Consumption in Lithuania
Lithuania - Consumption
Growth slows in Q2 but remains healthy
GDP increased 3.9% in year-on-year terms in the second quarter, according to detailed national accounts data released by Lithuania’s Statistical Institute on 30 August. This was down from both the preliminary estimate of a 4.0% expansion and the first quarter’s 4.2% year-on-year expansion. Moreover, in seasonally- and working day-adjusted quarter-on-quarter terms, growth edged down to 0.8% in the second quarter, from 1.2% in the first quarter.
Robust domestic demand continued to spearhead overall growth in the second quarter. Private consumption picked up slightly (Q2: +3.7% year-on-year; Q1: +3.3% yoy) supported by a tighter labor market and rising wages. On top of that, government spending growth crept up in the quarter (Q2: +1.1% yoy; Q1: +1.0% yoy), further shoring up overall consumption growth. Lastly, fixed investment growth remained upbeat in the second quarter (Q2: +8.1% yoy; Q1: +8.4% yoy), reflecting a favorable business environment following the presidential elections.
Externally, the picture was bleaker. Slowing global growth, weakening trade within the Eurozone and Brexit-related uncertainty caused export growth to more than half in the second quarter (Q2: +4.1% yoy; Q1: +9.4% yoy). This, coupled with a pick-up in imports (Q2: +5.1% yoy; Q1: +4.8% yoy), led to a deterioration in the external sector’s contribution to overall growth in the second quarter.
FocusEconomics analysts see growth at 3.3% in 2019, which is up 0.2 percentage points from last month’s forecast. For 2020, our panel sees growth decelerating to 2.5%.
Lithuania - Consumption Data
|Consumption (annual variation in %)||4.3||4.0||4.0||5.0||3.3|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.20||0.0 %||Sep 04|
|Stock Market||688||0.45 %||Sep 04|
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October 9, 2019
Consumer prices jump 0.9% month-on-month in September, contrasting August’s 0.4% contraction and marking the first increase in four months and the strongest one since March.
September 23, 2019
Industrial production fell 2.6% year-on-year in August, contrasting July’s robust 6.9% expansion, and marking the strongest contraction in over three years, amid a broad-based deterioration. The all-important manufacturing sector led the deterioration as output dipped in August following a healthy increase in July.
September 10, 2019
Consumer prices fell 0.4% month-on-month in August, following a milder 0.3% drop in July, and marking the strongest contraction so far this year. A breakdown of the sub-components provided by Statistics Lithuania showed that 5 of the total 12 sub-components saw a fall in prices, led by considerably lower prices for housing and utilities, which more than offset higher prices for alcoholic beverages and tobacco.
August 30, 2019
GDP increased 3.9% in year-on-year terms in the second quarter, according to detailed national accounts data released by Lithuania’s Statistical Institute on 30 August.
August 23, 2019
Industrial production jumped 6.9% in July, recovering vigorously from June’s 1.0% year-on-year contraction.