<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Research purpose.</bold> This study aims to assess the impact of selected economic indicators (independent variables) on the turnover of food and beverage service companies in Lithuania.
<bold>Design / Methodology / Approach.</bold> 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.
<bold>Findings</bold>. 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.
<bold>Originality / Value / Practical implications.</bold> 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.
</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.

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

Economics and Culture

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Assessment of the Impact of COVID-19 Pandemic on the Service Sector in Lithuania"}

Research purpose. This study aims to assess the impact of selected economic indicators (independent variables) on the turnover of food and beverage service...

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

Publicado en línea: 23 dic 2022

Páginas: 57 - 69

Recibido: 30 sept 2022

Aceptado: 17 nov 2022

DOI: https://doi.org/10.2478/jec-2022-0016

Palabras clave
COVID-19 impact, service sector, economic impact, tourism

© 2022 Milena Seržantė et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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

Publicado en línea: 23 dic 2022

Páginas: 57 - 69

Recibido: 30 sept 2022

Aceptado: 17 nov 2022

DOI: https://doi.org/10.2478/jec-2022-0016

Palabras claveCOVID-19 impact, service sector, economic impact, tourism

© 2022 Milena Seržantė et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Palabras clave
COVID-19 impact, service sector, economic impact, tourism