Republic of Lithuania: Staff Report for the 2006 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 162

Publication date: May 2006

ISBN: 9781451824124

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , EU fund , Maastricht inflation reference rate , real GDP , deficit , short-term debt , EU funds , inflation rate , EU integration , foreign currency , one-off revenue gain , public goods , U , S , dollar , exchange rate , Credit , Income , Loans , Baltics , Eastern Europe , Europe

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Summary

This 2006 Article IV Consultation highlights that following exceptional economic progress, based on macroeconomic stability and economic flexibility, imbalances and cautionary signals have emerged for Lithuania. Centered around nontraded goods production, GDP grew 7.5 percent in 2005. Most indicators suggest a tightening of resource use: a declining unemployment rate, high capacity utilization, and buoyant asset prices. The current account deficit has remained sizable, with significant reliance on bank and market-based financing to cover it. Rapid credit growth has supported a growing household appetite for mortgages and corporate demands in nontraded sectors.