Lithuania’s real gross domestic product (GDP) in the first quarter of this year amounted to 16 billion euros at current prices, down 2.5 percent compared to the same time last year, Statistics Lithuania said in its second estimate.
Compared to the last quarter of 2022, the GDP contracted by 2.1 percent.
The results of manufacturing, wholesale and retail trade, transport and storage, and real estate companies had the biggest negative impact on the GDP change, according to statisticians.
Over the quarter, household consumption expenditure increased by 2.2 percent and gross fixed capital formation by 5 percent. Government final consumption expenditure fell by 1.1 percent, while exports and imports of goods and services declined by 2 percent and 7.4 percent respectively.
“Other service activities related to information technology, financial intermediation, professional and research activities, and education had a positive impact and their growth pulled up the overall GDP figure,” the agency’s head Jūratė Petrauskienė told a press conference on Wednesday.
The first estimate published at the beginning of May said that Lithuania’s GDP had fallen by 3.7 percent on an annual basis and by 3 percent in the quarter.
“The change is much better, and the reason why there is a difference between the first and the second estimate is that econometric models based on the available statistical data are much more detailed in the second estimate. We have all three months-worth of data on VAT, services and all short-term statistical information, but there is no such detailed information with the first estimate,” said Petrauskienė.
The revised third estimate of GDP for the first quarter will be published by Statistics Lithuania on July 3.
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