Analytics, Economics, Lithuania

Changes in gross domestic product

* Provisional data.          ◘ Non-final data.

^a) As compared to the previous period.
^b) As compared to the corresponding period of the previous year.
^c) As compared to the previous period, seasonally and working days adjusted.
^d) As compared to the corresponding period of the previous year, seasonally and working days adjusted.

The most rapid increase in the value added in January–March 2008, as well as previously, was observed in construction (12.6%), real estate, renting and business (10.8%), transport, storage and communication (10.0%), wholesale and retail trade (9.9%) enterprises. A slower growth in the value added was observed in financial intermediation (6.4%) and manufacturing (6.1%) enterprises, as well as in hotels and restaurants (3.7%). The slowest growth in the value added was observed in non-market services and fishing (3.3%, on average, in each).

Several kinds of economic activity impacted on the GDP growth negatively. The value added of industrial – mining and quarrying, and electricity, gas and water supply – enterprises decreased (by 5.2 and 2.0% respectively). The value added of agricultural enterprises and private households decreased as well (by 0.7 and 4.4% respectively). The share of the gross value added falling within the economic activities that had made a negative impact on the GDP growth made up 9.3%.

When analysing the GDP growth applying an expenditure approach, it can be seen that at the beginning of 2008 final consumption expenditure were increasing rapidly (by 10.5%), whereas compensation to employees at current prices increased by 26.1%. Household final consumption and general government consumption expenditure growth rates made, respectively, 12.2 and 4.5%. Increasing consumption determined the growth in imports. Imports of goods and services were increasing more rapidly than exports (by 18.8 and 8.9% respectively).

Attention should be directed to the fact that the growth rate of gross fixed capital formation in I quarter 2008, against I quarter 2007, was slower – 5.9%. It was determined by the slowdown in construction investment growth: the growth rate of investment in non-residential buildings and civil engineering structures (whose share in the total construction volume made up 70%) in I quarter 2008 (4.1%) was slower than in the respective period of 2007 (15.8%); investment in machinery and equipment decreased as well (by 2.5%).

Changes in gross value added by kind of economic activity as compared to corresponding period of previous year, %

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

Changes in gross domestic product by expenditure components as compared to corresponding period of previous year, %

In order to improve the calculations of GDP, consumption of capital assets will be revised, other methodological changes will be introduced, and annual and quarterly indicators of national accounts will be recalculated according to the requirements of the European System of National and Regional Accounts (ESA‘ 95). Data for 2000–2007 will be published on 30 September of the current year.