Lithuania: Industrial production rises sharply in May
June 21, 2013
In May, industrial production expanded 21.8% over the same month last year, which was well above the 6.1% increase observed in April. The jump, however, is mostly the reflection of a statistical base effect from May 2012, when output plunged 17.2% in annual terms. That said, the acceleration in May was mainly driven by stronger growth in manufacturing as well as in mining and quarrying.
On a monthly basis, however, industrial production fell 6.3% over the previous period in seasonally adjusted terms, which followed the 3.3% decrease tallied in April. As a result of the faster annual increase, the trend points upwards, with annual average growth in industrial production rising from 4.4% in April to 7.7% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to expand 4.5% this year, which is unchanged over last month's estimate. For 2014, the panel anticipates industrial production to increase 6.4%.