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Lithuania GDP Q3 2023

Lithuania: Economic growth moderates in the third quarter

Economic growth waned in the third quarter, with GDP expanding 0.1% on an annual basis (Q2: +0.7% year on year). On a seasonally adjusted quarter-on-quarter basis, economic activity posted a flat reading in Q3, compared to the previous period’s 2.4% expansion.

Household spending plunged at the steepest rate in over two years, falling 2.3% in the third quarter (Q2: -1.5% yoy). Public spending, meanwhile, rebounded, growing 0.6% in Q3 (Q2: -0.4% yoy). Meanwhile, fixed investment growth hit an over two-year high of 13.0% in the third quarter (Q2: +8.6% yoy). On the external front, exports of goods and services contracted 10.5% in Q3, marking the worst result since Q2 2020 (Q2: +2.3% yoy). In addition, imports of goods and services fell at a quicker pace of 10.7% in Q3 (Q2: -2.2% yoy).

Analysts at the EIU commented on the outlook:

“We forecast a moderate economic rebound in 2024. External demand from Lithuania’s European trading partners will rebound, as will private consumption as inflation continues to slow. Investment in the private sector will continue to be constrained by contractionary monetary policy, although EU funds will bolster public investment.”

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