Lithuania's gross domestic product (GDP) should grow by 2.7 percent this year and accelerate to 3.2 percent in 2015, the SEB bank said in its latest economic outlook published Tuesday.

Despite Russia's embargo on food products imports and geopolitical tensions in the Eastern Europe, Lithuania's economy has not lost its momentum and will grow by 4 percent in 2016, SEB noted.

Domestic consumption has replaced exports as a growth driver, Gitanas Nauseda, adviser to SEB bank's president, said in the bank's statement.

Expectations about increase of minimum monthly salary could further increase customers' sentiments, he added.

Lithuanian producers have adapted to Russian embargo, managing their manufacturing costs and output capacity, in addition to the search of new export markets, SEB said. Endit

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