January heating bills in Vilnius will be 5% to 10% higher than in record-breaking December, according to Vilnius Heating Networks (Vilniaus Silumos Tinklai, VST), heating and hot water provider of the Lithuanian capital. Vilnius residents already paid record sums for heating in December 2021 when prices more than doubled compared to a year before. The…
Monetary payments to hard-pressed households, proposed by President Gitanas Nauseda in response to rising prices, may exacerbate inflation even further, according to Finance Minister Gintare Skaiste. “Such helicopter money could, in principle, make the inflationary mill spin even faster,” she said on February 8. “One should be very cautious about such measures, and I’d say…
Georgia ranked 50 in terms of bilateral trade (53 in export and 47 in import) among all trade partners of Lithuania in 2020, which made Georgia the biggest trade partner of Lithuania in the South Caucasus region, the Ministry of Foreign Affairs of the Republic of Lithuania reported. According to the ministry, Lithuania’s direct investments…
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…