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2019 Lithuanian Economic Review

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2019 Lithuanian Economic Review Lithuanian Economic Review 2019 MARCH 1 LITHUANIAN ECONOMIC REVIEW ISSN 2029-8471 (online) MARCH 2019 The Lithuanian Economic Review analyses the developments of the real sector, prices, public finance and credit in Lithuania, as well as the projected development of the domestic economy. The material presented in the review is the result of statistical data analysis, modelling and expert assessment. The review is prepared by the Bank of Lithuania. The cut-off date for the data used in the Lithuanian Economic Review was 1 March 2019. The Bank of Lithuania macroeconomic projections are based on external assumptions, constructed using information made available by 12 February 2019, and other information made available by 1 March 2019. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. © Lietuvos bankas Gedimino pr. 6, LT-01103 Vilnius www.lb.lt 2 CONTENTS LITHUANIA’S ECONOMIC DEVELOPMENT AND OUTLOOK ........................................................... 6 I. INTERNATIONAL ENVIRONMENT........................................................................................... 9 Box 1. Potential impact of the US tariffs on car imports from the EU on the Lithuanian economy ......................................................................................................................... 12 II. MONETARY POLICY OF THE EUROSYSTEM .......................................................................... 14 III. REAL SECTOR ................................................................................................................. 16 Box 2. Impact of higher energy prices on inflation and household consumption...................... 18 IV. LABOUR MARKET ............................................................................................................ 20 Box 3. Regional demographic and labour market differences and their impact on household disposable income ............................................................................................................ 22 V. EXTERNAL SECTOR ........................................................................................................... 25 Box 4. EC Mobility Package and Lithuania’s transportation sector .......................................... 27 VI. PRICES ........................................................................................................................... 29 Box 5. Are food prices rising faster than income? ................................................................ 31 VII. FINANCING OF THE ECONOMY ........................................................................................ 32 VIII. GENERAL GOVERNMENT FINANCE .................................................................................. 33 Box 6. Adequacy and effectiveness of general government expenditure allocation in Lithuania 34 3 CHARTS Chart 1. Dynamics of annual growth in global exports, real GDP in the euro area and the US ........ 9 Chart 2. Dynamics of composite PMI’s ...................................................................................... 9 Chart 3. Dynamics of global EPU index ................................................................................... 11 Chart 4. Dynamics of annual growth in Lithuania’s external demand ......................................... 11 Chart 5. Factual ECB interest rate and inflation data and economists’ projections ....................... 15 Chart 6. Average interest rates on new MFI housing loans and loans to non-financial corporations ......................................................................................................................... 15 Chart 7. Contributions to real GDP (output approach) .............................................................. 16 Chart 8. Output gap .............................................................................................................. 16 Chart 9. Impact of government discretionary decisions on the growth of household disposable income (at current prices) ..................................................................................................... 17 Chart 10. GDP evolution and projections (adjusted for seasonal and workday effects) ................ 17 Chart 11. Migration balance ................................................................................................... 20 Chart 12. Share of companies experiencing labour shortages ................................................... 20 Chart 13. Ratio of the national wage bill to GDP ...................................................................... 21 Chart 14. Public sector wage bill and wage-related funds in the state and the CHIF budgets ....... 21 Chart 15. Annual growth rate of exports of goods of Lithuanian origin, excluding mineral products (by region) ........................................................................................................................... 26 Chart 16. Structure of exports of goods of Lithuanian origin, excluding mineral products, by country ................................................................................................................................ 26 Chart 17. Contributions to HICP inflation ................................................................................ 29 Chart 18. Price changes in the EU and Lithuania in 2018 .......................................................... 29 Chart 19. Annual flows of the financial liabilities of Lithuania’s economy .................................... 32 Chart 20. Annual growth rate of the portfolio of loans issued to non-financial corporations and households .......................................................................................................................... 32 Chart 21. General government budget ................................................................................... 33 Chart 22. Fiscal policy stance ................................................................................................. 33 4 ABBREVIATIONS APP asset purchase programme CHIF Compulsory Health Insurance Fund CIS Commonwealth of Independent States EC European Commission ECB European Central Bank EPU Economic Policy Uncertainty EU European Union EURIBOR Euro Interbank Offered Rate Eurostat statistical office of the European Union FED Federal Reserve Board GDP gross domestic product HICP Harmonised Index of Consumer Prices IMF International Monetary Fund MFI monetary financial institution NCECP National Commission of Energy Control and Prices PMI Purchasing Managers' Index UK United Kingdom US United States of America WTO World Trade Organisation 5 GROWTH MOMENTUM WILL MODERATE GDP growth, % 4.1% 3.4% 2.7% 2.6% 2017 2018 2019* 2020* CONTRIBUTIONS TO SLOWER GROWTH Demographic Labour Purchasing Investment will External challenges: shortages will power will weaken due to demand will employment continue amid increase rising curb exports growth will rising wages uncertainties decelerate WAGES PRICES EMPLOYMENT INVESTMENT EXPORTS 9.6% 2.5% 1.0% 6.7% 4.9% 2018 2018 2018 2018 2018 8.1% 2.4% 0.2% 5.3% 4.0% 2019* 2019* 2019* 2019* 2019* RISKS TO ECONOMIC GROWTH REMAIN BALANCED More favourable Rising trade tensions migration flows Hard Brexit Improving absorption Slowdown in global of EU funds growth *Projection. LITHUANIA’S ECONOMIC DEVELOPMENT AND OUTLOOK Global growth is gradually losing momentum. Uncertainty surrounding international trade is one of the key factors that contributed to the slowdown in global economic activity. Global manufacturing has been scaling down, which, in turn, also weighed on global trade. It is likely that the underlying growth pattern of international trade is even weaker than indicated by latest data since so far it has been reinforced by uncertainty regarding future escalation of trade restrictions. Other headwinds to global growth, however, have also been at play. Given signs of weaker growth, at the end of 2018 China’s investment indicators deteriorated, bringing about knock-on effects on other economies in the region. Among advanced economies, the slowdown in Germany was partly related to disruptions in the car industry caused by the sluggish adaptation to new regulations on vehicle emissions tests. Adverse trends have also been observed in Italy, where concerns over government finances have had a dampening effect on domestic demand and, particularly, investment. Less favourable external climate has been partly offset by strong domestic demand. This is primarily related to the situation in the labour market. Last year, due to declining unemployment and rising labour shortages, wages in the private sector saw one of the highest increases since the onset of the economic recovery, rising by more than 9%. Even stronger wage growth was recorded in the public sector. All this and other government actions, such as the decision to increase tax-exempt income, pensions and other social benefits, have provided a positive boost to household income, which is expected to continue rising and, in turn, further stimulate private consumption. On the other hand, investment dynamics are projected to take a different course. Over the last two years, investment in Lithuania has been expanding at a particularly rapid pace, boasting an annual growth rate of 6-7%. Growth in investment has been spurred by the previously favourable international economic environment and recovering EU capital flows that increased by roughly a third last year. However, the impact of these factors is likely
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