April 28, 2009

Lithuania’s economy down 12 percent in Q1

Lithuania's economy has decreased 12 percent in the first quarter this year when compared with the same period in 2008, economists said Tuesday.

The drop was caused by lowering industrial production, smaller demands for exported goods and a lack of credit, the Lithuanian Statistics office said.

Statistics officials said Lithuania had forecast a decline in the gross domestic product of 10.5 percent for the whole of 2009.

Lithuania joined the European Union in 2004, and in 2007 its economy grew 8.9 percent, a record rise for the country. However, in 2008 the economic growth dropped to 3 percent.