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Lithuanian 2024 GDP growth forecast raised

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

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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