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Lithuanian economy to pick up later this year: Swedbank

Xinhua, August 30, 2016 Adjust font size:

Lithuania's economy grew less than expected in the first half of this year, however, a set of major indicators showed that the growth rate should accelerate towards the end of 2016, Swedbank said Monday.

The bank presented its updated macroeconomic analysis for Lithuania. The country's economy expanded by 2.1 percent during the first six months of the year, less than economists expected.

"Major trends indicating growth of wages, expansion of retail sector, budget revenues and even exports show that Lithuanian economy is on the path of sustainable growth, which includes most of economy sectors and households," Nerijus Maciulis, senior economist at Swedbank Lithuania, was quoted as saying in the bank's statement.

Lithuania's shrinking labor force will add pressure to employment figures as of next year, therefore, Lithuania "should not expect GDP expansion to exceed 3 percent," Maciulis said.

"Abating trends of long-term growth could be altered by more rapid structural reforms," he noted. Endit