Lithuanian industrial production growth slowed down to 7.6% y/y in December on a calendar-adjusted basis, according to data from Statistics Lithuania released on January 23.
The December reading sees output expand only at a very slightly slower rate than the 7.8% annual growth recorded for November. December marks the 16th straight month of growth, with expansion only infrequently falling below the 5% line. The continuous growth of industrial production should keep the Lithuanian economy – which grew 2.2% in 2016 and 3.4% y/y in the third quarter – on a path to beat last year’s performance, in line with forecasts.
The Lithuanian economy will grow 3.5% in 2017, according to the International Monetary Fund’s World Economic Outlook. The European Commission’s estimate is more conservative at 2.9%.
In monthly seasonally and calendar-adjusted terms, industrial activity fell 2.6% in December, while unadjusted data recorded growth of 5.3% y/y and a retreat of 4% m/m. In nominal terms, Lithuanian industry turned out product to the tune of €1.8bn in December, compared to €1.9bn in November.
The adjusted annual growth owes to expansion across all the main sectors. Production in the manufacturing segment grew 8.3% on the year, while in mining and quarrying it boomed 34.1% y/y. The water supply, sewage treatment, and waste management segment saw production expand 2% y/y. Output in the utilities segment grew 1.1% y/y.