Analytics, Economics, GDP, Lithuania

In II quarter 2009, the decrease of the value added was determined by the decrease in production and consumption. A positive change was observed only for the non-market service sector, which has no significant influence on the general volume of the value added.

In I half of 2009, GDP made LTL 43416 million, which is by 18.1% less than a year ago. In I–II quarters of 2009, the largest decrease of the value added was observed in construction, industry and production services. 

In II quarter 2009, per capita GDP at current prices made LTL 6740, i.e. by 22.1% less than in II quarter 2008 (in real terms). 

In II quarter 2009, against II quarter 2008, seasonally and working day adjusted, GDP decreased by 22.6%, while against I quarter 2009 – by 12.3%. 

REVISED I QUARTER 2009 GROSS DOMESTIC PRODUCT DECREASED BY 13.3%

Statistics Lithuania, based on more detailed quarterly data and having estimated the value added by a more detailed list of economic activities, revised the second GDP estimate for I quarter 2009. According to the revised data, GDP in I quarter 2009 at current prices made LTL 20882.1 million and, as compared with I quarter 2008, decreased by 13.3%.

The previously released second GDP estimate equalled LTL 20652.5 million, and its drop rate made up 13.6%.  

Changes in GDP

* Provisional data. ^◘ Non-final data.  

In I quarter 2009, the value added decreased in the enterprises of all kinds of business activity. In January–March, the most noticeable decrease of the valued added was observed in construction (38.0%), mining and quarrying (29.4%), wholesale and retail trade (24.3%), hotels and restaurants (21.4%), manufacturing (15.6%), transport, storage and communication (12.0%) enterprises. A slower decrease of the value added was observed in real estate, rent and other business services (8.7%), other community, social and personal service activities (6.6%), financial intermediation (4.5%), activities of private households (4.4%), electricity, gas and water supply (3.2%) and agriculture (1.4%).

Change in the gross value added by kind of economic activity as compared to the

¹  Mining and quarrying, manufacturing, electricity, gas and water supply. 

When analyzing the GDP change by expenditure approach, a negative impact was made by an 11.6% decrease of final consumption expenditure in I quarter 2009. This negative result was mostly influenced by a decrease of final consumption expenditure of households (15.7%) and non-profit institutions serving households (13.0%). The general government consumption expenditure increased by 2.3% due to a 3.2% increase in expenditure on individual public needs.

However, the strongest negative impact on the GDP expenditure change was made by the decline in the volume of gross fixed capital formation which had been observed for four quarters in a row. In January–March 2009, expenditure on gross fixed capital formation decreased by 37.6% due to a decrease in investment of all kinds.

A noticeable decrease in consumption and the volume of capital formation induced a strong decrease in imports of goods and services (33.5%). Exports of goods and services decreased by 12.7%.  

Change in GDP by expenditure components as compared to the corresponding period of the previous year, %