VILNIUS — On Thursday Lithuania’s Ministry of Finance lowered its expectation for the economy next year, now predicting 2.8 percent growth.
Various institutions have been reassessing their predictions for this year and next year as the Greek debt crisis takes its toll on the European economy. Just over a week ago Lietuvos Bankas, the country’s central bank, revised down its [private_supervisor]projection from 3.4 percent growth to 3.1 percent.
Previous to Thursday’s announcement, the ministry expected 3.2 percent growth for 2011. Growth for 2012 and 2013 is forecast at 1.2 and 2.4 percent respectively.
Gross domestic product figures for this year remain static at 1.6 percent. The government is hoping for an export-driven recovery that would kick start the manufacturing industry, among others. That appears to be happening after Klaipėda port recently declared that 2010 could be the port’s biggest year ever in handling, based on figures from the first third of the year.
“Economic growth will depend on the situation in global financial markets and the main foreign trade partners in the economy and the ability to compete in Lithuania,” the ministry said in a press release.
The ministry sees unemployment slowly decreasing throughout the next few years.
“In spite of the 2010 expected economic recovery, unemployment remains relatively high over the medium term. The unemployment rate in 2010 could rise to 16.7 percent. From 2011 a gradual decline will be seen and between 2011-2013 the unemployment rate will be 15.5 percent, 13.9 percent and 12.3 percent [in consecutive years],” the press release said.
Wages in one of the biggest sectors, construction, continue to fall though wages on average grew by 0.4 percent over the last quarter. [/private_supervisor] [private_subscription 1 month]projection from 3.4 percent growth to 3.1 percent.
Previous to Thursday’s announcement, the ministry expected 3.2 percent growth for 2011. Growth for 2012 and 2013 is forecast at 1.2 and 2.4 percent respectively.
Gross domestic product figures for this year remain static at 1.6 percent. The government is hoping for an export-driven recovery that would kick start the manufacturing industry, among others. That appears to be happening after Klaipėda port recently declared that 2010 could be the port’s biggest year ever in handling, based on figures from the first third of the year.
“Economic growth will depend on the situation in global financial markets and the main foreign trade partners in the economy and the ability to compete in Lithuania,” the ministry said in a press release.
The ministry sees unemployment slowly decreasing throughout the next few years.
“In spite of the 2010 expected economic recovery, unemployment remains relatively high over the medium term. The unemployment rate in 2010 could rise to 16.7 percent. From 2011 a gradual decline will be seen and between 2011-2013 the unemployment rate will be 15.5 percent, 13.9 percent and 12.3 percent [in consecutive years],” the press release said.
Wages in one of the biggest sectors, construction, continue to fall though wages on average grew by 0.4 percent over the last quarter. [/private_subscription 1 month] [private_subscription 4 months]projection from 3.4 percent growth to 3.1 percent.
Previous to Thursday’s announcement, the ministry expected 3.2 percent growth for 2011. Growth for 2012 and 2013 is forecast at 1.2 and 2.4 percent respectively.
Gross domestic product figures for this year remain static at 1.6 percent. The government is hoping for an export-driven recovery that would kick start the manufacturing industry, among others. That appears to be happening after Klaipėda port recently declared that 2010 could be the port’s biggest year ever in handling, based on figures from the first third of the year.
“Economic growth will depend on the situation in global financial markets and the main foreign trade partners in the economy and the ability to compete in Lithuania,” the ministry said in a press release.
The ministry sees unemployment slowly decreasing throughout the next few years.
“In spite of the 2010 expected economic recovery, unemployment remains relatively high over the medium term. The unemployment rate in 2010 could rise to 16.7 percent. From 2011 a gradual decline will be seen and between 2011-2013 the unemployment rate will be 15.5 percent, 13.9 percent and 12.3 percent [in consecutive years],” the press release said.
Wages in one of the biggest sectors, construction, continue to fall though wages on average grew by 0.4 percent over the last quarter. [/private_subscription 4 months] [private_subscription 1 year]projection from 3.4 percent growth to 3.1 percent.
Previous to Thursday’s announcement, the ministry expected 3.2 percent growth for 2011. Growth for 2012 and 2013 is forecast at 1.2 and 2.4 percent respectively.
Gross domestic product figures for this year remain static at 1.6 percent. The government is hoping for an export-driven recovery that would kick start the manufacturing industry, among others. That appears to be happening after Klaipėda port recently declared that 2010 could be the port’s biggest year ever in handling, based on figures from the first third of the year.
“Economic growth will depend on the situation in global financial markets and the main foreign trade partners in the economy and the ability to compete in Lithuania,” the ministry said in a press release.
The ministry sees unemployment slowly decreasing throughout the next few years.
“In spite of the 2010 expected economic recovery, unemployment remains relatively high over the medium term. The unemployment rate in 2010 could rise to 16.7 percent. From 2011 a gradual decline will be seen and between 2011-2013 the unemployment rate will be 15.5 percent, 13.9 percent and 12.3 percent [in consecutive years],” the press release said.
Wages in one of the biggest sectors, construction, continue to fall though wages on average grew by 0.4 percent over the last quarter. [/private_subscription 1 year]
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