International Internet Magazine. Baltic States news & analytics
Saturday, 28.03.2015, 13:01
After evaluating Lithuania's economic situation and the impact of external factors on its economic growth tendencies, the Ministry of Finance has revised main macroeconomic projections for 2015-2017 and prepared projections for 2018, informs LETA/ELTA.
Keyword tags: Analytics, Baltic States – CIS, Economics, EU – Baltic States, GDP, Lithuania, Markets and Companies
The Bank of Lithuania forecasts that the domestic demand-driven Lithuanian economy will continue growing, albeit at a slower pace than previously expected. The worse outlook for the Russian economy, determined by persisting geopolitical tensions and falling oil prices, will have an essential influence on this change, the national bank said.
Regardless of the geopolitical tensions and difficulties in regard to exports, Latvia's economy this year will grow at a much faster rate than last year, according to the latest Ernst & Young's (EY) "Eurozone Economic Forecast", cites LETA.
According to Statistics Estonia, the gross domestic product (GDP) of Estonia in 2014 increased 2.1% compared to 2013. In the 4th quarter of 2014, the Estonian economy grew 3.0% compared to the 4th quarter of 2013.
Nordea bank in Latvia projects that Latvia's economy will grow 2.6% in 2015, informs LETA. Nordea projects that Lithuania's economy will grow 2.8% this year, while Estonia will see 2% growth.
"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.
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%.