(MENAFN) Swedbank, one of Lithuania's leading banks, revised down the country's gross domestic product (GDP) forecast to 2.3 percent in 2015 from a previous 3.3 percent, Xinhua reported.
The bank projected GDP growth to accelerate to 3.5 percent in 2016, attributing the downgrade to continuing Lithuania's dependence on exports to Russia, which had a negative effect on the Baltic country's economy.
Lithuania's exports to Russia surged 6.5 percent in the January-November period, with Russia's share accounting for 21.1 percent in the country's exports, with 85 percent of the exports being re-exports.
"Despite political tensions, sanctions, embargo and the deterioration of Russia's economy, Lithuania managed to increase its exports to Russia last year," Swedbank's chief economist said.
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