Lithuania Economic Outlook
August 31, 2021According to a flash estimate, GDP growth accelerated on an annual basis in the second quarter, reaching its fastest pace in nearly 10 years, amid more moderate lockdown restrictions throughout the period as well as a favorable base effect. Q2’s result came on the back of strong performances in the retail and industrial sectors: Retail sales averaged markedly higher in April–June compared to Q1 amid improved consumer sentiment on average, while industrial production growth surged at a record rate in the same period. Moreover, external activity gained traction in Q2, with merchandise exports growing at a significantly swifter pace than in the previous quarter. However, turning to Q3, tensions have continued to flare up at the border with Belarus, after Lithuania recently accused President Lukashenko of using migrants as leverage in a bid to force the EU to lift sanctions.
Lithuania Economic GrowthThe economy is projected to grow robustly this year as vaccination efforts gain steam and economies abroad continue to reopen. A broad-based rebound in activity is expected to drive the recovery. However, uncertainty regarding the pandemic and recent geopolitical tensions with neighboring Belarus weigh on the outlook. FocusEconomics analysts see the economy growing 3.9% in 2021, which is up 0.3 percentage points from last month’s projection. In 2022, the economy is expected to grow 3.9% again.
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Lithuania Economic News
August 31, 2021
According to a second estimate released on 31 August, GDP rose 7.8% year-on-year in the second quarter of 2021, quickening from the 1.5% increase tallied in Q1 2021.
August 21, 2021
Industrial output increased 13.0% in year-on-year terms in July, moderating from June's 21.2% increase.
August 10, 2021
Consumer prices increased 0.71% in July over the previous month, up from June’s 0.55% rise.
July 30, 2021
GDP rose 6.9% year-on-year in the second quarter of 2021, according to preliminary data.
July 23, 2021
Industrial output rose 20.7% year-on-year in June (May: +26.2% yoy).