News

2015.03.03 10:27

Lithuania's economy grew more than estimated in 2014

"We are pleased that the revised GDP for 2014 compared to 2013 increased by 3 percent rather than by 2.9 percent as it was announced in the preliminary estimates. The higher growth was driven by the growth of the construction industry, also, the Government's decisions regarding housing renovation under the new programme," Lithuanian Prime Minister Algirdas Butkevičius said on Monday, referring to revised data from Statistics Lithuania.

"We are pleased that the revised GDP for 2014 compared to 2013 increased by 3 percent rather than by 2.9 percent as it was announced in the preliminary estimates. The higher growth was driven by the growth of the construction industry, also, the Government's decisions regarding housing renovation under the new programme," Lithuanian Prime Minister Algirdas Butkevičius said on Monday, referring to revised data from Statistics Lithuania.

In 2014, Lithuania's GDP totaled nearly EUR 36.288 billion and, compared to 2013, went up by 3 percent (working day adjusted). The activities of companies engaged in construction (15.5 percent), agriculture, forestry and fishing (3.5 percent), and industrial production (3.4 percent) contributed most to the country's GDP growth last year. The first GDP estimate envisaged growth of about 2.9 percent.

Revised data from Statistics Lithuania show that in Q4 of 2014, the GDP at current prices amounted to more than EUR 9.259 billion. Compared to the same quarter of 2013, the real GDP increased accounted for 2.5 percent, compared to Q3 of 2014 - 0.6 percent (seasonally and working day adjusted).