The European Commission (EC) announced in its Spring 2015 Economic Forecast that Lithuania's gross domestic product (GDP) is expected to grow by 2.8 percent, whereas domestic consumption should be the major factor determining economic growth.
European Commission
© DELFI (A.Sarcevičiaus nuotr.)

"Expected pick up in investment is set to boost real GDP growth to 3.3 percent in 2016. Inflation remains low. The improvement in public finances is expected to pause in 2015," the EC report reads.

In February the EC forecast that Lithuania's economy would grow by 3 percent. Based on the latest forecast, a 0.4 percent deflation is expected this year, unemployment should stand at 9.9 percent and the gross public debt is expected to account for 41.7 percent of Lithuania's GDP.

The EC expects that in 2015 real GDP will grow by 1.8 percent in the European Union (EU) and by 1.5 percent in the euro area. For 2016, a 2.1 percent growth is expected in the EU and of 1.9 percent in the euro area.

"Europe's economies are benefitting from many supporting factors at once. Oil prices remain relatively low, global growth is steady, the euro has continued to depreciate, and economic policies in the EU are supportive. (&) All countries in the EU are set to gain from these positive tailwinds. However, the extent to which each economy benefits will depend on its responsiveness to lower oil prices and the depreciation of the euro in particular," the EC report reads.

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