Lithuania Economic Outlook
June 30, 2020Severe fallout from Covid-19 seems to have dealt a heavy blow to the economy in the second quarter, after growth plunged to a three-and-a-half year low in the first quarter. Industrial production plunged in April–May, largely reflecting constraining effects of lockdown measures on the all-important manufacturing sector. Similarly, retail sales sank in April, weighed on by the closure of some non-essential businesses and as households put off spending amid lingering uncertainty. Externally, the panorama was similarly grim: Merchandise exports nosedived in April due to eviscerated foreign demand and global supply chain disruptions. That said, private sector activity seems to have bottomed out in May, with retail sales and economic sentiment pulling away from April’s multiyear lows amid easing of lockdown restrictions. Moreover, consumer confidence improved notably in June, as the country partly reopened its borders and further eased social-distancing measures in a boost to the services sector.
Lithuania Economic GrowthThe economy is expected to contract severely this year, pounded by the pandemic. Shrinking investment activity and a drop in consumer spending are set to drive the downturn in domestic demand, while collapsed foreign demand will likely hamper the external sector. Greater public spending should soften the blow somewhat, however. FocusEconomics analysts see the economy contracting 6.1% in 2020, which is down 0.1 percentage points from last month’s forecast. In 2021, the economy is expected to rebound and grow 4.9%.
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Lithuania Economic News
July 30, 2020
GDP plunged 3.7% year-on-year in the second quarter, contrasting the first quarter’s 2.4% expansion and marking the sharpest contraction since Q4 2009, according to preliminary data released by Statistics Lithuania on 30 July.
July 23, 2020
Industrial output fell 2.0% compared to the same month of the previous year in June, which was markedly softer than May's 9.4% decrease.
July 10, 2020
Consumer prices rose 0.51% from the last month in June, contrasting the 0.48% drop logged in May.
June 23, 2020
Industrial output plunged 10.0% in May compared to the same month a year earlier, following April's 11.7% decrease which had marked the sharpest contraction since March 2014. The moderation was largely due to an improvement in manufacturing and electricity, gas, steam and air conditioning output.
June 5, 2020
Consumer prices dropped 0.48% over the last month in May, contrasting April's 0.08% rise.