GDP drops only 3.8% in Q2
It seems as
if someone forgot to inform Lithuanian economy that economic crisis of a
century is ravaging the global economy. Lithuanian Real GDP dropped barely 3.8%
in annual terms, beating all estimates by a wide margin.
evident from the high frequency indicators that economy was relatively resilient,
and that recovery started early but actual outcome had beaten expectations.
and Swedbank card data showed that consumption across sectors was on a path to
recovery, many sectors reached 2019 levels by June already.
also surprised positively in June. Excluding oil, it grew by 5.9% annually
indicating a faster than expected
recovery in foreign demand.
likely contributed significantly to good performance in the second quarter. Results
from April-May show a far faster drop in imports than exports. Although this
trend might not continue. Imports will strengthen as domestic demand remains
strong. It is rather unlikely than export could become the main engine of
recovery going forward given the difficult global trade situation.
more information please contact
Vytenis Šimkus Vytenis.firstname.lastname@example.org +370 687 17870
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