Lithuanian industrial production growth slowed in March to 4.6% y/y on an adjusted basis, according to data from Statistics Lithuania released on April 21.
The reading is below the gain of 5.8% registered in February, as well as the 8.4% expansion from January, but still shows that growth remains solid. Output has not yet in 2017 shown any sign of the volatility that characterised much of last year. The expansion in March was the seventh straight month of growth.
The early year results out of industry suggest GDP - which expanded 2.2% in 2016 - could be well positioned to beat last year’s result, in line with forecasts. Economic expansion is likely to push to 2.9% in 2017, according to the European Commission. The International Monetary Fund puts this year’s growth at 2.8%.
In monthly unadjusted terms, activity grew 4.7%, although adjusted data recorded a drop of 3.1%. On an unadjusted basis, annual production grew 5.8%. In nominal terms, Lithuanian industry turned out product to the tune of €1.69bn in March, an increase on €1.59bn in February.
The adjusted March growth owes to expansion across all but one sector. Production in the manufacturing segment grew 4.7%, while in mining and quarrying it expanded 4.6%. Output in the utilities segment grew 4.2%. Only in water supply, production dwindled 0.3%.