Macroeconomic Forecast Macroeconomic Forecasts - Lithuania

Industrial output growth slowed to 4.0% in 2007 from 7.3% in 2006, with manufacturing production increasing by 4.3%. The subdued performance largely reflected supply problems at the Mazeikiu oil refinery as manufacturing output excluding refined products increased by a respectable 12.1%. The refinery announced in January that it was back at full capacity after finishing repairs on a vacuum distillation unit that was damaged by a fire in October 2006. With refining activities accounting for almost one-fifth of manufacturing production before the supply shock, the return to capacity and associated base effects should contribute to faster industrial production growth of about 8.5% in 2008.

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