This year, Lithuania's GDP should grow by 3.5 percent, while in the period from 2014 to 2017 the country can expect a growth of over 5 percent, a forecast by Ernst & Young and Oxford Economics says.
The forecast also says that the GDP growth will be stimulated by increasing volumes of foreign trade. Last year, the growth of exports to Russia offset trade with the weakened eurozone. As a result, Lithuania's business exports volume increased by 14.5 percent, while imports went up by 10 percent. According to the forecast, the trends of growing export should continue increasing as the eurozone economies are recovering.
The authors of the forecast think that Lithuania's industry has the potential to expand production volumes because despite a stable unemployment level and labour force emigration the production volume in Lithuania grew even with a low investment. It shows that with larger investment industrial companies could increase their productivity and achieve even better results.