Lithuania: Industrial production slows amid waning base effect
May 20, 2011
In April, industrial production expanded 6.8% over the same month last year which was down markedly from the 14.1% rise recorded in March (previously reported: +13.6% year-on-year). That said, the moderation seen in recent months is partially due to the fading of the favourable base effect, which boosted industrial output growth at the beginning of the year. Manufacturing, which accounts for the bulk of industrial production, rose 8.6% over April the year before (March: +18.8% yoy), breaking eight consecutive months of double-digit growth. In contrast, all other sub-components recorded negative readings. Mining and quarrying remained virtually unchanged at minus 14.0% (March: -14.3% yoy), electricity and gas declined 5.9% (March: -8.9% yoy), while water supply fell 2.6% (March: +1.0% yoy). A month-on-month comparison corroborates the slowdown seen in the annual figures, as industrial production contracted a seasonally adjusted 1.1% over the previous month, contrasting the 4.6% expansion tallied in March. The trend continues to improve, with annual average growth in industrial production rising from 10.9% in March to 11.1% in April.