Lithuania: Finance Ministry cuts GDP forecast for 2023, 2024

Lithuania’s Finance Ministry has revised its GDP forecast for 2023, now projecting a contraction of 1%, Baltic News Network reports. In March 2023, the ministry predicted a GDP growth of 0.5% for 2023. As per the ministry’s updated forecast, the economy will expand by 2.5% in 2024, while the previous forecast had projected a 3% rise in GDP. Finance Minister Gintare Skaiste said that a temporary slowdown in the economy was expected. Looking ahead, the Finance Ministry foresees an acceleration in annual growth, averaging around 3% in both 2025 and 2026.