Lithuanian industrial production growth was capped at 2.6% y/y in March, according to working day adjusted data from Statistics Lithuania released on April 21. In monthly terms, industrial production fell an adjusted 3.5%.
The annual reading shows growth of the Baltic state’s industrial production continues for a third consecutive month. However, the indicator has proved highly erratic over the past year or so, and the latest data offers little sign that stabilisation is on the way.
Following declines through most of the second half of 2015, save for a sharp spike in October, industrial output boomed in January to over 10%. However, it slowed down to around 6% in February, and with another deceleration in March, growth now appears to be becoming feeble, making it unclear how sustained the pick up could prove.
On an unadjusted basis, annual production grew 4.3% in March, while monthly output expanded 2.3%. Output totalled €1.5bn in nominal terms, slightly more than the €1.46bn in February.
Like the headline figure, the major sectors performed variably in March. Manufacturing fell an adjusted 4.3% y/y, but production in the mining and quarrying sector expanded 9.3% and electricity, gas, steam and air conditioning sector 4.6%.