Lithuania Economic Outlook
May 31, 2022Economic growth moderated in Q1 due to weaker performances in the industrial, wholesale and retail trade sectors. Although more comprehensive data is yet to be released, available data for the quarter hints at subdued consumer spending. The unemployment rate remained elevated in Q1, while consumer sentiment tumbled to its lowest level since the outbreak of the Covid-19 pandemic in March. Moreover, inflation hit never-before-seen levels in March, and only worsened at the outset of Q2, when price pressures hit a fresh record high. In addition, industrial output moderated markedly in April, as sanctions against Belarus—a major trading partner—took hold. Lastly, the European Commission’s recent 2022 Country Report noted that Lithuania should push forward reforms in the energy sector in order to offset rising energy costs and reduce its increasing carbon footprint.
Lithuania Economic GrowthGDP is projected to expand at a softer pace this year, in part due to a less favorable base effect. The ongoing war in Ukraine and subsequently elevated inflation will likely hurt activity, while geopolitical uncertainty throughout the region poses risks to the outlook. That said, a healthy inflow of EU funds and robust government spending should support the economy. FocusEconomics analysts see the economy growing 2.0% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they expect it to expand 2.5%.
Lithuania Economy Data
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Lithuania Economic News
August 8, 2022
Consumer prices increased 1.24% from the previous month in July, below June's 2.32% rise.
July 29, 2022
GDP rose 2.0% year on year in the second quarter of 2022, according to preliminary data.
July 25, 2022
Industrial production grew 0.7% year on year in June (May: +7.5% yoy).
July 8, 2022
Consumer prices increased 2.32% over the previous month in June, broadly stable from May's 2.34% rise.
June 23, 2022
Industrial output grew 7.2% in year-on-year terms in May, which followed April's 18.8% increase.