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Published: 19 november 2012 18:33

Lithuanian central bank forecasts slower growth in companies' investment

pinigai
Tomo Urbelionio/BFL nuotr. / pinigai

The Bank of Lithuania forecasts that investments by companies in the country in 2012 and 2013 will be lower than previously expected.

In its latest forecasts released on Monday, the central bank predicts that investments will grow by 2.3 percent this year and by 6.2 percent next year, less than 4.5 percent and 7.6 percent, respectively, projected in August. 

"Uncertainty about the future holds back consumption and forces companies to put off their expansion decisions. Therefore, the outlook for consumption and investments now looks worse than previously," Rūta Rodzko, director of the Bank of Lithuania's Economics and Financial Stability Service, said in a press release.

The Bank of Lithuania said in its latest economic review report that business sentiment on the economic outlook remained grim, which discouraged companies from financing investment projects using borrowed funds.

However, growing production capacity could encourage companies to invest more, it added.

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