Luminor Bank has upgraded its forecast for Lithuania’s economic growth and now expects the country’s GDP to grow by 2.4 percent this year, up from its March projection of 2 percent.
Next year, Lithuania’s economy is projected to expand 3 percent, up from 1.8 percent estimated in March.
According to the bank’s forecasts, annual inflation will reach 0.6 percent this year. In March, Luminor predicted deflation of 0.2 percent. Prices are expected to rise by 2.2 percent next year, down from the 3percent projection in March.
The bank also upgraded its 2024 forecast for average wage growth to 9.6 percent, from 8.6 percent, and expected wages to grow 7.4 percent (6.5 percent) next year.
Unemployment is expected to reach 7.5 percent this year (7.2 percent in March) and stand at 7.2 percent in 2025 (6.8 percent).
Source: BNS
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