Swedbank, which is one of the largest banks in Lithuania, has revised its GDP growth forecast for the country in 2024 and 2025 by boosting it by 0.2% to 2.4% and 3% respectively.
“Lithuania’s economy continues to stand out in the region with strong and broad-based recovery,” says Swedbank’s chief economist, Nerijus Maciulis, in a news release that was released on Tuesday. “Retail and industrial growth is picking up, and the value of service exports is 10% higher than was the case a year ago. So far the only minor disappointment has related to growth in business investments, but there are reasons to believe in a recovery next year.”
Swedbank has forecast GDP contractions this year of 0.3% in Latvia and 0.8% in Estonia, with growth of 2.4% and 1.5% respectively projected for 2025.
The bank lowered its Lithuanian annual inflation projections by 0.2% to 0.7% in 2024 and by 0.1% to 2.7% in 2025. Average growth estimates were boosted to 9.6% this year and 9.2% next year, up from the previous forecast in August of 9.2% and 8.2%.
Swedbank slightly reduced its unemployment forecasts in Lithuania to 7.2% in 2024 and 7.5% in 2025, down from previous estimates of 7.4% and 7.6% respectively.
Source: BNS
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