VILNIUS, April 30 (Xinhua) -- Lithuania's economy grew by a healthy 3.5 percent in the first quarter 2018, compared to the same period last year, the country's statistics office announced on Monday.
According to Statistics Lithuania, compared to the previous quarter, the economy grew by 0.8 percent.
"Lithuanian economy is on a healthy growth path, mostly based on export developments alongside with significant contribution of corporate investments and consumption," Darius Imbrasas, senior economist at Lithuania's central bank's macro economy department, said in a statement released by the bank.
According to Imbrasas, labor productivity growth in Lithuania in 2017, the fastest in six years, was another driver for optimistic sentiments.
"The productivity grew in many areas of economic activity, mostly in sectors of IT, industry and transport," the analyst was quoted as saying in the statement.
The Bank of Lithuania expects Lithuania's economy to accelerate by 3.2 percent this year and 2.7 percent in 2019. Weaker external demand will slow down Lithuania's GDP growth next year, the bank said.
Lithuania's Ministry of Finance projects the country's GDP to advance by 3.2 percent and 2.8 percent respectively in 2018 and 2019.
The country's GDP expanded by 3.9 percent in 2017.
