Lithuanian GDP grows by 6 percent

  • 2004-11-01
  • From wire reports
VILNIUS - Lithuania's gross domestic product grew by 6 percent in the third quarter of 2004 year - on -year, according to preliminary estimates released by the country's statistics department on Oct. 28.

The economy expanded by 6.7 percent in the first nine months of 2004 (at constant prices of 2000), compared with a year ago when growth slowed by 9.3 percent in the third quarter, and 9.1 percent in the first nine months of 2003.

The country's GDP reached 16.36 billion litas (4.74 billion euros) at current prices in the third quarter of 2004, bringing the total GDP for the first nine months up to 44.96 billion litas.

GDP growth rates for the first and second quarter of 2004 were 7.1 percent and 7.3 percent, respectively, compared with an economic expansion of 9.7 percent in 2003.

In the third quarter of 2004, GDP per capita stood at 4,750 litas with current prices, a rise of 6.2 percent from the same period a year ago.

According to the report, the third quarter's strongest value-added growth was recorded within financial intermediation, agriculture, retail and wholesale trade, hotels and restaurants, as well as the manufacturing sector.

Meanwhile, growth in the transportation, warehousing and communications sector slowed down due to a decline in cargo traffic via Klaipeda Port, as well as road transportation.

It is Latvia, however, that leads the Baltic states - and Europe - with a startling rate of 8.2 percent annual GDP growth.