VILNIUS — A gross domestic produc t revision has modified last year’s fourth quarter results to a 12.8 percent contraction due to more comprehensive business and price statistics.
Lithuania’s GDP has been in the red ever since the end of 2008 when then financial crisis began and domestic demand began weakening.
Original estimates showed a drop by 13 percent against 2008. Annual GDP estimates for 2009 were not effected by the adjustment.
In the fourth quarter of 2009 all sectors of business and non-market services experienced a contraction in trade. Construction suffered worst with trade, transport and communications, financial intermediation and real estate following closely.
A considerable reduction in demand in foreign markets and domestic consumption conditioned a decrease in both exports and imports of goods and services.