Lithuania’s central bank head has welcomed President Gitanas Nauseda’s recent proposals to increase the incomes of low-earners. However, he is more critical of the government’s proposal to temporarily cut the value added tax on central heating. The measure is “a good thing”, Gediminas Simkus said, pointing out that other EU member states had also taken…
Lithuanian President Gitanas Nauseda proposed raising the non-taxable income threshold to 510 euros, from the current 460 euros, in an attempt to help people cope with high inflation. He has also called for one-off payouts to the most vulnerable. “This is a measure aimed at people with the lowest incomes. It is a targeted and…
The state-owned company Lithuanian Railways (LTG) has received a letter from the Council for Rail Transport, which brings together 20 railway companies from various countries, confirming a ban on the transit of rail freight from Lithuania via Belarus. The ban will take effect on February 7 and will apply to shipments of oil products and…
Statistics Lithuania has published a summary of key economic indicators for the previous year. In 2021, wages in Lithuania increased, but most of the effect was cancelled out by inflation. Lithuania’s GDP in 2021 was 55.4 billion euros. It increased by 5.1% from the year before. Among sectors that grew the most last year were…
A batch of 1,200 bottles of Lithuanian rum sold out in less than an hour after hitting the shelves of the state-run Taiwan Tobacco and Liquor Corp. (TTL) on February 1. At the beginning of the year, Taiwan bought a shipment of 20,400 bottles of Lithuanian rum that was blocked by Chinese customs. In January,…
The cargo transit of Belaruskali, one of the world’s largest producers and exporters of potash fertilizers, from the Belarusian border to the Lithuanian port of Klaipeda end at midnight on January 31. It marks the end of the transportation of fertilizers, stopped by US sanctions, that has been growing for more than a decade to…
Lithuania reported inflation of 11% at the end of last year. However, the peak is yet to come, as prices are expected to increase further in February, according to the SEB bank economist Tadas Povilauskas. In 2021, the average annual inflation was 4.5%. This year, it should reach 7.2%, decreasing to 1.8% in 2023, SEB…