Statistics Lithuania, based on more detailed quarterly data and having estimated the value added by a more detailed list of economic activities, revised the second estimate of gross domestic product (GDP) for II quarter 2008. According to the revised data, GDP over II quarter 2008 at current prices made LTL 28 604.2 million and, as compared with II quarter 2007, increased by 5.2 per cent. The previously released second GDP estimate equalled LTL 28 234.4 million, and its growth rate made up 5.3 per cent. Over I half-year 2008, as compared with the respective period of previous year, GDP grew by 6.1 per cent.
Changes in gross domestic product
|
|
At current prices |
Chain-linked volume |
Changes of seasonally and working day adjusted data, % |
|
LTL million |
EUR million |
LTL million |
Changes, % |
|
As compared to the previous period |
As compared to the corresponding period of previous year |
As compared to the previous period |
As compared to the corresponding period of previous year |
|
2000 |
45736.8 |
12364.6 |
45736.8 |
|
|
|
|
|
2001 |
48636.9 |
13567.2 |
48817.5 |
6.7 |
6.7 |
6.7 |
6.7 |
|
2002 |
52070.0 |
15047.0 |
52168.1 |
6.9 |
6.9 |
6.9 |
6.9 |
|
2003 |
56959.4 |
16496.6 |
57513.5 |
10.2 |
10.2 |
10.2 |
10.2 |
|
2004 |
62697.8 |
18158.6 |
61741.3 |
7.4 |
7.4 |
7.4 |
7.4 |
|
2005 |
72060.4 |
20870.1 |
66558.6 |
7.8 |
7.8 |
7.8 |
7.8 |
|
2006 |
82792.8 |
23978.5 |
71779.9 |
7.8 |
7.8 |
7.8 |
7.8 |
|
I |
17335.3 |
5020.6 |
15969.6 |
-9.9 |
8.0 |
1.9 |
8.5 |
|
II |
20250.7 |
5865.0 |
17625.9 |
10.4 |
8.7 |
1.7 |
8.2 |
|
III |
22205.9 |
6431.3 |
19124.8 |
8.5 |
7.3 |
1.3 |
6.9 |
|
IV |
23000.9 |
6661.5 |
19059.6 |
-0.3 |
7.5 |
2.6 |
7.8 |
|
2007◘ |
98138.7 |
28422.9 |
78186.0 |
8.9 |
8.9 |
8.9 |
8.9 |
|
I |
20222.9 |
5857.0 |
17084.5 |
-10.4 |
7.0 |
1.7 |
7.6 |
|
II |
24384.8 |
7062.3 |
19214.6 |
12.5 |
9.0 |
2.7 |
8.7 |
|
III |
26195.1 |
7586.6 |
21141.5 |
10.0 |
10.5 |
2.7 |
10.1 |
|
IV |
27335.9 |
7917.0 |
20745.4 |
-1.9 |
8.8 |
1.8 |
9.2 |
|
2008* |
|
|
|
|
|
|
|
|
I |
24461.0 |
7084.4 |
18287.9 |
-11.8 |
7.0 |
-0.4 |
6.9 |
|
II |
28604.2 |
8284.4 |
20211.7 |
10.5 |
5.2 |
1.0 |
5.2 |
* Provisional data. ◘ Non-final data.
The most rapid increase in the value added in April–June 2008 was observed in wholesale and retail trade (6.6 per cent), manufacturing (6.0 per cent), construction and real estate, renting and business activities (5.6 per cent in each), financial intermediation (5.5 per cent), transport, storage and communication (5.4 per cent) enterprises. The value added generated by the above-mentioned enterprises made up 73.4 per cent of the gross value added. A slower growth in the value added was observed in hotels and restaurants (4.6 per cent), electricity, gas and water supply (4.2 per cent), private household services (4.8 per cent), public administration and defence (4.0 per cent), education (3.8 per cent), other community, social and personal service activities (3.7 per cent) and fishery (3.5 per cent). The slowest growth in the value added was observed in agriculture and forestry (1.4 per cent) and health and social work (0.3 per cent).
A negative impact on the GDP growth rate in II quarter 2008 was made only by the value added of mining and quarrying enterprises, which decreased by 1.1 per cent.
Changes in gross value added by kind of economic activity as compared to the corresponding period of previous year
Per cent
|
|
Agriculture, hunting, forestry and fishing |
Industry 1 |
Construction |
Wholesale and retail trade |
Financial, real estate, renting and business
activities |
Other service activities |
Gross value added |
|
2001 |
-4.4 |
13.7 |
5.8 |
7.8 |
5.6 |
1.6 |
6.7 |
|
2002 |
8.2 |
4.5 |
12.7 |
9.3 |
6.4 |
4.2 |
6.9 |
|
2003 |
7.4 |
15.9 |
22.8 |
9.1 |
9.1 |
2.9 |
10.2 |
|
2004 |
-0.5 |
10.6 |
7.3 |
8.2 |
8.2 |
3.3 |
7.4 |
|
2005 |
2.0 |
6.8 |
11.4 |
10.0 |
11.0 |
3.3 |
7.8 |
|
2006 |
-10.0 |
7.8 |
21.0 |
8.2 |
12.6 |
2.7 |
7.8 |
|
I |
-5.6 |
11.0 |
21.0 |
8.0 |
10.3 |
1.4 |
8.0 |
|
II |
-4.8 |
11.3 |
18.9 |
8.3 |
13.2 |
1.3 |
8.7 |
|
III |
-16.6 |
7.6 |
18.3 |
8.5 |
13.6 |
3.5 |
7.3 |
|
IV |
-3.6 |
2.3 |
25.3 |
7.8 |
13.3 |
4.3 |
7.5 |
|
2007◘ |
13.2 |
6.4 |
21.2 |
11.8 |
5.9 |
2.6 |
8.9 |
|
I |
8.1 |
0.9 |
28.3 |
11.9 |
4.5 |
3.9 |
7.0 |
|
II |
6.5 |
7.3 |
27.2 |
11.2 |
3.9 |
3.5 |
9.0 |
|
III |
20.2 |
10.7 |
21.6 |
11.8 |
6.6 |
-0.8 |
10.5 |
|
IV |
10.8 |
6.5 |
12.6 |
12.2 |
8.4 |
4.0 |
8.8 |
|
2008* |
|
|
|
|
|
|
|
|
I |
-0.2 |
6.2 |
12.6 |
9.3 |
9.4 |
2.2 |
7.0 |
|
II |
1.4 |
5.7 |
5.6 |
6.0 |
5.6 |
3.3 |
5.2 |
1 Mining and quarrying; manufacturing, electricity, gas and water supply.
When analysing the GDP growth applying an expenditure approach, it can be seen that in II quarter 2008 final consumption expenditure was still growing rapidly – by 6.9 per cent. Household final consumption and general government consumption expenditure growth rates made up, respectively, 7.3 and 45.4 per cent. Increasing consumption determined the further growth in imports of goods and services; however, in April–June 2008, the growth in imports was slower than growth in exports (12.1 and 13.7 per cent respectively).
The growth rate of gross fixed capital formation in II quarter 2008, against II quarter 2007, was negative. Expenditure on gross fixed capital formation decreased by 2.3 per cent due to a further slowdown in construction and notable decrease in investment in machinery and equipment, as well as means of transport.
Changes in gross domestic product by expenditure components as compared to the corresponding period of previous year
Per cent
|
|
Final consumption expenditure |
Household consumption expenditure |
General government consumption expenditure |
NPIs
serving households |
Gross capital formation |
Gross fixed capital formation |
Exports of goods and services |
Imports of goods and services (minus) |
Gross domestic product |
|
2001 |
3.7 |
4.2 |
2.6 |
-14.5 |
15.6 |
13.3 |
21.2 |
17.6 |
6.7 |
|
2002 |
4.8 |
5.9 |
1.1 |
60.7 |
14.7 |
10.6 |
19.4 |
17.7 |
6.9 |
|
2003 |
8.9 |
10.4 |
4.1 |
2.8 |
24.8 |
13.7 |
6.9 |
10.4 |
10.2 |
|
2004 |
11.0 |
11.9 |
8.2 |
17.3 |
19.9 |
15.7 |
4.4 |
14.9 |
7.4 |
|
2005 |
10.2 |
12.3 |
3.5 |
-22.6 |
-1.3 |
11.2 |
17.7 |
16.4 |
7.8 |
|
2006 |
9.1 |
10.6 |
3.7 |
24.0 |
9.4 |
19.4 |
12.0 |
13.7 |
7.8 |
|
I |
9.3 |
9.3 |
9.4 |
2.8 |
9.9 |
20.2 |
20.4 |
21.9 |
8.0 |
|
II |
7.5 |
9.3 |
1.1 |
19.2 |
-1.7 |
20.7 |
17.0 |
10.5 |
8.7 |
|
III |
11.4 |
13.9 |
2.7 |
37.7 |
8.3 |
15.1 |
10.0 |
16.4 |
7.3 |
|
IV |
8.0 |
9.6 |
2.4 |
34.3 |
20.8 |
21.9 |
2.7 |
8.0 |
7.5 |
|
2007◘ |
10.3 |
12.3 |
3.3 |
24.7 |
21.9 |
20.8 |
4.3 |
11.6 |
8.9 |
|
I |
15.1 |
18.6 |
3.8 |
34.5 |
9.3 |
30.7 |
2.5 |
13.1 |
7.0 |
|
II |
10.5 |
12.3 |
4.4 |
26.3 |
48.8 |
26.4 |
2.7 |
17.9 |
9.0 |
|
III |
5.9 |
7.2 |
1.7 |
19.5 |
23.1 |
20.1 |
11.5 |
11.4 |
10.5 |
|
IV |
10.4 |
12.5 |
3.4 |
21.7 |
9.7 |
10.9 |
0.6 |
4.6 |
8.8 |
|
2008** |
|
|
|
|
|
|
|
|
|
|
I |
9.5 |
11.1 |
4.0 |
8.4 |
24.3 |
1.6 |
9.8 |
18.5 |
7.0 |
|
II |
6.9 |
7.3 |
5.4 |
-4.4 |
0.9 |
-2.3 |
13.7 |
12.1 |
5.2 |
In order to improve the calculation of GDP, due to new information sources and having introduced other methodological changes, annual and quarterly indicators of national accounts for the years 2000–2007 were recalculated. Over 2000–2004, nominal GDP grew from 0.1 to 0.3 per cent. Revised nominal GDP of 2005–2006 leaped from 0.9 to 1.1 per cent. The GDP growth rate remained almost unchanged.
The major impact on the revised result was made by the estimation of the consumption of fixed capital according to the requirements of the European System of National and Regional Accounts (ESA‘95) by applying a permanent inventory method to all components of capital. Having estimated depreciation of roads and bridges, the value added of private administration services and general government final consumption expenditure significantly increased. The volume of financial intermediation services indirectly measured (FISIM) for the recent years was revised, whereas more comprehensive information of the Bank of Lithuania since the year 2005 allowed revising the share of bank deposits and consumer loans of the population and small businesses. Production volumes of own software were estimated, and correction to gross capital formation due to small items of stock was made. These indicators impacted on the result of fixed capital formation. The value added of agriculture was revised, taking into consideration the data of Economic Accounts for Agriculture. Data for the years 2006–2007, which were previously estimated based on quarterly statistical information, were revised as well.
Annual and quarterly indicators of national accounts for 1995–1999 will be recalculated and published in September 2009.