Analytics, Economics, Financial Services, GDP, Lithuania, Wages

The central bank aid the country's economy would widen by 3.6%, while earlier forecasts in June suggested it would grow by 3.3 pct. The outlook for 2018 was left unchanged at 2.8%.

Raimondas Kuodis, deputy governor of the central bank, says the country's economy was driven by improving exports environment.

"Economic development is mainly spurred by exports-related factors – stronger economic situation abroad and more generous investments. However, the growth momentum may be held back by lack of employees. Companies will be largely affected by growing labor costs, therefore, Lithuanian businesses will have to raise productivity to preserve and enhance their existing positions," Kuodis said in a press release.

Salaries are projected to grow by 7.8% this year and by further 5.9% in 2018, as compared with respective June forecasts of 6.5% and 5.7%.