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VILNIUS Authentic Adarius Glanton Jersey , Oct. 7 (Xinhua) -- Lithuania's gross domestic product (GDP) is expected to grow by 2.9 percent this year, the mission of the International Monetary Fund (IMF) concluded on Tuesday.

According to Christoph Klingen, IMF mission chief for Lithuania, the country's economy managed to perform well in a difficult external environment.

"Despite some softening in the second half of 2014 Authentic Jacquizz Rodgers Jersey , momentum in domestic demand and favorable external competitiveness should ensure growth of 2.9 percent this year," said Klingen in a statement.

"A moderate pickup to 3.1 percent is expected for 2015 as external and credit conditions improve and as the reform efforts of the past few years bear fruit," he added.

The Lithuanian Finance Ministry expects GDP growth to reach 2.9 percent this year and 3.4 percent in 2015.

The IMF mission praised Lithuania's efforts in establishing policy frameworks critical for eurozone membership and advancing legislation for fiscal policy over the business cycle, but also pointed out the challenges in seeking the repair of Lithuania's public finances.

"New demands on public finances Authentic Patrick Murray Jersey , including for national security and compensation payments for crisis-induced pension and wage cuts, are complicating the task," said the chief of the IMF mission.

The Finance Ministry plans to achieve budget deficit of 1.2 percent of GDP next year.

According to the chief of the mission for Lithuania, euro adoption in 2015 is a testimony to Lithuania's economic success.

Commenting on IMF conclusion Authentic Chris Baker Jersey , Lithuanian Finance Minister Rimantas Sadzius said that the IMF report reflects actualities of the Lithuanian economy.

"We are now concentrated on the next year's budget in which we aim to take advantage of economic growth while managing spending and complying with fiscal discipline," said Sadzius in a statement.

"No doubt, euro adoption from Jan. 1, 2015 Authentic T.J. Ward Jersey , is one of the main factors to have positive influence on the economy," added Sadzius.

The IMF representatives visit Lithuania every year to assess its economic development. The IMF mission worked in Lithuania this year from Sept. 30 to Oct. 6.
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