Lithuania GDP Q4 2020

Lithuania

Lithuania: GDP swings back to contraction in Q4 2020 amid second lockdown

January 29, 2021

GDP fell 1.2% year-on-year in the fourth quarter of 2020, according to preliminary data released by Statistics Lithuania on 29 January. The result contrasted the 0.1% uptick logged in the third quarter. Meanwhile, in seasonally-adjusted quarter-on-quarter terms, GDP growth slowed to 1.2% from 3.8% in Q3, which had marked the best result on record. For the year as a whole, the economy shrank 0.9%, marking the first contraction since the 2009 global financial crisis when output collapsed at a staggering pace, and contrasting the 4.3% expansion recorded in 2019.

The fourth quarter’s decline in activity was primarily driven by a second round of lockdown measures that were put into place in November and December to address rapidly rising Covid-19 cases, impacting the hospitality and leisure sectors the most.

More detailed national accounts data will be released on 1 March.

FocusEconomics analysts see the economy expanding 3.1% in 2021, which is down 0.2 percentage points from last month’s projection. In 2022, the economy is expected to grow 3.5%.


Author:, Economist

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Lithuania GDP Q4  20 20

Note: Year-on year changes of GDP in %.
Source: Statistics Lithuania and FocusEconomics Consensus Forecast.


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