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The Lithuanian economy expanded at a faster rate in the third quarter (Q3) than previously estimated, as construction output grew for the first time in almost two years, revised data showed.  

Lithuania sustained the pace of recovery in the Q3, and its gross domestic product grew 1.1 %, compared with a preliminary estimate of 0.6 % released on Oct. 28. "If it hadn't been for the poor agriculture performance, the economy would have expanded at twice the rate." Vilija Tauraite, an economist with SEB Bank in Vilnius, said. The value created in agriculture, which accounts for a bigger share of GDP in Q3 than in other periods, fell 10.5 % in year.

Revised construction and transport figures led to GDP growth being faster than previously estimated. The construction sector grew for the first time after contracting for seven consecutive quarters. "The construction, the worst-hit industry during the economic crisis after contracting about 50 % last year, is recovering", Tauraite said. On the quarter, output grew a seasonally adjusted 0.6 %, compared with a preliminary estimate of 0.1 %, the statistics office reported. Also, the value created by the construction industry grew 6.4 % in Q3 from the same period last year.

Exports, which make up about 65 % of total economic output, grew 9.9 % in Q3 from the previous three-month period. Industrial output, representing about 20 % of the economy, increased an annual 7.8 % in Q3, compared with a 4.5 % gain in Q2. The Lithuanian Government forecasts the economy will expand 1.6 % this year.