30 May 2014 20:01

Lithuanian economy grows 3% in Q1

VILNIUS. May 30 (Interfax) - GDP in Lithuania grew 3% year-on-year in the first quarter of 2014, according to adjusted figures, to 27.69 billion litai (around 8.02 billion euro) in current prices.

The Lithuanian statistics department said GDP was up 0.6% on the fourth quarter of 2013.

GDP rose 3.4% in 2013 to 119.3 billion litai (around 34.6 billion euros).

The Central Bank of Lithuania lowered its GDP growth forecast for the country in 2014 by 0.3 percentage points to 3.3%. The IMF expects GDP growth of 3.5% and inflation of around 1% in Lithuania this year. The European Commission reduced its GDP growth forecast for Lithuania to 3.3%, compared to 3.5%.

The litas is pegged to the euro at a rate of 3.4528 litai/EUR1.