News
01.12.2009
GDP of Lithuania dropped by 14.2% in Q3
Statistics Lithuania, based on the latest available information for September and more comprehensive business and price statistics, has estimated GDP components for III quarter 2009 by production, expenditure and income approaches and revised the first GDP estimate. According to the revised data, in III quarter 2009, GDP at current prices amounted to LTL 23 954 million and, against the respective period in 2008, dropped by 14.2%, while against II quarter 2009 it grew by 13.1% (the changes have been estimated using a chain-linked volumes). (The previously published first GDP estimate for III quarter 2009 amounted to LTL 23 713 million and, against July–September 2008, dropped by 14.3%, while against the previous period in 2009 it grew by 13%). Over the nine months of 2009, GDP amounted to LTL 68.71 billion, which is by 15.7% less than a year ago.
In III quarter 2009, based on provisional data, negative results were observed for almost all business activities and non-market services. The hugest drop in the value added was observed in construction (45%), industry and energy (15.1%), trade, transport and communication (15.7%) and financial intermediation, real estate and other business (12.4%). A slower decrease in the value added was observed in public administration and defence, education, health care and social work activities (1.2%). A growth in the value added was recorded only for agricultural enterprises (4.9%).
Consumption expenditure in July–September 2009, against the respective period in 2008, decreased even more than in the first half of the year. Over III quarter 2009, household final consumption expenditure dropped by 19%, those of non-profit institutions – by 16%. General government final consumption expenditure was decreasing at a slower rate (by 1.5%). A further rapid decrease was observed in expenditure on capital formation: gross fixed capital formation against the previous year declined by 41.4%. Nevertheless, as compared with II quarter 2009, certain minor positive changes have been observed.
A considerable reduction in consumer demand and the volume of production conditioned a decrease in both exports and imports of goods and services in III quarter 2009, against the same period in 2008, (by 17.4 and 31.3% respectively). As compared with the previous quarter of 2009, exports grew by 11.8, imports – by 3.3%.
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