"Lithuania's economy has been surprisingly well withstanding challenges caused by the COVID-19 pandemic so far. Despite a strong shock to the economy, we've been seeing growing economic activity since May already. A timely fiscal response, including measures related to residential income, jobs and maintaining business liquidity, has helped to amortize losses the economy suffered in April," Sapoka was quoted as saying in a statement issued by the Finance Ministry
It warned, however, that it's too soon to state that the positive result will become a tendency in the second half. The recent spike in coronavirus cases and growing uncertainty over the future might again negatively affect business and consumer expectations.
The latest figures showed today that Lithuania's economy contracted 3.7 percent to 11.5 billion euros year-on-year, and shrank by 5.1 percent on a quarterly basis.