LT: Bank of Lithuania reduces GDP growth forecast to 2.2% y/y in 2012.

By bne IntelliNews February 24, 2012
Bank of Lithuania announced that amidst the signs showing economic growth slowdown the bank slashes Lithuanian GDP growth forecast to 2.2% y/y in 2012. In 2013 the bank expects Lithuanian GDP to grow by 3.3% y/y. Mindaugas Leika, head of Bank of Lithuania economic department, indicated that European crisis has hit consumer confidence, and thus affected economic growth of the main trading partners of Lithuania. In 2011 GDP grew by 5.8% y/y, while private consumption grew by 5.6% y/y. In 2012 the bank forecasts private consumption to grow at 2.5% y/y, while in 2013 private consumption is expected to grow at 2.6% y/y. Investments in 2012 are expected to grow by 5% y/y in 2012, while in 2013 investments are expected to grow by 7.9% y/y.

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