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Financial News: Lithuania's GDP Contracts For First Time Since 2009

Lithuania's GDP Contracts For First Time Since 2009

06/01/2020 - 03:09:00 (RTTNews)

(RTTNews) - Lithuania's economy shrank for the first time since late 2009, second estimates from the statistical office showed on Monday.

Gross domestic product fell 0.3 percent sequentially in the first quarter, which was revised from 0.2 percent fall estimated on April 30. This was the first contraction since the fourth quarter of 2009, when GDP was down 1.3 percent. GDP had advanced 1.1 percent in the fourth quarter of 2019.

On a yearly basis, the economy grew 2.4 percent in the first quarter, but slower than the 3.8 percent growth logged a quarter ago.

The expenditure-side breakdown of GDP showed that household spending fell 0.2 percent sequentially, while government spending gained 0.1 percent. Gross fixed capital formation dropped 1.6 percent. Exports and imports decreased 2.8 percent and 1.3 percent, respectively.

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