Lithuania’s central bank, the Bank of Lithuania, has raised its GDP growth forecast for 2024, BNS reports. The central bank now expects the GDP to grow by 2.2% in 2024, up from its previous forecast of 1.9% in June 2024. The central bank projects that the GDP will rise by 3.1% in 2025 and 3.3% in 2026, which is unchanged from its earlier forecast. Annual inflation will reach 1.0% (1.2%) in 2024 and rise to 2.5% (2.4%) in 2025 and 2.6% (2.4%) in 2026. Lithuania’s exports will grow by 1.2% in 2024, by 3.1% in 2025, and by 3.8% in 2026. Wages will rise by 9.8% in 2024 (10.2%), by 8.5% in 2025, and by 8.1% in 2026. The country’s unemployment rate will rise to 7.4% in 2024 and fall to 7.1% in 2025 and to 6.9% in 2026. Real private consumption will increase by 3.6% in 2024 and by 3.7% in both 2025 and 2026, the Bank of Lithuania forecasts.
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