Statistics Lithuania, based on more comprehensive business, tax and price statistics, has revised the first GDP estimate for IV quarter 2014 and, additionally, estimated GDP components by production and expenditure approaches.
According to revised data, in IV quarter 2014, against the same quarter of 2013, a positive change in the value added was observed in almost all activities, except for financial and insurance. The fastest growth in the value added was observed in construction (11.6%), manufacturing (3%), arts, entertainment and recreation, repair of household goods and other services (3%), professional, scientific and technical, and administrative and support (2.6%) enterprises. In enterprises engaged in other activities, the growth in the value added was slower than in the whole economy. In IV quarter 2014, against IV quarter 2013, the value added of enterprises engaged in financial and insurance activities decreased by 1%. (The changes provided were seasonally and working day adjusted.)
In 2014, GDP amounted to EUR 36 287.9 million (LTL 125 294.8 million), and against 2013, working day adjusted, increased by 3%. In 2014, the economic growth in the country was mainly determined by the performance of construction (15.5%), agriculture, forestry and fishing (3.5%) and industrial (3.4%) enterprises.
As for GDP estimated by expenditure approach, in IV quarter 2014, against the same quarter of 2013, an increase was observed in all main GDP components. Final household consumption expenditure grew by 4.4, that of general government – by 1.4, gross fixed capital formation – by 4%. Exports of goods and services grew by 3.7, imports – by 9.2%.
