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Lithuania industrial production slumps in October

Staff Writer |
In October, Lithuania’s industrial production declined 2.6% from the same month last year.

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The figure was notably below the 8.2% expansion recorded in September, which had marked an eight-month high.

According to the Statistical Institute, the drop was the result of decreases in mining, quarrying and manufacturing output, FocusEconomics reports.

Conversely, the production of electricity, gas and steam rose markedly. Manufacturing production, excluding refined petroleum products, also increased in October.

On a monthly basis, industrial production climbed a seasonally- and working-day adjusted 2.8% in October, which was slightly below September’s 3.0% increase.

As a result of the weaker annual reading, the overall trend deteriorated in October, with annual average growth declining to 2.7% from 3.4% in September.

Analysts surveyed by FocusEconomics expect industrial production to expand 3.0% in 2016, which is down 0.2 percentage points from last month’s projection.

For 2017, the panel expects growth in industrial output of 3.7%, which is down 0.1 percentage points from last month’s estimate.