Lithuania: Economic growth moderates in Q1
According to a flash estimate released by the Statistical Institute on 30 April, the Lithuanian economy decelerated from the previous quarter’s revised 4.0% annual increase (previously reported: +3.9% year-on-year) to a more moderate 3.6% expansion in the first quarter. Robust growth in the quarter was the result of healthy performances across the wholesale and retail trade, repair of motor vehicles and motorcycles, and accommodation and food services sectors. Construction and manufacturing also supported growth in the quarter.
In seasonally- and working-day adjusted quarter-on-quarter terms, GDP rose 0.8% in the first quarter, coming in below the previous quarter’s revised multi-year high of 1.4% (previously reported: +1.5% quarter-on-quarter).
Commenting on the first quarter result, the Central Bank noted that growth was driven by surging external demand, elevated investment activity and healthy household spending. A more detailed breakdown of the Q1 result will be released on 1 June.