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Lithuania GDP Q3 2023

Lithuania: Economy flatlines in the third quarter

According to a preliminary reading, GDP was flat on a seasonally adjusted year-on-year basis in the third quarter, below the 0.7% expansion logged in the second quarter.

On a seasonally adjusted quarter-on-quarter basis, economic activity dropped 0.1% in Q3, contrasting the previous period’s 2.4% increase. The quarterly moderation was driven by the manufacturing, wholesale and retail trade, and real estate sectors.

A detailed breakdown will be released on 30 November.

Analysts at SEB commented on the outlook:

“Due to a weaker economic outlook among major export partners, we have lowered our 2024 growth forecast […]. Household consumption will recover a bit next year and will be the main economic growth factor. […] Inflation has fallen below average wage growth, and old-age pension increases should start to have a positive impact on consumption. The recovery will not be strong in the next few quarters, since the savings ratio will rise and high interest rates will squeeze consumption.”

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