Lithuania’s GDP grew 3.1 percent in Q2

Compared to the same period in 2013, real GDP growth, seasonally and working day adjusted, stood at 3.1 percent, compared to the first quarter of 2014 – 0.8 percent (compared to the same period in 2013, seasonally and working day unadjusted, GDP increased by 3.3 percent, compared to the first quarter of 2014, increased by 8.4 percent).

According to revised data, in the second quarter of 2014, against the same quarter of 2013, positive change in the value added was observed in almost all activities, except agriculture, forestry and fishing. The fastest growth in the value added was observed in enterprises engaged in construction (14.3 percent), manufacturing (3.8 percent), trade, repair of motor vehicles and motorcycles, transportation and storage, accommodation and food service activities (3.8 percent), professional, scientific and technical, administrative and support activities (3.3 percent), mining and quarrying, water supply, sewerage, waste treatment and remediation activities (3.3 percent). In enterprises engaged in other activities, the growth in the value added was slower than in the whole economy. In the second quarter of 2014, against the second quarter of 2013, the value added of enterprises engaged in agricultural, forestry and fishing activities decreased by 5.5 percent (the GDP changes provided were estimated seasonally and working day adjusted).

According to revised data, in the first half-year of 2014, GDP at current prices amounted to LTL 59.05 billion (EUR 17.10 billion). Compared to the first half-year of 2013, real GDP change, seasonally and working day adjusted, stood at 3.1 percent (seasonally and working day unadjusted, GDP increased by 3.3 percent).

As for GDP estimated by expenditure approach, in the first quarter 2014, against the same quarter of 2013, an increase was observed in almost all GDP components. Gross fixed capital formation grew by 8, final household consumption expenditure – 4.8, that of general government – 2.3 percent. Exports of goods and services decreased by 0.2, imports – 1.2 percent.