Lithuania Economic Outlook
September 28, 2021A second estimate revealed that the economy grew at the fastest pace in over 13 years in annual terms in the second quarter, amid a quickening vaccination campaign that allowed for looser restrictions throughout the period. The result came on the back of a broad-based improvement, as all components gained considerable momentum from the previous quarter—although readings were flattered by a low base effect. However, turning to Q3, available data points to a slowdown across the board in year-on-year terms: Growth in industrial output, retail sales, and merchandise imports and exports slowed markedly in July, mainly due to a less favorable base effect. In other news, the IMF recently concluded its Article IV consultation with the country, praising the government’s strong response to the health crisis that should allow for a healthy economic recovery in the long term.
Lithuania Economic GrowthGDP is forecast to grow robustly this year, with a broad-based improvement in activity driving the recovery. The outlook for 2022 remains equally bright amid an expected release of pent-up demand and a pickup in investment activity, helped by EU funds. However, uncertainty regarding the pandemic and recent geopolitical tensions with neighboring Belarus pose downside risks. FocusEconomics analysts see the economy growing 4.0% in 2021. In 2022, the economy is expected to grow 3.9%, which is unchanged from last month’s forecast.
Lithuania Economy Data
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Lithuania Economic News
October 8, 2021
Consumer prices rose 1.41% over the previous month in September, accelerating from the 0.40% increase recorded in August.
September 23, 2021
Industrial output increased 18.1% year-on-year in August (July: +13.5% yoy).
September 22, 2021
Consumer prices rose 0.40% in August over the previous month, a smaller increase than July's 0.71% rise.
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.