The Lithuanian Finance Ministry has kept the country’s annual GDP growth forecast for 2022 unchanged at 1.6% despite slower growth in the second half of the year. The ministry has also revised its GDP growth forecast for 2023 to 1.4%, down from its earlier estimate of 2.1%, according to the latest macroeconomic projections published on…
Compensating businesses for rising electricity and gas costs would put an unbearable burden on the country’s budget, Lithuanian Finance Minister Gintare Skaiste has said, adding that the majority of the European Union countries are only providing support for households. “At present, the majority of countries provide support only to households since businesses consume both electricity…
Lithuania is set to open its trade office in Taiwan this week, the South China Morning Post has reported. The move is likely to cause additional friction with Beijing, which has downgraded diplomatic ties with Lithuania and imposed economic sanctions after the Taiwanese representative office opened in Vilnius last year. China considers Taiwan part of…
Estonian renewables generator Enefit Green is in the process of developing a wind farm in Lithuania, which will be the largest the company operates, and is scheduled to start production in April 2023. Enefit Green is a subsidiary of state electricity generator Eesti Energia. The 75 MW development is under construction in Akmene, in northern…
Lithuania’s economic growth will slow down in the near future, but the country will avoid a recession, Prime Minister Ingrida Simonyte has said. “Considering what I see, what is being projected by those who have already published forecasts, we don’t see a negative territory so far,” she said. “However, the pace of economic growth will…
Grigeo Klaipeda, a Klaipeda-based cardboard producer that is part of the Grigeo Group, has halted production due to soaring energy prices. Gintautas Pangonis, the group’s president, says production at Grigeo Klaipeda has been suspended for a week, possibly two. He attributed the decision to suspend production for around two weeks to high electricity costs. (BNN/Business…
As energy prices continued to rise, the Lithuanian government unveiled new crisis measures on September 7. As presented by Finance Minister Gintare Skaiste, one of the planned measures is the extension of the VAT relief for central heating. The zero-VAT rate is now planned for two heating seasons: from October this year until the end…