Lithuania’s gross domestic product (GDP) grew 3% in 2024, reaching €79 billion at current prices, revised data from the State Data Agency showed Wednesday.
Earlier preliminary quarterly figures had estimated GDP at €78.4 billion, with real growth of 2.8%.
The largest contribution to economic growth came from the information and communication sector, whose gross value added (GVA) rose 13.8% over the year in constant prices.
The country’s two largest sectors also saw growth: manufacturing increased its GVA by 2.9%, and wholesale and retail trade rose 2.6%. Professional, scientific and technical activities expanded by 8.7%.
By contrast, the accommodation and food services sector contracted 5.6%, and electricity, gas, steam and air conditioning supply fell 10.5%, marking the only sectors with declining GVA last year.
Household final consumption expenditures grew 3.1%, while exports of goods and services rose 2.6% and imports increased 2.4%, driven by strong growth in exported and imported services.
Government final consumption increased 1.6%, while gross fixed capital formation fell 1.7% after rapid growth in 2023, reflecting lower investment in transport equipment and other machinery and equipment.
Salaries, measured by the GDP income approach at current prices, grew 9% last year, accounting for 49.4% of GDP. Pay rises were highest for healthcare and social workers (21.4%) and education employees (17.3%).
Economic forecasts by Lithuanian and international institutions and commercial banks suggest slower GDP growth this year, at 2.5–2.8%, followed by a rebound to 3–3.4% growth in 2026.
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