Within the 2018-2023 timeframe, our forecast models predict growth from 5.7% p.a. in a low scenario to 8.8% p.a. in a high scenario. Accordingly, the industry in Lithuania is expected to achieve revenues of between $29 million to $33 million by 2023.
The commercial industrial gas market in Lithuania is estimated to have generated revenues of $22 million in 2018. This is up from around $17 million in 2008, indicating an average annual growth rate of 2.8% for the decade.
Between 2008 and 2018 GDP grew by an average of 5.6% p.a. The Baltic nations were amongst some of the worst hit countries in terms of the global financial crisis. In 2009 GDP fell by almost 17%, but recovery was quick and GDP growth has been positive since. A number of successful governmental policies has attracted major foreign investment, and this has been a key driver for the recovering economy.
Published: 2020
Report Data: 2019
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