LITHUANIA: in Q2, country posts first GDP growth since 2008
29.07.2010, 12:05After six consecutive contraction quarters, in Q2 2010 Lithuania's economy posted the first annual growth.
The change is, however, more of a symbolic nature: the country's GDP expanded by 1.1% compared to Q2 2009, the darkest period of the current recession when the economy shrank by a frightening 19.5%.
Export recovery seems to be in charge of the growth: the statistics department singled out industry, transport and wholesale trade as current front-runners in terms of added-value generation.
Yet, sustainable growth appears to be still far off, experts argue: unemployment stays high, and new jobs are not created while local consumption remains low due to slashed wages and rising household energy costs.
Lithuanian GDP change y/y:
Q2 2010: +1.1%
Q1 2010: -2.8%
Q4 2009: -12.1%
Q3 2009: -14.2%
Q2 2009: -19.5%
Q1 2009: -13.3%
Q4 2008: -2.2%
Q3 2008: +2.1%
Q2 2008: +5.1%
Q1 2008: +6.9%