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Lithuanian 1st-Quarter GDP Growth Slowed to 3.4%, Below Estimate

April 30 (Bloomberg) -- Lithuania’s economy grew slower than economists predicted in the first quarter as the construction industry slumped, the statistics office said, citing a preliminary estimate.

Gross domestic product advanced 3.4 percent from a year earlier, compared with 4.1 percent in the previous three months, the statistics office in the capital, Vilnius, said today by e-mail. That’s less than the 3.5 percent median estimate of three economists in a Bloomberg survey. GDP rose a seasonally adjusted 1.3 percent from the fourth quarter.

Prime Minister Algirdas Butkevicius’s four-party Cabinet took office in December after elections during which the eventual coalition members pledged to boost social spending. The government has a goal of adopting the euro in 2015 and projects the budget deficit will narrow to 2.5 percent of GDP this year, from 3.2 percent in 2012.

The statistics office is due to release a breakdown of first-quarter GDP data on May 30.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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