Business in Lithuania (edition 2021)

Business generated GDP in the national economy

 

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The chapter presents the aggregates on gross domestic product (GDP) and components thereof as well as provisional information for 2020.

Each year, the time series of the GDP aggregates are revised based on information of the latest or revised data sources, and the provisional indicators of national accounts of the previous year are estimated.

In 2020, GDP at current prices amounted to EUR 49.5 billion. Compared to 2019, the real GDP change stood at ‑0.1 per cent. The revised 2019 GDP amounted to EUR 48.9 billion; compared to the previous period, it grew by 4.6 per cent.

As for GDP estimated by production approach, it is evident that the impact of the COVID‑19 pandemic in 2020 was very uneven for individual economic activities. A rapid further growth was observed in the value added generated by agriculture, forestry and fishing (10.3 per cent in 2019 and 9.4 per cent in 2020) and information and communication (11.9 and 7.2 per cent respectively) activities. Despite the pandemic, in 2020, a growth was maintained in manufacturing (4.0 per cent in 2019 and 1.1 per cent in 2020), as well as wholesale and retail trade (3.0 per cent in 2019 and 1.4 per cent in 2020) sectors, also having the highest relative weight in terms of generation of value added. The greatest impact of the pandemic in 2020 was felt in the services sector – accommodation and food service activities (-30.9 per cent), arts, entertainment and recreation (-16.5 per cent), other service activities (‑7.5 per cent) and administrative and support service activities (‑7 per cent) recorded the largest decrease in the value added.

As for GDP estimated by expenditure approach, the negative impact of the pandemic in 2020 was reflected in all components: gross fixed capital formation decreased by 1.8 per cent (in 2019, it grew by 6.6 per cent), household final consumption expenditure – by 2.1 per cent (in 2019, +3 per cent), imports of goods and services – by 4.4 per cent (in 2019, +6.1 per cent), while exports of goods and services that was rapidly growing in 2019 (9.9 per cent) maintained modest growth in 2020 (0.4 per cent).

As for GDP estimated by income approach, in 2020, a slowdown in the rapid growth of compensation of employees was recorded: in 2019 and 2020, it increased by 11.2 and 5.8 per cent respectively (at current prices). Taxes on production and products increased by 7.5 and 2 per cent respectively, while the change in subsidies is most pronounced in the impact of pandemic management measures: in 2020, compared to 2019, allocation thereof increased 2.3 times (EUR 1.879 million and EUR 829 million respectively).


GDP in the whole economy, 2011–2020
At constant prices (chain-linking method) 

EUR million

The latest and detailed data are available in the Database of Indicators

 

Real GDP change, 2011–2020
Compare to the previous period

Per cent

The latest and detailed data are available in the Database of Indicators

 

GDP per capita, 2011–2020
At current prices

EUR

The latest and detailed data are available in the Database of Indicators

For further terms, see the Dictionary of Statistical Terms.