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Lithuania's FinMin improves economic growth outlook

BC, Vilnius, 21.03.2018.Print version
Lithuania's Finance Ministry has improved the economic growth outlook for the country for 2018 and 2019, reports LETA/BNS.

The ministry said the Lithuanian gross domestic product (GDP) should widen by 3.2% this year and by further 2.8% in 2019. In 2020, the country's economy should expand by 2.5%.


Last September, the Finance Ministry projected the GDP to grow by 2.9% in 2018 and by 2.5% and 2.4% in 2019 and 2020, respectively.


"In our updated forecast, we took consideration of the faster than predicted economic growth worldwide, the economic recovery will definitely go on for another few years. Another thing is the cash at the disposal of residents, their resources and consumption. Investments are also recovering," Finance Vice-Minister Migle Tuskiene told a news conference on Wednesday.


According to the forecast, the harmonized average annual inflation should stand at 2.9% this year and at 2.4% in 2019.


The ministry's analysts said Lithuanian exports should grow by 7% this year and by further 5.7% next year.


The unemployment rate, which stood at 7.1% in 2017, should decline to 6.5% in 2018 and to 6.1% next year, with the average annual wages going up by 6.6% and 6.2%, respectively.


Lithuania's economic growth forecasts have recently been updated by the European Commission (EC), the central Bank of Lithuania and commercial banks operating in the country. EC expects Lithuania's GDP to grow by 2.9% this year, while the forecast from the Bank of Lithuania is 3.2%, as compared with 3.3% from Luminor and 3.2% from both Swedbank and SEB.






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