Lithuanian economy shrank 5.5 percent on quarter in the three months to June 2020, worse than an earlier estimate of a 5.1 percent contraction and compared to a 0.3 percent growth in the previous period. This was the second straight quarter of contraction in GDP and the steepest fall since the first quarter 2009. Decreases were reported in manufacturing (-4.4% vs -2.3% in Q1); wholesale and retail trade transport, accommodation and food service activities (-7.6% vs -11.4%); information and communication (-0.1% vs 2.4%), construction (-9.5% vs 4.7%), real-estate activities (-3.2% vs 0.2%), financial and insurance activities (-1.8% vs 1.8%), agriculture, forestry and fishing (-0.9% vs -8.7%). On a yearly basis, the GDP contracted by 4.2 percent, the first contraction since the first quarter 2010, reversing a 2.4 percent expansion in the previous period.

GDP Annual Growth Rate in Lithuania averaged 4.20 percent from 1996 until 2020, reaching an all time high of 12.30 percent in the third quarter of 2007 and a record low of -15.70 percent in the second quarter of 2009. This page provides - Lithuania GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Lithuania GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Annual Growth Rate in Lithuania is expected to be -9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Lithuania to stand at 3.70 in 12 months time. In the long-term, the Lithuania GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 2.80 percent in 2022, according to our econometric models.

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Lithuania GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.20 2.40 12.30 -15.70 1996 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 06:00 AM YoY Flash Q1 2.6% 3.8% 2.1%
2020-06-01 06:00 AM YoY 2nd Est Q1 2.4% 3.8% 2.6%
2020-07-30 06:00 AM YoY Flash Q2 -3.8% 2.4% -16%
2020-08-31 06:00 AM YoY 2nd Est Q2 -4.2% 2.4% -3.8%
2020-10-30 07:00 AM YoY Flash Q3 -4.2% -9%
2020-12-01 07:00 AM YoY 2nd Est Q3 -4.2% -9%

Lithuania GDP Annual Growth Rate
Lithuania joined the Euro Area in January 2015. The country was among the hardest hit by the global financial crisis in 2008, the GDP contracted by 14.8 percent in 2009. Since 2010, however, Lithuania has been ranked among the fastest growing economies in the European Union. On the expenditure side, household consumption is the main component of GDP and accounts for 63 percent of its total use, followed by gross fixed capital formation (19 percent) and government expenditure (17 percent). Exports of goods and services account for 81 percent while imports account for 79 percent, adding 2 percent of total GDP. On a production side, the wholesale and retail trade, transport, accommodation and food service activities sector is the most important and accounts for around 32 percent to total GDP. It follows by industry (23 percent of total GDP); manufacturing (19 percent); public administration, defence, education, human health and social work activities (14 percent); construction (7 percent); real estate activities (6 percent); professional, scientific and technical activities and administrative and support services (6 percent); information and communication (3 percent); agriculture (4 percent); financial and insurance (2 percent); and arts, entertainment and recreation, repair of household goods and other services (2 percent).