VILNIUS, Jan. 30 (Xinhua) -- Lithuania's gross domestic product (GDP) grew by 3.9 percent in 2019 compared to 3.6 percent in 2018, the country's statistics office said on Thursday.
Statistics Lithuania said that in 2019, the country's GDP, based on available statistical data and econometric models, amounted to 48.3 billion euros (53.3 billion U.S. dollars) at current prices. The fastest GDP growth -- 4.3 percent -- was recorded in the first quarter of 2019.
"Industrial production, exports of goods, freight and passenger transportation expanded last year, while agricultural sector overcame the decline and increased its production. Businesses earned more pre-tax profits, although profitability declined slightly," Statistics Lithuania Director Jurate Petrauskiene said, quoted by local media.
Lithuania's GDP growth exceeded most of the previous forecasts, including that of the country's central bank, Bank of Lithuania, which expected the country's economy to grow by 3.7 percent in 2019.
Bank of Lithuania projected that the country's GDP growth will not exceed 3.0 percent in 2020, due to current economic trends.
Further development of U.S.-EU trade conflicts, Brexit, and re-escalation of U.S.-Iran conflict are among the global risks which could have effect on Lithuania's economy, the central bank said in its commentary on Thursday.
