The Lithuanian economy grew by an estimated 1.6 percent last year, and the European Commission is now forecasting that the country’s GDP will increase by 2.9 percent in 2016 and by 3.4 percent in 2017. Exports are expected to increase by 3.1 percent in 2016, rising to 4.3 percent in 2017, while imports are expected to grow by 4.1 percent and 5.5 percent respectively.
“The European Commission’s forecasts for Lithuania are basically favorable. They show that more robust domestic consumption and recovering exports should grow our economy,” said Finance Minister Rimantas Sadzius. “What is also important is that the commission noted and appreciated the actual tax collection in Lithuania and accordingly improved its general government deficit forecasts, which had given rise to discussions in debates on the 2016 draft budget.”
