International Internet Magazine. Baltic States news & analytics
Thursday, 05.03.2015, 20:43
"We are pleased that the revised GDP for 2014 compared to 2013 increased by 3% rather than by 2.9% as it was announced in the preliminary estimates. The higher growth was driven by the growth of the construction industry, also, the Government's decisions regarding housing renovation under the new programme," Lithuanian Prime Minister Algirdas Butkevicius said on Monday, referring to revised data from Statistics Lithuania.
Keyword tags: Analytics, Economics, GDP, Lithuania, Markets and Companies
Statistics Lithuania informs that, according to the revised data, in IV quarter 2014, GDP at current prices amounted to EUR 9 259.6 million (LTL 31 971.7 million). Compared to the same period in 2013, real GDP growth, seasonally and working day adjusted, stood at 2.5%, compared to III quarter 2014 – at 0.6%.
Taking into account various risks, as well as lower prices for energy resources, the Finance Ministry has updated its macroeconomic forecast for 2015 and reduced Latvia's growth projections for 2015 from 2.8% to 2.1%, reports LETA.
Data compiled by the Central Statistical Bureau (CSB) show that in 2014, compared to 2013, GDP at constant prices grew by 2.4%. Gross domestic product at current prices comprised 24.1 bln euro, in the 4th quarter of 2014 – 6.5 bln euro.
In order to increase the defense budget to 2% of gross domestic product (GDP) by 2018, the state will require additional EUR 94 million next year, in 2017 – EUR 112.2 million, in 2018 – EUR 184.4 million, reports LETA, according to the Economy Ministry's calculations.
State officials agree that the defense budget ought to be increased to 2% of the gross domestic product (GDP) already by 2018, Prime Minister Laimdota Straujuma's (Unity) press secretary Aiva Rozenberga told LETA.
Latvia's gross domestic product (GDP) in 2015 could grow 2%, inflation – 1%, reports LETA, according to the Economy Ministry's forecasts.