufacturing.
On a sequential basis, industrial production decreased 3.6% over the previous month in seasonally-adjusted terms, which contrasted the 2.5% increase registered in February. Annual average growth in industrial production tumbled from 2.2% in February to 0.3% in March.
FocusEconomics Consensus Forecast panelists expect industrial production to expand 7.1% this year, which is down 0.7 percentage points over last month's estimate. The panel expects industrial production to increase 7.8% in 2015.
Author: Carl Kelly, Economist