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2014.10.31 09:03

Forecasts for Lithuanian economy: We will experience turbulence rather than a free fall

ELTA | DELFI | The Lithuania Tribune2014.10.31 09:03

Lithuania's real economy is experiencing a state similar to that of an airplane passenger who was warned by the pilot about upcoming turbulence - the feeling is definitely not the best, yet there is no need for an oxygen mask, says financial analyst Gitanas Nausėda, advisor to the SEB bank president.

Lithuania's real economy is experiencing a state similar to that of an airplane passenger who was warned by the pilot about upcoming turbulence - the feeling is definitely not the best, yet there is no need for an oxygen mask, says financial analyst Gitanas Nausėda, advisor to the SEB bank president.

The GDP growth in the third quarter in Lithuania - 2.6 percent - remains one of the highest in the European Union.

However, Nausėda says in his commentary that the main problem is that the euro zone is sinking and so far no one has found a way to revitalize the economy.

"Probably the most disappointing is Germany's market which Lithuania exporters are particularly interested in. IFO data shows that in October business confidence index in Germany went down from 104.7 to 103.2, i.e., it has been deteriorating for the sixth month in a row. It is no surprise that Germany, Lithuania's once second most important export partner, is now stuck in the fourth place," the advisor to the SEB bank president said.

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