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2013.09.09 11:05

Aviva: Lithuanian economy will reach pre-crisis levels in 2014

DELFI.lt2013.09.09 11:05

In the background of the sluggish economic recovery of European countries, Lithuania should reach four per cent GDP growth in 2014 and be one of European leaders in this indicator, writes The Baltic Course with reference to the news agency ELTA. 

In the background of the sluggish economic recovery of European countries, Lithuania should reach four per cent GDP growth in 2014 and be one of European leaders in this indicator, writes The Baltic Course with reference to the news agency ELTA.

In addition, Lithuanian economy is estimated to reach pre-crisis real GDP levels, claims life insurance and pension fund company Aviva Lietuva.

According to Aviva Lietuva Chief Investment Manager Dr. Roman Piotr Sosnowski, the growth of Lithuanian GDP in 2014 will be affected by 10 per cent rise of exports, five per cent increase in personal consumption and 15 per cent increase in internal investments.

“Next year recovering markets of Germany, Latvia and Sweden will be important for Lithuanian export. However, one of the greatest threats to lose a portion of these markets may be the rise of salaries and taxes faster than the rise of labour productivity. This would have a negative impact on the price of production exported,” said Sosnowski.

Aviva Lietuva experts forecast that salaries in 2014 will grow by five per cent. According to them, better qualified employees will notice the rise in salaries the first.

In Q2 of 2013 unemployment in Lithuania was 11.7 per cent and the company expects it to remain slightly above 10 per cent in 2014.

In 2014 the growth of Lithuanian economy should be more sustainable and stable than in 2007, when the country’s GDP grew by eight per cent and consumption by nine.

“This crisis was a good lesson which forced many Lithuanian households to assess their finances more rationally and cautiously. More cautious consumption means more stable growth of the country’s economy,” said Sosnowski.

Aviva Lietuva is one of the three major long-term savings service providers in Lithuania. It is a branch of one of the biggest European insurance companies Aviva. Aviva Lietuva which was established in 2001 provides service for 230,000 customers. 

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