EconomyAccording to Ernst & Young's (EY) annual ''Eurozone Economic Growth Forecast'', Lithuania will surpass Latvia in 2015 as the fastest growing eurozone economy, even though Latvia's economic growth is expected to grow faster than this year. In November 2014, the external assets of the Bank of Lithuania decreased by LTL 571.2 million (EUR 165.4 million), while external liabilities increased by LTL 73 million (EUR 21.1 million), the central bank said. The Bank of Lithuania on Thursday reduced the GDP growth forecast by 0.2 percentage point for the year 2015, however, since inflation is likely to remain low, the real income of residents and purchasing power will continue to grow. Statistical data of the State Food and Veterinary Service (VMVT) shows that Lithuanian dairy product export totalled 17,044 tonnes in November 2014 and surpassed the volume of November 2013 by 5.6 times. Statistics Lithuania informs that, based on non-final data obtained from customs declarations, Intrastat reporting and VAT returns data, exports in October 2014 amounted to LTL 8.2 billion (EUR 2.4 billion), imports – LTL 8.7 billion (EUR 2.5 billion). Egypt has confirmed to the Lithuanian State Food and Veterinary Service that Lithuanian beef meets the requirements and thus may be exported to Egypt. In November 2014, cargo handling turnover of Klaipeda Seaport has increased even by 27,9% – totally 3,3 mln tn (more by 722,6 thou. tn comparing with November of 2013) were handled. Minister: Lithuania has great opportunities to develop advanced logistics services2014-12-07, 16:00The total investment in Lithuania's transport sector during the new EU financing period is likely to be more than EUR 5 billion whence 47% will be used to modernise Lithuanian railway network and 36% to modernise road infrastructure (26% in pan-European highways, 6% in municipality roads and 4% in national and regional roads). Even 3% of the EU investments will be used to purchase environmentally friendly public transport. In the last five years, creditors of bankrupt companies lost LTL 8.4 billion (EUR 2.4 billion) in revenue, from this amount the state budget lost LTL 1.5 billion (EUR 0.43 billion). On average 13% of creditors' claims are fulfilled, whereas the state recovers only 3% in tax, social and health insurance fees. An international conference: Small and Medium Business Development Through Better Access to Finance has been held today at the Office of the Government. Chancellor Alminas Mačiulis has noted that Lithuania has not as yet invented a better medicine for the stimulation of the economy and strengthening its competitiveness as the small and medium business development. |
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