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Tuesday, 03.05.2016, 21:11
EU Commission lowers Estonia's 2016 economic forecast to 1.9%; 2.8% GDP growth for Lithuania and Latvia03.05.2016
The European Commission expects the Estonian economy to grow 1.9% in 2016 and 2.4% the next year, it appears from the newly-released spring 2016 economic forecast. Lithuania's GDP growth will accelerate to 2.8% this year and to 3.1% next year. Commission predicted that Latvia's GDP will increase 2.8%, informs LETA/BNS.
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Flash estimate of the Central Statistical Bureau (CSB) shows that, compared to the 4th quarter of 2015, in the 1st quarter of 2016, Gross Domestic Product (GDP) value dropped slightly – by 0.1%, according to seasonally adjusted data.
SEB Bankas, Lithuania's largest commercial bank by assets, has kept its Lithuanian GDP growth forecast for 2016 unchanged at 2.8%, informs LETA/BNS.
According to provisional data of Statistics Lithuania, in 2015, the general government deficit totalled EUR 77.6 million, or 0.2% of gross domestic product (GDP). Over the year, the general government deficit decreased by EUR 173.5 million (in 2014, this indicator stood at 0.7% of GDP).
General government budget deficit at the end of 2015 accounted for EUR 306.2 mln or 1.3% of Gross Domestic Product (GDP), and general government consolidated gross debt was EUR 8 871.7 mln or 36.4% of GDP, according to the results of April 2016 general government budget deficit and debt notification1 compiled by the Central Statistical Bureau (CSB), which has been drawn up in line with the methodology of the European System of Accounts (ESA 2010).
The Estonian government has endorsed the fiscal targets of the country's budgetary strategy for 2017-2020, which envisage a structural fiscal surplus of 0.2% of gross domestic product (GDP) for the year 2017 and fiscal balance beyond that, informs LETA/BNS.
Lithuania's economy will see faster growth in 2016 than in 2015, however, will fall behind Latvia in terms of increase of the gross domestic product (GPD), the International Monetary Fund said, forecasting the slowest economic growth for Estonia this year, informs LETA/BNS.