Macroeconomic Forecast Lithuania

Retail sales in Lithuania contracted 5.5% y-o-y in May according to latest data from Statistics Lithuania, reinforcing our long-held view that private consumption would remain weak well into 2011 amidst a protracted period of private sector deleveraging. May's print brings the average annual drop in retail sales in 2010 to -10.8%, compared to -29.8% through the same point last year.

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