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Due to the current geopolitical tensions and crisis, Lithuania's exports to the region of the Commonwealth of Independent States (CIS) last year declined by EUR 158 million, however, at the same time exports to new markets grew by EUR 176 million.
Lithuania's companies set off losses in CIS with exports to new markets
© DELFI / Mindaugas Ažušilis

These results were presented by the Lithuanian Confederation of Industrialists. All losses incurred in the CIS markets were surpassed by EUR 18 million by new export routes to North America and South America, Asia, the Persian Gulf state and Africa.

The Confederation's poll reveals that the wish of Lithuanian businesses to expand in the CIS and EU countries has been declining, while the best opportunities are envisaged in Asia as 23 percent of respondents think about expansion in the region.

Taking into account the available statistical information, the Confederation has decided to leave Lithuania's GDP growth forecast for 2015 unchanged.

It is predicted that the country's GDP will rise by 2.6 percent this year. Last year, the Confederation said that the country's economy would grow by 3.4 percent in 2015, while at the end of the year these expectations were cut to 3 percent.

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