Lithuanian economy shrank 0.3 percent on quarter in the three months to September 2018, less than an earlier estimate of a 0.4 percent decline and compared to a 0.9 percent rise in the previous period, the second estimate showed. It is the first contraction since Q3 2010. Negative contributions came mostly from agriculture, forestry & fisheries (-7.8% vs -0.3% in Q2); arts, entertainment & recreation activities (-1.0% vs -0.1%) and professional, scientific and technical activities, administrative & support activities (-0.6% vs 2.5%). Conversely, growth was seen in wholesale and retail trade; repair of motor vehicles & motorcycles, transport and storage, accommodation & food services (1.7% vs 1.5%); construction (3.1% vs 1.3%) and financial and insurance activities (1.1% vs 0.4%). Year-on-year, the GDP advanced 2.4 percent, above a first reading of 2.2 percent, but slower than a 3.8 percent expansion in the second quarter. It is the slowest quarterly growth rate since Q3 2016. GDP Growth Rate in Lithuania averaged 1.04 percent from 1995 until 2018, reaching an all time high of 4.80 percent in the first quarter of 2003 and a record low of -13.10 percent in the first quarter of 2009.
GDP Growth Rate in Lithuania is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Lithuania to stand at 0.60 in 12 months time. In the long-term, the Lithuania GDP Growth Rate is projected to trend around 0.60 percent in 2020, according to our econometric models.