Lithuania could lose a significant share of foreign tourists and cargo going through the port of Klaipeda if unrest continues in Belarus, which is the country’s seventh largest export partner. “Any disturbance in Belarus can affect the economy. Belarus is an important partner of Lithuanian Railways and Klaipeda port,” Prime Minister Saulius Skvernelis said. But…
Lithuania’s GDP contracted by 3.7% YoY in the second quarter of 2020, a smaller dip than previously expected. The quarterly GDP stood at 11.5 billion euros at current prices, having shrunk by 5.1% QoQ, Statistics Lithuania said on July 30. “The second-quarter contraction was mostly due to services. Manufacturing had the second-biggest impact and construction…
Finance Minister Vilius Sapoka says the government should not raise its 2021 spending for boosting consumption, as the country is close to breaking eurozone rules on government debt. “The Finance Ministry will propose a safe government budget,” Sapoka told the parliamentary Budget and Finance Committee, which was working on next year’s government spending bill, on…
Economy Ministry has proposed that the government cover accommodation costs of every third night that foreign tourists spend in the country. The measure would be “unique in Europe”, said the acting economy minister, Zygimantas Vaiciunas. “The new measure we are creating, which would in fact be rather unique in Europe, aims at promoting inbound tourism,”…
The Lithuanian government’s revenue is stabilizing after taking a hit from the coronavirus crisis, the finance minister said, even though it fell by 30% below target in May. “The situation is starting to stabilize here. By comparison, revenue collection in April was more than 32% lower than projected,” Vilius Sapoka reported. In May, the central…
The Lithuanian government has greenlit relaunching regular flights to Norway, making Oslo the fourth destination to be accessible by air from Vilnius. Regular flights have so far been allowed to Frankfurt, Riga and Tallinn. Foreign Minister Linas Linkevicius told the Cabinet that flights from Vilnius to Oslo would resume from May 25, adding that AirBaltic…
President Gitanas Nauseda proposed temporary income tax cuts and one-off payments to families with children to stimulate the country’s economy. The president presented the additional package worth 500 million euros after signing the Seimas-adopted law on one-off payments of 200 euros to pensioners and other social benefit recipients. Nauseda proposed to cut income tax from…