Luminor forecasts Lithuanian GDP will grow 2.4% this year

Lithuania’s economy is now forecast to expand by 2.4% this year, before accelerating to a 3% growth in 2025, the Luminor bank has said.

Žygimantas Mauricas told a conference Wednesday that the gross domestic product (GDP) in Latvia is expected to rise by 0.5% while Estonia is projected to see a fall by 1%.

„Lithuania’s leadership is not by accident since its indicators of retail trade, industrial production, exports of high value-added services have been much better than those of Latvia and Estonia,“ Mauricas said.

The central bank published a forecast on Tuesday, suggesting that the GDP will rise by 2.2% this year, or by 0.3% more than projected in June. Inflation is forecast to run at 1% in 2024, down from the previous projection of 1.2%.