GDP growth reaches three year high

VILNIUS -- Lithuanian GDP growth in the first quarter has reached nearly 7%, the highest figure since the onset of the crisis nearly three years ago.

The news comes as Lithuania continues to pull itself out of one of the worst economic crises in Europe and will help instill fresh confidence in the country.

Statistics Lithuania estimates that the GDP in the first quarter grew by 6.9% year-on-year. QI last year was around the time that GDP growth began to balance out after four consecutive quarters of figures on the order of -15%.

"In I quarter 2011, against the same period in 2010, positive changes in gross value added in all groups of economic activities have been observed. A considerable GDP growth in I quarter has been determined by a low base effect: in I quarter 2010, gross value added was still decreasing in almost all groups of activities," the statistics agency said in an April 28 press release.

Though the official statistics register in at nearly 7%, a survey of economists conducted by Bloomberg news agency places the figure at just over 5%. This would still mark the highest level of growth in 11 quarters.