Lithuanian industrial production continues to dwindle in August

Lithuanian industrial production continues to dwindle in August
By bne IntelliNews September 21, 2016

Lithuanian industrial production fell an adjusted 1.2% y/y in August, according to data from Statistics Lithuania released on September 21.
The contraction was deeper than July’s fall of 0.7%, with August proving a fourth consecutive month in which output fell, extending worries on economic growth in the Baltic state.

Lithuanian GDP growth came in at 1.9% y/y in the second quarter, marking a slowdown compared to a revised 2.4% for the first quarter. It was the first time growth had slowed since the first quarter of 2015. 

In monthly terms, industrial production fell an adjusted 2% in August. On an unadjusted basis, annual production decreased 1.6% in the eighth month of the year, while unadjusted monthly output dipped 0.8%. Output totalled €1.49bn in nominal terms, minimally less than the €1.5bn the previous month.

Most sectors saw output fall on an adjusted annual basis in June. Manufacturing output fell 1.3%, accelerating from a drop of just 0.2% the previous month. Mining and quarrying, on the other hand, advanced 7.4% y/y, faster than July’s growth of 2.7%. The electricity, gas, steam and air conditioning sector saw production inch up 0.1% and output in the water and waste management segment fell 2%.

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