GDP in Lithuania
Lithuania - GDP
Growth accelerates to over two-year high in Q4
Strong wage increases drove the economy to expand 3.0% in annual terms in Q4 (Q3: +1.7% year-on-year), according to detailed data released by the National Statistics Office on 1 March. The result matched the 30 January preliminary estimate and marked the fastest expansion since Q3 2014.
Strong domestic demand underpinned Q4’s sharp acceleration as a tight labor market and hikes in the minimum wage bolstered household spending (Q3: +5.0% yoy; Q4: +5.8% yoy). Moreover, negative spillovers stemming from reduced EU funding started to ease, prompting gross fixed investment to rebound and expand 5.7% (Q3: -5.1% yoy). Growth in government spending steadied at 1.5% in Q4 (Q3: +1.4% yoy).
On the external side of the economy, robust domestic demand and rising commodity prices propelled imports of goods and services (Q3: +0.2% yoy; Q4: +3.3% yoy). A pickup in global demand caused exports to accelerate 1.1% (Q3: +0.7% yoy). As a result, the net contribution of the external sector to overall growth plummeted from plus 0.4 percentage points in the third quarter to minus 1.8 percentage points in the fourth quarter.
On a quarter-on-quarter basis, GDP grew a seasonally and working-day adjusted 1.3% in Q4, which marked an improvement from the 0.4% expansion seen in Q3 and was the strongest reading since Q3 2013.
The Central Bank expects GDP to grow 2.4% in 2017. FocusEconomics Consensus Forecast panelists see the economy growing 2.7% in 2017, which is unchanged from last month’s estimate. In 2018, the panel expects GDP to expand 2.9%.
Lithuania - GDP Data
|Economic Growth (GDP, annual variation in %)||6.0||3.8||3.5||3.0||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Lithuania GDP Chart
Source: Statistics Lithuania and FocusEconomics calculations.
|Bond Yield||0.80||0.0 %||Mar 23|
|Stock Market||559||-0.14 %||Mar 23|
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March 22, 2017
Consumer prices in Lithuania rose 0.4% in February from the previous month, which was a notch above the 0.3% increase in January.
March 1, 2017
Strong wage increases drove the economy to expand 3.0% in annual terms in Q4 (Q3: +1.7% year-on-year), according to detailed data released by the National Statistics Office on 1 March.
February 22, 2017
In January, Lithuania’s industrial production rose a strong 11.5% from the same month last year, a notable improvement over December’s revised 7.0% increase (previously reported: +6.3% year-on-year).
February 14, 2017
Consumer prices in Lithuania rose 0.3% in January from the previous month, which was a notch below the 0.4% increase in December.
January 30, 2017
GDP expanded 3.0% in Q4 from the same period last year, up from a 1.7% increase in Q3, according to a flash estimate released by the National Statistics Office on 30 January. A quarter-on-quarter comparison showed that GDP increased a seasonally and working-day adjusted 1.3% in Q4, which was well above Q3’s 0.4% rise.