New data released by Lithuania’s statistics office on Tuesday (28 April) show the country’s economy shrunk by 12.6 percent in the first quarter of this year compared to the same period in 2008.
The quarterly contraction is thought to be the largest experienced by any country since the start of the financial crisis and certainly the worst in the small Baltic state since recording began in 1995.
The World Bank says eastern Europe as been hit the hardest by the global recession.
Falling exports and industrial output and also the global credit squeeze are at the root of the problem says the statistics office.
«We hope that next year, we shall have a much lower gross domestic product decrease or even stability in GDP, and then we are forecasting that we should return back to GDP growth in 2011,» said the country’s prime minister, Andrius Kubilius.