Lithuanian industrial production growth slowed down 5.4pp to expand 7.7% y/y in September on a calendar-adjusted basis, according to data from Statistics Lithuania released on October 23.
The expansion in September marks the 13th straight month of growth. Despite the slowdown, the September reading remains strong. The Lithuanian economy – which expanded by just 2.2% in 2016 and by a revised 4% y/y in the second quarter – looks set 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 minimally at 0.3% in September, while unadjusted data recorded growth of 4.8% y/y and a drop of 0.1% m/m. In nominal terms, Lithuanian industry turned out product to the tune of €1.76bn in the ninth month of the year, compared to €1.7bn in August and €1.6bn in September last year.
The seasonally and calendar-adjusted growth owes to expansion across all the main sectors, with the exception of water supply. Production in the manufacturing segment grew 7.6% on the year, while in mining and quarrying it jumped 23.8% y/y. Output in the utilities segment grew 7.7% y/y. The water supply, sewage treatment, and waste management segment saw production fall 1.8% y/y in September.