Economy

Lithuania’s economy has withstood the shocks of the recent few years and come back on track of growth, the central bank says.

Europe is currently facing a number of challenges, the key ones being the growing global geopolitical fragmentation and its impact on the economy, says Gediminas Šimkus, board chairman of Lietuvos bankas, Lithuania’s central bank.

Lithuania’s economy is now forecast to expand by 2.4% this year, before accelerating to a 3% growth in 2025, the Luminor bank has said.

Lithuania has weathered the shocks of recent years and should recover faster than projected, the International Monetary Fund (IMF) mission said in Vilnius on Friday. The IMF forecasts gross domestic product (GDP) growth in Lithuania at 2.4% this year, up from 2.2% in April.

In the first quarter (Q1) of 2024, gross earnings gap between regions in Lithuania was EUR 435.5, the State Data Agency said Monday.

In 2023, gross earnings in the whole economy grew by 12.6% in Lithuania, the State Data Agency said Thursday.

Lithuania will make even more data available and easier to share for businesses and citizens. The Government has approved a draft law submitted by the Ministry of the Economy and Innovation to implement the European Data Governance Act, the ministry has announced.

Lithuania is considering a raise of the corporate income tax rate to boost defence funding, but this would not be the best possible solution as it might affect Lithuania’s investment climate, argues economist Rimantas Rudzkis.

NordBalt power interconnection between Lithuania and Sweden went offline on Monday morning due to a fault, stated Lithuania’s electricity transmission system operator Litgrid.

Norwegian airline opened a base in Riga Airport on Monday, the Investment and Development Agency of Latvia (LIAA) reports.

Euro area annual inflation is expected to be 2.4% in April 2024, stable compared to March according to a flash estimate from Eurostat, the statistical office of the European Union.

On Thursday, the Seimas of Lithuania adopted amendments to the Road Transport Code drafted by the Ministry of Transport and Communications. New regulations are aimed at taxi and ride-hailing drivers to improve the quality of services.

The Latvian airline airBaltic has announced that it will operate additional special pop-up flights this summer season, serving the increased passenger demand to selected destinations for a specific period of time, the airline announced.

On 17 April, Lithuania’s Minister of Foreign Affairs Gabrielius Landsbergis and Minister of Foreign Affairs of Andorra Imma Tor Faus signed a double taxation avoidance agreement between Lithuania and Andorra. The application of this agreement will facilitate the development of economic ties between ...

Amber Grid, Lithuania’s gas transmission system operator, has filed a lawsuit against Alvora, the contractor for the construction of the GIPL gas pipeline, for damages for non-performance of the GIPL construction contract, the company has reported.

In March 2024, compared with February 2024, the wholesale price of electricity decreased by 9% in Lithuania to EUR 68.29/MWh. In Latvia and Estonia, electricity prices decreased by 10% in a month to EUR 68.26/MWh.

On Wednesday, the Lithuanian Government approved the proposal to tighten employment regulations for foreigners and to revise quotas for third country nationals. Parliament is yet to vote on the bill in question.

In January 2024, compared with December 2023, seasonally adjusted services production increased by 1.5% in the euro area and by 1.0% in the EU, according to first estimates from Eurostat, the statistical office of the European Union (EU).

In the fourth quarter of 2023, house prices, as measured by the House Price Index, fell by 1.1% in the euro area and rose by 0.2% in the EU compared with the same quarter of the previous year. In the third quarter of 2023, house prices fell by 2.2% and 1.1% in the euro area and EU, respectively. The...

Law enforcement conducted searches at the company Alvora, the main contractor that constructed Gas Interconnection Poland-Lithuania (GIPL) in Lithuania. The Financial Crime Investigation Service (FNTT) confirmed to the news website 15min.lt on Thursday that searches were also simultaneously carried ...