Last Friday was marked by significant changes within the ecosystem of Proptech Lithuania. Some of the strongest players in the real estate market, including Eika, Civinity, and Eastnine, joined the community, and a new board was elected, with Mr. Domas Dargis, CEO of EIKA, as Chairperson. The Centre for Sustainable Innovations ROCKIT and the Lithuanian Real Estate Development Association (LREDA) became strategic partners of the Association.

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On 29 May-4 June, compared with the previous week, wholesale electricity price in Lithuania and Latvia decreased by 12% to EUR 67.97/MWh. In Estonia, the price dropped by 19% to EUR 54.46/MWh.

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The Baltic and Finnish natural gas price index BGSI fell below the EUR 30/MWh threshold at the end of May, with the monthly BGSI reaching EUR 37.20/MWh. This is the first time that gas prices have been this low since the start of the energy crisis, reports natural gas exchange operator GET Baltic.

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A total of 882.1 thousand people in Lithuania received at least one type of pension at the end of 2022, according to preliminary estimates from the State Data Agency.

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According to Statistics Estonia, the average gross monthly wages and salaries in the first quarter of 2023 were 1,741 euros, which is 13.3% higher than at the same time last year. The median wages, however, were 1,424 euros. The average real wages in the first quarter of 2023 were 1,443 euros, 3.2% lower than last year.

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Deposits of Lithuanian residents with credit institutions fell by EUR 238.6 million or 0.6% in April over the month, the Bank of Lithuania said, presenting the monetary financial institution (MFI) balance sheet and interest rate data.

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Several more Lithuanian high tech companies are expected to receive Taiwanese investments, says Head of the Taiwanese Representative Office in Lithuania Eric Huang.

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In 2022, the Ministry of Transport and Communications of Lithuania, together with external consultants, prepared a plan to promote flights to destinations which have strategic importance for Lithuania. Now, Lithuanian Airports are introducing a new incentive model and launching an international call for application from airlines to participate in the selection process for the operator of scheduled flights between Vilnius (VNO) and London City (LCY) airports, the company said in a press release.

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In April, the turnover of retail trade enterprises increased by 0.1 percent, that of food and beverage service enterprises decreased by 2.6 percent, reports the State Data Agency of Lithuania.

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With the continued growth in air passenger traffic, almost half a million passengers were served at Lithuanian airports in April, and the total number of aircraft was even higher than in the same period in 2019, when the peak of flights was recorded. Kaunas Airport is showing the most impressive growth, continuing to improve its all-time record, while Palanga is seeing an increase in both passenger and cargo flights, Lithuanian Airports said in a press release.

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Renewables-focused integrated utility Ignitis Group has announced in its strategy update and Strategic plan 2023–2026 that it is increasing its ambitions related to green generation development and emissions reduction, the company said in a press release.

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Chief Economist at Swedbank Nerijus Mačiulis says it is possible that Lithuania’s economy may face greater challenges than just a technical recession. If unemployment rises and real estate prices drop, it will be an indication of more serious problems, he says.

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The importance of effective data management and active exchange of information between institutions was underlined by the representatives of the Bank of Lithuania at the international anti-money laundering (AML) conference: On the Front Line of the New Reality, the central bank reports.

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The Government’s investment in road, rail, port and airport infrastructure is set to rise to EUR 1 billion in the second half of 2023, the minister of transport and communications says.

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PHH Group, which owns Pigu.lt and other top e-commerce brands in Latvia and Estonia, has successfully launched its Marketplace in Finland. During the start week of the e-marketplace's operation, 640 orders were completed, with the most popular categories being toys, clothing and footwear, and small domestic appliances. The first product purchased by a customer in Finland was a 30 liter travel backpack.

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Nerijus Mačiulis, chief economist with Swedbank, says that although many older Lithuanians would not qualify as middle-class in terms of income, their savings are more in line with the principle of responsible management of personal finances than those of the majority.

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The Latvian national airline airBaltic announces that it will be expanding its direct flight offerings to Tenerife (Spain) beyond its home base in Riga to include the airline’s bases in Vilnius (Lithuania), Tallinn (Estonia), and Tampere (Finland).

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The industry sector feels technical recession in Lithuania the most, but other sectors remain stable and their economic situation may even improve says Chief Economist at Luminor Bank Žygimantas Mauricas.

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Sustainable and environmentally friendly architecture has been an increasing trend in recent years. The Artery Business Centre, designed by acclaimed US architect Daniel Libeskind, serves as a prime example of how sustainability can be harmoniously integrated with aesthetics and functionality.

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Six Lithuanian projects are set to receive up to EUR 1 million from the European Space Agency (ESA) which has recently included them in its list of projects recommended for funding, the Ministry of the Economy and Innovation said.

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