Lithuanian industrial production growth slowed down 4.1pp to expand 3.6% y/y in October on a calendar-adjusted basis, according to data from Statistics Lithuania released on November 21.
The expansion in October marks the 14th straight month of growth, although the annual expansion in the tenth month was the slowest since November 2016. The continuous growth of industrial production should keep the Lithuanian economy – which expanded by just 2.2% in 2016 and by 3.4% y/y in the third quarter – on a path to beat last year’s performance, in line with forecasts.
Economic expansion is likely to push to 2.9% in 2017, according to the European Commission. The International Monetary Fund predicted 3.5% in an update of its World Economic Outlook published earlier this month.
In monthly seasonally and calendar-adjusted terms, industrial activity fell 1% in October, while unadjusted data recorded growth of 6.7% y/y and 2.2% m/m. In nominal terms, the Lithuanian industry turned out product to the tune of €1.79bn in October, compared to €1.76bn in September and €1.6bn in October last year.
The seasonally and calendar-adjusted growth owes to expansion across all the main sectors, with the exception of the utilities. Production in the manufacturing segment grew 3.8% on the year, while in mining and quarrying it jumped 32.2% y/y. The water supply, sewage treatment, and waste management segment saw production expand 2.3% y/y. Output in the utilities segment fell 0.8% y/y.