Lithuania: Growth accelerates in the third quarter on stronger external demand
November 29, 2012
In the third quarter, GDP grew 4.4% over the same period last year. The result was above the 2.1% expansion recorded in the second quarter and mirrored the result reported in the 29 October flash estimate. In addition, the reading represents the fastest GDP expansion so far this year. Private consumption grew 3.1% over the same period last year (Q2: +4.9% year-on-year), while public spending rebounded from a 0.1% contraction in the second quarter to a 0.7% rise in the third. Gross fixed investment, on the other hand, fell 3.9% (Q2: -0.9% yoy). Exports of goods and services accelerated from a 3.3% expansion in the second quarter to a 10.6% rise in the third. Simultaneously, imports rose 7.2% (Q2: -3.3% yoy). The external sector's net contribution to overall economic growth fell from 5.2 percentage points in the second quarter to 2.7 percentage points in the third. A quarter-on-quarter analysis corroborates the improvement suggested in the annual figures, as GDP expanded a seasonally and working-day adjusted 1.3% over the previous quarter, which was up from the 0.6% increase recorded in the second quarter.