Good news – Lithuania’s GDP in 2009 fell ‘only’ by 15 pct
Lithuania’s Statistics Department finally released data showing Lithuania’s GDP performance in 2009. According to the report Lithuania’s GDP in 2009 contracted by 15 pct compared with 2008.
In the last quarter of 2009 on year-on-year calculation Lithuania’s GDP shrank by 13 pct. However, according to the quarterly calculation in the forth quarter Lithuania’s GDP grew by 0,1 pct.
Opinions on Lithuania’s GDP performance in 2010 are split. However, the main message coming from this Baltic country is that Lithuania’s economy is stabilising and it stopped falling.
If one puts things in prospective in the beginning of 2009 many predicted that Lithuania’s GDP will fall back to the levels of 2004, when Lithuania entered the European Union. However, statistics show that Lithuania’s GDP returned to the levels of 2007. Hence, the crises, in terms of GDP threw Lithuania back by two years. It is bad, but could have been much worse.