aA
Lithuania's gross domestic product contracted by 3.7 percent in the second quarter of 2020 from a year ago to 11.5 billion euros at current prices, the country’s statistics office said on Thursday.
Coronavirus-triggered economic crisis less severe than in 2009
© DELFI / Andrius Ufartas

Quarter-on-quarter, the economy shrank by 5.1 percent.

"The second-quarter contraction was mostly due to services. Manufacturing had the second-biggest impact and construction was in third place," Jurate Petrauskiene, the head of Statistics Lithuania, told a news conference.

It can already be concluded that the economic crisis caused by the coronavirus was not as deep as in 2008-2009, according to Petrauskiene.

"If we analyze and compare the 2009 crisis to this year's, we can see that the 2009 crisis was much more severe, at minus 12.7 percent. We now see a (quarterly) contraction of 5.1 percent," she said.

The country's GDP for the first half of 2020 totaled 22.5 million euros at current prices, down by a seasonally and calendar-adjusted 0.6 percent compared with the same period in 2019.

"This is a contraction, too, but insignificant," Petrauskiene noted.

The second-quarter GDP was driven down by declines of 2 percent in wholesale and retail trade, transport and storage, accommodation and food, 1.01 percent in manufacturing, and 0.95 percent in professional, scientific and technical, administrative and service activities.

The contraction in the manufacturing sector was mostly due to declines in textiles, leather processing, and oil product and timber trade. The construction sector saw a decrease in the residential building segment, according to Petrauskiene.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Minister: budget deficit to narrow, debt-to-GDP ratio to stabilize in 2021

The Lithuanian state's 2021 budget bill has been drafted with the aim of reducing the general...

One in 3 Lithuanians feels anxious about money

Thirty-nine percent of Lithuanians feel anxious about their finances every day, which adversely...

Simonyte: key budget issue is what to do with borrowed money (1)

The key question related to Lithuania's next year budget is what will be done with borrowed money...

Minister: Lithuania financially capable of withstanding another coronavirus outbreak

Lithuania would be financially capable of withstanding another coronavirus outbreak, Finance...

A new commercial bank has launched operations in Lithuania

PayRay , a Lithuanian financial sector company, has started a new page of its business service...

Top news

Only every 2nd resident would get coronavirus jab

Only half of Lithuanian residents would get a coronavirus vaccine once it is become available,...

Energy Minister: Moscow's note shows Baltics are taking right steps

Moscow 's call on Lithuania to review a new draft methodology for electricity trade between the...

China expresses resentment over Freedom Party's Taiwan independence support

The Chinese Embassy in Lithuania has on Friday expressed its resentment over the Lithuanian...

Nauseda urges to refrain from family gatherings on long weekend

Lithuanian President Gitanas Nauseda on Friday called on people to refrain from family gatherings this...

Health minister says nationwide quarantine possible

Lithuanian Health Minister Aurelijus Veryga on Friday did not rule out introducing a nationwide...

|Maža didelių žinių kaina