Lithuanian experts say that Russia's economic downturn and its embargo last year shaved around 1 percentage point off Lithuania's GDP growth, but it mostly affected only a few sectors, the daily Lietuvos Žinios reported on Thursday.
Lithuanian milk
© DELFI / Karolina Pansevič

Swedbank's chief economist Nerijus Mačiulis thinks that Russia's embargo posed serious challenges to some food producers and agriculture, transport and logistic companies, but it did not shake the economy as a whole, noting that employment and wages continued to grow.

SEB Bankas' chief analyst Tadas Povilauskas says, however, that Lithuania was among the EU countries the most affected by Russia's embargo. An indication of this is that Lithuania's economic growth decelerated to 1.8 percent in 2015, from 3.5 percent in 2014, the sharpest slowdown of all EU countries.

"Certainly, we can't blame everything on Russia, but Russia's sanctions and its economic decline had a major impact of up to 1 pct of GDP on the slowdown of economic growth," he told the paper.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...

International investors discover Šiauliai

In recent years, Lithuania has seen a large influx of foreign investors. Whereas Vilnius and Kaunas...

Hungary may consider buying gas from Lithuania - president

Hungarian President Janos Ader said on Tuesday that his country might consider buying liquefied gas...

New global sales trends have not bypassed Lithuania: “” has announced two-week sale festival

Traditionally, November is a very busy month for global trade sector as everybody looks forward to new...