S. Darius and S. Girenas, the two famous American-Lithuanian pilots, have again reason to smile from their 10 litas note.

Lithuania’s economy expanded at a faster rate in the second quarter than previously estimated, driven by recovering consumption and the construction industry.

Gross domestic product grew 6.3 percent from the same three months of 2010, compared with a preliminary estimate of 6.1 percent released on July 28, the Vilnius-based statistics office said in an e-mailed statement today. Output rose a seasonally adjusted 0.4 percent from the previous quarter.

Lithuania’s economy, part of the Baltic region that suffered the world’s deepest recession in 2009, is growing at the second-fastest rate in the European Union after Estonia, driven by foreign demand for its products and strengthening domestic consumption. The central bank andSwedbank AB (SWEDA) both raised their 2011 GDP forecast for Lithuania in the past month.

“Unsurprisingly, private consumption continued to grow briskly, while export and import growth slowed, but remained at good levels,” Annika Lindblad, a Helsinki-based analyst with Nordea Markets, said in an e-mailed note. “We remain confident with our forecast of around 6 percent growth this year, as the domestic economy continues to gain strength and exports are still doing well.”

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http://www.bloomberg.com/news/2011-08-29/lithuania-revises-gdp-growth-higher-as-consumption-recovers.html