GDP in Lithuania
Lithuania - GDP
GDP swings back to contraction in Q4 2020 amid second lockdown
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%.
Lithuania - GDP Data
|Economic Growth (GDP, annual variation in %)||2.0||2.6||4.2||3.6||3.9|
5 years of economic forecasts for more than 30 economic indicators.
Lithuania GDP Chart
Source: Statistics Lithuania and FocusEconomics calculations.
|Bond Yield||0.43||0.0 %||Dec 30|
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February 23, 2021
Industrial output jumped 7.2% in year-on-year terms in January, picking up from December’s 3.6% rise and marking the strongest increase since September 2019.
February 12, 2021
Consumer prices rose 0.49% from the previous month in January, contrasting the 0.03% fall in December.
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.
January 25, 2021
Industrial output jumped 3.6% in year-on-year terms in December, picking up from November’s 0.6% uptick and marking the strongest increase since September 2019.
January 12, 2021
Consumer prices fell 0.03% from the previous month in December, a smaller drop than November's 0.14% drop.