Lithuania Economic Outlook
September 29, 2020The economic panorama seems to have improved in Q3, after Covid-19 pushed the economy into its sharpest contraction in over a decade in Q2. Retail sales picked up steam in July, while consumer confidence improved further in August, pointing to recovering demand following the easing of most lockdown restrictions in June. Similarly, industrial output rebounded in August, boding well for the recovery in Q3 amid rising economic sentiment. Externally, conditions were more downbeat: Merchandise exports declined in July–August, albeit at a softer pace than Q2’s average, reflecting still weak but recovering foreign demand. In politics, the country is gearing up for the parliamentary vote on 11 October, with the ruling Farmers and Greens Union and the opposing Conservatives neck and neck in the polls. Nevertheless, economic and political continuity is expected thanks to the need for coalition-building.
Lithuania Economic GrowthThe economy is expected to shrink this year as the pandemic hammers both domestic activity and foreign demand, although the downturn will likely be among the softest in the EU. Next year, GDP is seen rebounding steadily, bolstered by solid consumer demand and incoming EU funding, despite uncertainty over the October election results. FocusEconomics analysts see the economy contracting 3.2% in 2020. In 2021, the economy is expected to rebound and grow 4.1%, which is down 0.6 percentage points from last month’s projection.
Lithuania Economy Data
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Lithuania Economic News
October 23, 2020
Industrial output expanded 2.4% compared to the same month a year earlier in September, which was above August's 0.8% increase.
October 9, 2020
Consumer prices rose 0.40% from the previous month in September, contrasting the 0.19% fall recorded in August.
September 23, 2020
Industrial production rose 0.7% year-on-year in August, rebounding from July’s -1.1% contraction.
September 8, 2020
Consumer prices ticked down 0.19% in August over the last month, falling at a softer pace than July’s 0.28% drop.
August 31, 2020
The economy contracted a revised 4.2% on an annual basis in the second quarter, according to more complete national accounts data.