POST Online Media Lite Edition


Lithuania's economic growth accelerates in first quarter

Staff writer |
Lithuanian GDP grew by 2.4 percent in the first quarter of 2016, compared to the same quarter in 2015, announced Statistics Lithuania.

Article continues below

According to the first estimate, seasonally adjusted GDP growth of the first quarter of 2016 was the fastest since the third quarter of 2014.

"In the first quarter of 2016, the positive change in GDP was mainly conditioned by whole trade and retail trade, repair of motor vehicles and motorcycles, transportation and storage, and manufacturing activities," Statistics Lithuania said in a press release.

Lithuanian economic growth continues to be supported by strong domestic consumption which is reflected by growth in retail trade and services, notes Darius Imbrasas, senior economist of the Bank of Lithuania.

However, the Lithuanian economy faces ongoing external challenges, he added.

"Russia's economic situation remains weak, and the country's economic prospects are pressured by low commodity prices," Imbrasas said.

What to read next

Lithuania's economy to grow to 3.3 percent in 2017
Lithuania jobless rate falls to 7.5 percent in Q3
China GDP accelerates sharply in Q4