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Financial News: Lithuania Economy Grows Further In Q4

Lithuania Economy Grows Further In Q4

01/29/2021 - 03:43:00 (RTTNews)

(RTTNews) - Lithuania's economy expanded for a second straight quarter in the final three months of 2020, but shrunk for the whole year, as activity was hurt by the coronavirus pandemic for most part of the year, preliminary figures from the statistical office showed on Friday.

Gross domestic product grew a seasonally and working day adjusted 1.2 percent from the third quarter, when the economy expanded a revised 3.8 percent.

In the second quarter, GDP fell 5.9 percent after stagnating in the first quarter.

In the fourth quarter, the change in GDP was positively influenced by the results of professional, scientific and technical, industrial, wholesale and retail trade enterprises, the agency said.

On a year-on-year basis, GDP decreased 1.3 percent in the fourth quarter after a 1.6 percent fall in the previous three months.

GDP decreased 1.3 percent for the whole year 2020.

The second estimate of GDP for the fourth quarter is set to be released on March 1.

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