VILNIUS — The gross domestic product of Lithuania declined by 2.9 percent in the first three months of this year compared to the same period in 2009, prompting economists to say that Lithuania’s economy has bottomed out.

The economy has been in virtual freefall since the start of the crisis in late 2008. The country’s annual GDP last year dropped nearly 20 percent and many analysts are [private_supervisor]only expecting sustained growth in 2011.

The figures show that Lithuania’s economy has bottomed out and that recovery looks likely this year.

SEB Bank chief economist and adviser to the bank’s CEO Gitanas Nausėda said in a press release from the bank that the figures were a cause for celebration.

Swedbank chief analyst Lina Vrubliauskienė said the decline in GDP was smaller than the bank had expected.

The real estate and construction sectors continued to suffer the worst, while the industry sector performed the best.

The country’s GDP declined 12.9 percent against the fourth quarter of 2009, a much reduced rate compared to previous quarter on quarter figures last year.

Increased in unemployment and reductions in wages, which both hit in force last year seem to have stabilized too, signaling a good start to the year.

The finance ministry said in a press release that they expect 4 percent growth in the second quarter compared to the same quarter in 2009.

Statistical data available to the ministry this year shows that earnings will fall less sharply than in 2009. March statistics showed that there is now a 34 percent increase in the availability of jobs, which should lead to the employment of more people.

SEB is expected the economy to grow by 1 percent this year. The government is slightly more optimistic, predicting 1.6 percent growth annually.

“Clearly we can see the storage, transport, industrial production and retail trade heading for a recovery. This gives optimism in forecasting growth this year,” Prime Minister Andrius Kubilius said. [/private_supervisor] [private_subscription 1 month]only expecting sustained growth in 2011.

The figures show that Lithuania’s economy has bottomed out and that recovery looks likely this year.

SEB Bank chief economist and adviser to the bank’s CEO Gitanas Nausėda said in a press release from the bank that the figures were a cause for celebration.

Swedbank chief analyst Lina Vrubliauskienė said the decline in GDP was smaller than the bank had expected.

The real estate and construction sectors continued to suffer the worst, while the industry sector performed the best.

The country’s GDP declined 12.9 percent against the fourth quarter of 2009, a much reduced rate compared to previous quarter on quarter figures last year.

Increased in unemployment and reductions in wages, which both hit in force last year seem to have stabilized too, signaling a good start to the year.

The finance ministry said in a press release that they expect 4 percent growth in the second quarter compared to the same quarter in 2009.

Statistical data available to the ministry this year shows that earnings will fall less sharply than in 2009. March statistics showed that there is now a 34 percent increase in the availability of jobs, which should lead to the employment of more people.

SEB is expected the economy to grow by 1 percent this year. The government is slightly more optimistic, predicting 1.6 percent growth annually.

“Clearly we can see the storage, transport, industrial production and retail trade heading for a recovery. This gives optimism in forecasting growth this year,” Prime Minister Andrius Kubilius said. [/private_subscription 1 month] [private_subscription 4 months]only expecting sustained growth in 2011.

The figures show that Lithuania’s economy has bottomed out and that recovery looks likely this year.

SEB Bank chief economist and adviser to the bank’s CEO Gitanas Nausėda said in a press release from the bank that the figures were a cause for celebration.

Swedbank chief analyst Lina Vrubliauskienė said the decline in GDP was smaller than the bank had expected.

The real estate and construction sectors continued to suffer the worst, while the industry sector performed the best.

The country’s GDP declined 12.9 percent against the fourth quarter of 2009, a much reduced rate compared to previous quarter on quarter figures last year.

Increased in unemployment and reductions in wages, which both hit in force last year seem to have stabilized too, signaling a good start to the year.

The finance ministry said in a press release that they expect 4 percent growth in the second quarter compared to the same quarter in 2009.

Statistical data available to the ministry this year shows that earnings will fall less sharply than in 2009. March statistics showed that there is now a 34 percent increase in the availability of jobs, which should lead to the employment of more people.

SEB is expected the economy to grow by 1 percent this year. The government is slightly more optimistic, predicting 1.6 percent growth annually.

“Clearly we can see the storage, transport, industrial production and retail trade heading for a recovery. This gives optimism in forecasting growth this year,” Prime Minister Andrius Kubilius said. [/private_subscription 4 months] [private_subscription 1 year]only expecting sustained growth in 2011.

The figures show that Lithuania’s economy has bottomed out and that recovery looks likely this year.

SEB Bank chief economist and adviser to the bank’s CEO Gitanas Nausėda said in a press release from the bank that the figures were a cause for celebration.

Swedbank chief analyst Lina Vrubliauskienė said the decline in GDP was smaller than the bank had expected.

The real estate and construction sectors continued to suffer the worst, while the industry sector performed the best.

The country’s GDP declined 12.9 percent against the fourth quarter of 2009, a much reduced rate compared to previous quarter on quarter figures last year.

Increased in unemployment and reductions in wages, which both hit in force last year seem to have stabilized too, signaling a good start to the year.

The finance ministry said in a press release that they expect 4 percent growth in the second quarter compared to the same quarter in 2009.

Statistical data available to the ministry this year shows that earnings will fall less sharply than in 2009. March statistics showed that there is now a 34 percent increase in the availability of jobs, which should lead to the employment of more people.

SEB is expected the economy to grow by 1 percent this year. The government is slightly more optimistic, predicting 1.6 percent growth annually.

“Clearly we can see the storage, transport, industrial production and retail trade heading for a recovery. This gives optimism in forecasting growth this year,” Prime Minister Andrius Kubilius said. [/private_subscription 1 year]

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