EconomyAs much as 109,000 farmers have already received direct payments for the utilised agricultural area and crops declared in 2014. Funds allocated for direct payments in 2014 have been successfully disbursed. The 16th annual awarding of St. Christopher's statues took place at Vilnius Town Hall on 18 December. The statutes, which are the highest honour awarded by Vilnius Municipality, were presented to the city's most deserving persons and businesses. At the ceremony, the foreign investment development agency Invest Lithuania was awarded a St. Christopher's statue for its professionalism and for attracting foreign investment to Vilnius. Due to Russia's food embargo and the beef overstock which resulted because of these restrictions, Lithuanian farmers who grow beef steers and cows lose around LTL 10 million (EUR 2.9 million) of income every month. On 18 December 2014, the Lithuanian electricity transmission system operator Litgrid and European Investment Bank (EIB) signed an agreement on EUR 65 million loan for a maximum period of sixteen years. Lithuanian economy has reached a stage of development where moderate GDP growth cannot be taken for granted and certain, SEB's analysts say in their latest Lithuanian Macroeconomy Review. The Food Safety and Inspection Service (FSIS) of the United States Department of Agriculture has officially proposed to ad Lithuania to the list of countries that are eligible to export meat and meat products to the United States. On 17 December the proposal was submitted for a public debate. In November, the average electricity price in the Lithuanian trading zone of the Nord Pool Spot was 17.4 ct/kWh, a drop down by 6% compared to October 2014, and was the lowest since May this year. The Finnish construction company YIT is going to construct a shopping centre Nordika in Vilnius. In October 2014, the build-up of the current account balance (CAB) in surplus (LTL 292.7 million, or EUR 84.8 million) was driven by an increase in the balance of services deficit, as well as the decreasing, but still in surplus, balances of secondary income and capital account. The aggregate profit of Lithuania's manufacturing industry has grown from LTL 1.9 billion (EUR 0.55 billion) in the third quarter of 2013 to LTL 2.3 billion (EUR 0.67 billion) in the third quarter of 2014. |
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