Changes in the consumption of credit institutions’ services by individuals and households and their role in the economy: a case of Estonia, Latvia and Lithuania

ENThe purpose is to assess the scope and dynamics of financial services consumed from credit institutions and their role in economic growth, based on theoretical frameworks and empirical analysis, using the cases of Lithuania, Latvia, and Estonia. Methodology: The research methods employed in this article include analysis of scientific literature, methods of comparison and generalization, correlation analysis, pairwise regression analysis, and multivariate regression analysis. Findings: The role, changes and extent of financial services consumed by individuals and households can be analysed from different theoretical perspectives. Findings indicate that in Lithuania and Latvia, the greatest increases in GDP are associated with the number of individuals using the internet for internet banking, whereas in Estonia, the most significant driver of GDP growth is household lending for house purchase.Originality: after highlighting the theoretical approaches, financial services consumed by individuals and households, focused on indicators of loans, financial leasing, use of pay-ment cards, internet banking, and deposits, and regression analysis with GDP of Lithuania, Latvia, and Estonia. Keywords: Financial services consuming, Economic growth, Household and individual loans, Deposits, Payment cards, Internet banking.