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Ford drives hike in car production in Romania
1 day ago
Lithuanian GDP growth slowed down to an adjusted 2.7% y/y in the third quarter, according to a first estimate released by Statistics Lithuania on October 30.
The reading marks a steep slowdown of 1.1pp against the revised adjusted growth of 3.8% y/y recorded in the second quarter.
“We believe that the negative outcome for this quarter is likely to be a one-off caused by poor crop yields and manufacturing bottlenecks in German automotive industry, thus we expect growth to rebound in the fourth quarter,” Swedbank said in a comment to the figures.
The weakened annual growth in July-September was mainly driven by consumption – supported by healthy retail sales benefitting from rising incomes – and strong exports, according to Swedbank.
“Growth will continue to be supported by robust growth in consumer spending, investments and still strong external sector performance. We stick to our forecasts that the economy will expand 3.6% in 2018 and 2.5% in 2019,” Swedbank said.
In quarterly terms, GDP fell an adjusted 0.4%, compared to an expansion of 0.9% q/q in the second quarter. In unadjusted terms, GDP grew 2.2% y/y versus 3.8% y/y in the second quarter. Unadjusted q/q growth came in at 7.9%, a fall of 0.1pp compared to the second quarter.
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