Bloomberg News

Lithuania’s Economic Growth Slowed in Second Quarter on Refinery

August 29, 2012

Lithuania’s economy expanded at a faster rate in the second quarter than previously estimated as domestic demand helped relieve falling output at the country’s biggest exporter.

Gross domestic product grew a revised 2.2 percent from the same three months of 2011, compared with a preliminary estimate of 2.1 percent released on July 30, the Vilnius-based statistics office said in an e-mailed statement today. Output rose a seasonally adjusted 0.5 percent from the previous quarter. The economy expanded 3.9 percent in the first three months from a year earlier.

Growth is slowing from the second-fastest pace in the European Union behind Latvia in the first quarter as export growth decelerates amid a debt crisis in Europe. After growing 5.9 percent in the 2011, GDP will expand 3 percent this year, the central bank predicts.

Orlen Lietuva AB stopped production for a month in May to carry out maintenance and the biggest upgrade in the oil refiner’s history, reducing output capacity by 26 percent in the second quarter from the first, the company said.

Retail sales grew 4 percent in the second quarter from a year earlier.

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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