Information of the chapter will be supplemented

Photo from pixabay.com

The chapter presents the revised time series of gross domestic product (GDP) and the main national accounts aggregates since 2010 and provisional information for 2018. In the European Union, it is recommended to carry out the main harmonised revisions of the national accounts aggregates in order to ensure comparability between the countries. This year, a revision of time series of the indicators for 2010–2017 was performed. While estimating the growth rates of the indicators and applying the chain-linking method, the year 2015 is used as the reference year instead of the previously used year 2010.

During the revision, the recalculation of GDP and its components was carried out following the introduction of new data sources and improvement of estimation methods, as well as taking into account the European Commission (EC) proposals for the improvement of the estimation of certain components of Lithuanian gross national income (GNI) provided during the GNI revision visit. The results of the revision of time series showed that GDP at current prices did not differ considerably from the previously published one and the changes ranged from –0.3 per cent in 2010 to +0.2 per cent in 2017. The revision did not have a significant impact on real changes in GDP.

In 2017, GDP grew by 4.2 per cent and amounted to EUR 42 billion 269.4 million at nominal value. These results were obtained on the basis of estimated final annual data from statistical reports and administrative sources.

Based on provisional estimates of annual macroeconomic indicators, in 2018, Lithuania’s GDP grew by 3.6 per cent, and the nominal GDP value totalled EUR 45 billion 264.4 million. The positive GDP change was mostly influenced by growth in the value added observed in construction (9.6 per cent), transportation and storage (6.4 per cent), wholesale and retail trade, repair of motor vehicles (4.4 per cent), manufacturing (3.8 per cent). Compared to 2017, the value added generated by the producers of agricultural products decreased by 10.4 per cent.

In 2018, household and general government final consumption expenditure increased by 3.9 and 0.5 per cent respectively. Gross fixed capital formation grew by 8.4 per cent.

Based on provisional data, in 2018, compared to 2017, exports and imports of goods and services increased by 6.3 and 6 per cent respectively.

GDP estimation methods

The System of National Accounts (SNA) completely characterises the basic phenomena of economic life: production, income, consumption, accumulation, and assets. One of the key balancing items of the SNA is gross value added (by industry or institutional sector) or gross domestic product (GDP) for the whole economy. To estimate GDP, the following three methods are used:

– production;
– income;
– expenditure.

GDP by production approach. GDP is the net value of all goods and services produced within the country during the reporting period, i.e. the final result of production activity. GDP at market prices is the sum of the value added of all industries or institutional sectors at basic prices, which is derived as a difference between output and intermediate consumption, plus taxes, less subsidies on products which are not allocated to industries or sectors.

GDP by income approach. GDP is the sum of components of the generation of income account (compensation of employees: wages and salaries and employers’ social contributions; taxes on production and imports less subsidies; gross operating surplus and gross mixed income).

GDP by expenditure approach. GDP is the sum of the final uses of goods and services by resident institutional units (final consumption expenditure of households, general government and non-profit institutions serving households; gross capital formation: gross fixed capital formation, changes in inventories, and acquisitions less disposals of valuables), plus exports, minus imports of goods and services.

Gross domestic product (GDP) and gross value added
   At current prices

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

Structure of gross value added by economic activity
   At current prices, seasonally and working day unadjusted

   Per cent

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

More:

National income, saving, net lending/borrowing

For further terms, see the Dictionary of Statistical Terms.