VILNIUS, Sept. 11 (Xinhua) -- Lithuania's Ministry of Finance expects the country's GDP to increase by 3.7 percent this year and to slow down to 2.4 percent in 2020, Finance Minister Vilius Sapoka said on Wednesday.
"The rapid growth that we are recording this year will not last forever as the projections are affected by negative global trends. Our business expectations are also starting to decline," Sapoka was quoted as saying in a statement released by the ministry.
The economy will continue to grow in 2020, however "the growth will be slower than this year and more fragile." The growth will be mostly supported by domestic demand, Sapoka said.
The external economic environment remains fragile due to uncertainty about global economic prospects, political decisions on international trade and Brexit, the statement read.
Back in May this year, the ministry expected the country's economy to grow 2.6 percent and 2.4 percent this and next year respectively.
In the first half of 2019 compared to the same period in 2018, Lithuania's GDP expanded by 4.1 percent, the ministry said.
By the end of September or early October, the ministry will submit next year's draft state budget to the government which will be based on the current economic projections. It is planned that the draft budget will be presented to Lithuania's parliament by mid-October.