Lithuania: Industrial activity drops at sharpest rate since July in December
Industrial output declined 7.4% in year-on-year terms in December, which was a larger contraction than November’s 3.5% decrease. December’s figure marked the worst reading since July. The reading was primarily driven by a sharp drop in manufacturing output. In addition, electricity, gas, steam and air conditioning output contracted heavily.
On a seasonally adjusted monthly basis, industrial production fell at a quicker rate of 1.5% in December (November: -1.3% mom). Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 13.9% in December, up from November’s minus 16.1% reading.