Friday, 20 September 2019 08:17 GMT

Lithuania's 2015 GDP growth forecast revised down

(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.

Lithuania's 2015 GDP growth forecast revised down


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