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Assessment of the Impact of COVID-19 Pandemic on the Service Sector in Lithuania

Author

Listed:
  • Seržantė Milena

    (Vilnius Gediminas Technical University, Vilnius, Lithuania)

  • Pakalka Algimantas

    (Vilnius Gediminas Technical University, Vilnius, Lithuania)

Abstract

Research purpose. This study aims to assess the impact of selected economic indicators (independent variables) on the turnover of food and beverage service companies in Lithuania. Design / Methodology / Approach. In order to achieve the intended goal of the study, an analysis of scientific articles was performed, with the primary aim of finding out the consequences of the COVID - 19 pandemic on the Lithuanian economy and selecting five independent variables that could affect the turnover of food and beverage companies. After analysing the literature, five independent variables were highlighted: the number of tourists accommodated, the statistics of Vilnius Airport flights, the number of employees hired, the unemployment rate and inflation. Findings. The correlation and regression analysis results show that the turnover of catering and beverage enterprises and the number of accommodated tourists are strongly correlated (r---gt--- 0.90). Meanwhile, the linear correlation between the number of Vilnius Airport flights and the number of hired employees with the research variable is average (0.60 ---lt---r ---lt---0.70). However, the linear correlation of macroeconomic factors such as unemployment and inflation with the turnover of food and beverage enterprises is statistically insignificant. Originality / Value / Practical implications. The originality of this article is that it studies the valuable topic of the COVID-19 crisis in service sectors, which substantially impacted Lithuania’s economy and adversely affected the economic performance of the region in general. The results of this research will contribute to future monitoring and crisis planning in particular sectors.

Suggested Citation

  • Seržantė Milena & Pakalka Algimantas, 2022. "Assessment of the Impact of COVID-19 Pandemic on the Service Sector in Lithuania," Economics and Culture, Sciendo, vol. 19(2), pages 57-69, December.
    • Handle: RePEc:vrs:ecocul:v:19:y:2022:i:2:p:57-69:n:7
    DOI: 10.2478/jec-2022-0016
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    References listed on IDEAS

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    1. Uddin, Gazi Salah & Yahya, Muhammad & Goswami, Gour Gobinda & Lucey, Brian & Ahmed, Ali, 2022. "Stock market contagion during the COVID-19 pandemic in emerging economies," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 302-309.
    2. Adam Hale Shapiro, 2020. "Monitoring the Inflationary Effects of COVID-19," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(24), pages 01-06, August.
    3. Guo, Feng & Huang, Yiping & Wang, Jingyi & Wang, Xue, 2022. "The informal economy at times of COVID-19 pandemic," China Economic Review, Elsevier, vol. 71(C).
    4. Pham, Tien Duc & Dwyer, Larry & Su, Jen-Je & Ngo, Tramy, 2021. "COVID-19 impacts of inbound tourism on Australian economy," Annals of Tourism Research, Elsevier, vol. 88(C).
    5. Kapička, Marek & Rupert, Peter, 2022. "Labor markets during pandemics," Journal of Economic Theory, Elsevier, vol. 204(C).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19 impact; service sector; economic impact; tourism;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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