VILNIUS - Lithuania’s Finance Ministry has evaluated the economy, taking into account the latest development trends, and has adjusted economic development projections for 2013 final tally, reports ELTA. The slowdown in oil and chemical product exports in Q3, which was not counterbalanced by growing investments, consumption or a recovering construction sector, is the most important factor providing a basis to review the GDP outlook.
Therefore, it is projected that in 2013 GDP will come in at a 3.2 percent growth rate at constant prices – or 0.5 percent less than was projected in September.
There are no grounds to change the economic development forecast for 2014-2016. GDP volume growth estimates remain unchanged: in 2014 it will be 3.4 percent; in 2015 - 4.3 percent; in 2016 - 4 percent. Tax base forecasts (payroll, final consumption) for 2014 remain the same. Therefore, the adjusted economic development forecast provides no basis to change the budget projections.
Because of wage growth in the third quarter, the final projection for 2013 was increased by 0.3 percentage points to 5.1 percent. The forecast of the average monthly gross wage for 2014-2016 remains unchanged. However, growth in 2014 is projected to be 0.2 percent lower than when forecast in September 2013, due to the forecast higher average monthly gross wages in 2013.