Lithuania: Industrial production surges in May after slowing in the previous month
June 21, 2011
In May, industrial production expanded 12.8% over the same month last year which was up markedly from the 7.6% rise recorded in April (previously reported: +6.8% year-on-year). That said, the sharp increase seen in May came in despite the fading of a favourable base effect. Manufacturing, which accounts for the bulk of industrial production, jumped 15.1% over May the year before, returning to double-digit growth after the relatively subdued 9.1% increase recorded in April. In addition, mining and quarrying surged a stellar 45.9% over the same month last year, which contrasted the 15.4% drop tallied in the previous month. Meanwhile, water supply rose a mild 1.9% (April: -1.2% yoy), while electricity and gas continued to decline (May: -14.1% yoy; April: -3.2% yoy). A month-on-month comparison corroborates the acceleration seen in the annual figures, as industrial production expanded a seasonally adjusted 5.1% over the previous month, contrasting the 1.1% contraction tallied in April. As a result, the trend continued to improve, with annual average growth in industrial production rising from 11.1% in April to 11.9% in May.