Lithuania's economy slows in third quarter on annual basis

 Lithuania's GDP grew at 2.6 percent in the third quarter on a yearly basis, Statistics Lithuania announced Thursday, slower than the rate in the first and second quarters of the year.
Annual revised GDP growth numbers for the first and the second quarter of this year were 3.3 percent and 3.4 percent, respectively, on a year-on-year basis.
The economy expanded 0.4 percent in the third quarter, compared with the second.
Figures released on Thursday were flash estimates which will be revised later this year.
Domestic consumer demand has been the main driver of the Baltic country's economy. Construction and transport sector growth contributed to the GDP advance as well, statistics showed.
"Domestic demand, which is household and government consumption, as well as investments, most likely remained the main driver of economic growth," Swedbank said in a statement.
According to the bank, in August and September, consumer confidence declined to the lowest level since 2012 due to the increased geopolitical tensions in the region and Russian sanctions.
However, in September, retail trade growth accelerated and as a result retail trade was 5 percent higher in the third quarter year-on-year.
Swedbank expects GDP to expand 3 percent this year and 3.5 percent next year. Increasing domestic demand will remain the main driver of growth, the bank said.