Lithuania: Industrial production moderates the pace of contraction
August 1, 2012
In June, industrial production contracted 0.4% over the same month last year. Although the figure represented an improvement over the 14.4% drop observed in May, it still marked the second consecutive month of contraction. The mild decline was driven by better results in the manufacturing and in the mining sectors compared to May. A month-on-month comparison corroborates the improvement seen in the annual reading, as industrial production added 18.5% over the previous month in seasonally adjusted terms (May: -15.9% month-on-month), largely reflecting the reopening of the Orlen Lietuva refinery, the largest refinery in the country, which closed down in May for maintenance. Nevertheless, the trend continues to point downwards, with annual average growth in industrial production dropping from 2.8% in May to 1.9% in June.
Author: Armando Ciccarelli, Head of Data Solutions