The Lithuanian government has approved a proposal to raise the minimum monthly wage before tax by 88 euros, or by almost 14%, to 730 euros from January 1, 2022. The minimum wage after tax will increase to 518 euros and the minimum hourly wage will rise from 3.93 euros to 4.47 euros. Social Security and…
Lithuania’s state budget revenue is projected to increase by 11.4% (1.422 billion euros) next year, with an 8.3% (1.238 billion euros) increase in expenditure, according to the Finance Minister Gintare Skaiste. The state’s revenue excluding EU funds should rise by 14.9% (1.434 billion euros), with expenses increasing by 9.3% (1.097 billion euros), the minister said…
INVL, a major Baltic investment fund, forecasts that Lithuania’s average annual inflation will reach 4% this year before decelerating slightly to 3.8% next year, Indre Genyte-Pikciene, the company’s chief economist, has announced. This is an upward revision from INVL’s previous estimates of 2.7% and 3.5%, respectively, last spring. The average unemployment rate is expected to…
Lithuania: Belarusian electricity no longer arriving Electricity produced at Belarus’ Astravyets nuclear power plant is no longer entering the Lithuanian market, Energy Minister Dainius Kreivys said on October 7. “I am 110% sure of this,” the minister said at the Seimas Energy and Sustainable Development Commission’s meeting. Lithuanian officials maintain that the Astravyets NPP, built…
Amid a surge in heating and electricity costs, the Lithuanian government has moved to cap the prices for consumers starting in January next year, spreading out the increase over five years. “To contain the price shock, we plan to cut off the peak of the price hike to spread it over the next five years.…
Amid diplomatic tensions between Vilnius and Beijing, Chinese companies are cancelling contracts with Lithuanian businesses. Export advisers suggest expanding trade with Taiwan, but companies fear it would not be an adequate substitute for Chinese markets. Despite the pandemic, the dairy processor Vilkyskiu Pienine has seen its exports and annual turnover increase. “People can be without…
Lithuania’s central bank has decreased its projections for GDP growth in Lithuania next year, citing sanctions against Belarus and decreased consumer spending. The economy is projected to grow by 4.9% in 2021 and by 3.5% in 2022. In June, Lithuanian Bank (Lietuvos Bankas) said the economy would grow by 5.1% in 2021 and by 4.1%…