Lithuania’s GDP declines not as sharp as previously estimated

Posted by editor on 8/27/09 • Categorized as Baltic States, Economy Watch • Print This Post •

As the Statistic Department stated in its press release in August 27 the Lithuania’s economy contracted less sharply in the first half and in the second quarter than previously estimated.

Year-on-year, Lithuania’s GDP fallen by 17 percent in the first half and by 20.2 percent in the second quarter, down from the previous estimates of 18.1 percent and 22.4 percent, respectively.

The revised estimate was released after measuring the GDP components from the production, expenditure and income approaches, the department said.

The head of the Methodology and Quality Division at the Statistics Department Brone Kaminskiene said to BNS “For our first estimate, we had very little information that directly defines the GDP. We estimated it only from the production approach and had very little data on services and construction,” she said.

Meanwhile Estonia’s GDP fallen by 16.6 percent in the second quarter and the Latvia’s GDP declined by 19.6 percent in the second quarter.

Lithuania is experiencing a third GDP consequent drop as Latvia and Estonia is falling five consequent quarters already.