Lithuania: Industrial production remains buoyant in November
December 22, 2010
In November, industrial production expanded 17.1% over the same month last year, which was slightly down from the 17.3% expansion recorded in October (previously reported: +16.9% year-on-year). The increase marked the ninth consecutive month of rising industrial production after 16 months of contraction. Manufacturing, which accounts for the bulk of industrial production, rose 22.4% over November the year before, maintaining the strong growth recorded in October (+21.4% yoy). In addition, water supply rose 1.0%, doubling the 0.5% rise recorded in the previous month. That said, mining and quarrying decelerated from a 29.7% expansion in October to rise just 4.0% in November, while electricity, gas, steam and air conditioning supply fell 10.7%, after contracting 9.1% in October. A month-on-month comparison does not corroborate the positive annual reading, as industrial production contracted a seasonally adjusted 0.60% over the previous month, contrasting the 8.50% rise recorded in October. The trend continues to improve, with annual average growth in industrial production rising from 2.4% in October to 4.6% in November, marking the third consecutive month of growth after eighteen months of contraction.
Author: Armando Ciccarelli, Head of Data Solutions