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International Internet Magazine. Baltic States news & analytics Friday, 26.04.2024, 10:01

Bank of Lithuania slightly lowers 2017 GDP forecast

BC, Vilnius, 15.06.2016.Print version
The central Bank of Lithuania has not revised the gross domestic product (GDP) growth forecast for the year 2016, however, slightly reduced the economic development forecast for 2017. According to the forecast, the country's economy will expand by 2.6% this year and by 3.3% next year, informs LETA/BNS.

"In addition to strong domestic consumption this year, transport indicators have started growing this year, companies showed signs of recovery and shifted their services from the East to the West. (…) The main direction of our trade is – the euro area – has been becoming stronger for a few years already. The international setting is currently more favorable, and this will contribute to faster economic growth this and next year," Gediminas Simkus, director of the central bank's Economics and Financial Stability Service, told a news conference on Wednesday.

 

In his words, the country's economic development will be spurred the low interest rate, which encourages mortgage loans, boosts consumption and economic activity in the euro area, along with the demand for Lithuanian exports.

 

In March, the forecast was that the Lithuanian GDP would grow 2.6% in 2016 and by 3.4% in 2017.

 

The bank forecasts Lithuanian exports to increase by 2.9% this year and by 4.2% next year.





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