The Lithuanian economy grew at its slowest pace since 2010 last year at 1.6%, but rising business confidence and increasing orders should drive higher economic growth in the year ahead.
© DELFI / Orestas Gurevičius

Growing demand in Lithuanian and foreign markets have led to a higher level of confidence about the year ahead among companies with indicators showing increasing confidence in all sectors except construction, reports TV3.

Recent economic indicators show growing momentum in the economy, with projections of a GDP growth rate of 2.6% in the first quarter of 2016.

With Lithuania’s labour market tightening, wages rising, and inflation likely to remain low businesses focused on the domestic economy should perform well as domestic consumption of goods and services increases.

The pace of growth in the manufacturing industry is expected to rise with a increasing number of orders requiring investment in new equipment and employees.

Over 10% of manufacturing companies are planning to increase their number of their employees, according to the latest surveys. Growing exports are also projected to support stronger economic growth in Lithuania in 2016.

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