Analytics, Financial Services, Lithuania

Meanwhile, the current account deficit of the first half of this year reached 9.4 billion litas (2.73 billion euros) or 17.9% of the gross domestic product, an increase of 30.1% (2.2 billion litas/ 638.7 million euros), writes ELTA.

The increase of the current account deficit in the second quarter of this year mainly resulted from the growth in the revenues balance deficit, and in the first half of this year – due to increases in the deficits in foreign trade and revenues balances, the Bank of Lithuania reports.

According to the data of the Lithuanian Department of Statistics, in Q2 this year compared to May-July 2007, Lithuanian exports and imports increased 36% and 21.1% respectively. In January-June 2008 year-on-year, Lithuanian exports and imports advanced 33.5% and 25%. The growth rate of foreign trade with the Commonwealth of Independent States was higher compared to that with the EU countries. This also influenced the changes of the geographical structure of Lithuania"s foreign trade.

Compared to the entire Lithuania"s exports, the part of export going to the EU member states decreased from 65.8% in the first half of 2007 to 61.6% in the same period of this year. The part going to the Commonwealth of Independent States advanced from 23.1% to 23.5% and that to other countries – from 7.8% to 11.8%. Compared to the entire imports structure, the share of the EU member states dropped from 67.9% to 57.9% and that of the Commonwealth of Independent States advanced from 22.4% to 33.9%.