
Lithuania Economic Outlook
May 31, 2022
Economic growth moderated in Q1 due to weaker performances in the industrial, wholesale and retail trade sectors. Although more comprehensive data is yet to be released, available data for the quarter hints at subdued consumer spending. The unemployment rate remained elevated in Q1, while consumer sentiment tumbled to its lowest level since the outbreak of the Covid-19 pandemic in March. Moreover, inflation hit never-before-seen levels in March, and only worsened at the outset of Q2, when price pressures hit a fresh record high. In addition, industrial output moderated markedly in April, as sanctions against Belarus—a major trading partner—took hold. Lastly, the European Commission’s recent 2022 Country Report noted that Lithuania should push forward reforms in the energy sector in order to offset rising energy costs and reduce its increasing carbon footprint.Lithuania Economic Growth
GDP is projected to expand at a softer pace this year, in part due to a less favorable base effect. The ongoing war in Ukraine and subsequently elevated inflation will likely hurt activity, while geopolitical uncertainty throughout the region poses risks to the outlook. That said, a healthy inflow of EU funds and robust government spending should support the economy. FocusEconomics analysts see the economy growing 2.0% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they expect it to expand 2.5%.Lithuania Economy Data
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Lithuania Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 0.43 | 0.0 % | Dec 30 |
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Lithuania Economic News
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Lithuania: Industrial output records slowest expansion since February 2021 in May
June 23, 2022
Industrial output grew 7.2% in year-on-year terms in May, which followed April's 18.8% increase.
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Lithuania: Inflation comes in at highest level since September 1996 in May
June 8, 2022
Consumer prices increased 2.34% from the previous month in May, picking up from the 1.90% increase seen in April.
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Lithuania: GDP growth records slowest increase since Q1 2021 in the first quarter
May 31, 2022
According to a second estimate, GDP growth lost momentum, falling to 4.6% year-on-year (yoy) in the first quarter, from 5.2% in the fourth quarter of last year.
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Lithuania: Industrial output records slowest growth since August 2021 in April
May 23, 2022
Industrial output increased 18.4% compared to the same month of the previous year in April, which followed March's 27.4% increase.
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Lithuania: Inflation comes in at highest level in 26 years
May 9, 2022
Consumer prices rose 1.90% in April over the previous month, moderating from the 2.35% rise recorded in March.