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Lithuania GDP Q1 2024

Lithuania: GDP growth accelerates notably in Q1

A flash release showed that GDP grew by 2.9% year on year in Q1 in calendar- and seasonally adjusted terms, marking the highest reading since Q1 2022 and contrasting the 0.1% rise recorded in Q4 2023. On a seasonally adjusted quarter-on-quarter basis, economic activity rebounded to 0.8% in Q1, following the previous period’s 0.2% decline.

Absent a full breakdown, early data points to improvements in the manufacturing, wholesale and retail trade, and transportation and storage sectors as the key drivers to growth. A second data release will be available on 31 May.

Analysts at the EIU commented on the outlook:

“We forecast that real GDP will post moderate growth of 1.8% in 2024. Although consumer confidence is strengthening after wage growth turned positive, household spending will remain weak, weighing on headline growth in 2024. Accommodative fiscal policy, rising public-sector wages and improving external conditions will support growth later in 2024.”

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