The Government meeting has approved the proposal of the Ministry of Finance to complement the draft plan New Generation Lithuania with investments of up to EUR 1.9 billion – an additional billion is foreseen for business loans for green, innovative, digital technologies and the production and export of high added-value products, the Ministry of Finance announced.

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Company Vilniaus šilumos tinklai (VŠT), Lithuania’s largest provider of district heating and hot water, on 31 March stopped incinerating low sulphur fuel oil for generating heating and hot water.

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The last Sunday in March marked the start of the new summer aviation season.

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On Wednesday, systems at the Vilnius Combined Heat and Power Plant (Vilnius CHP) started the commissioning. The tests evaluate readiness of equipment for heat and electricity production, energy company Ignitis said in a press release.

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During a visit to Poland, the Ministry of Transport and Communications of Lithuania and the Ministry of Infrastructure of Ukraine signed a memorandum of cooperation in the field of transport and logistics.

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The European Central Bank and the US Federal Reserve Board aim at triggering a deeper recession rather than a technical one to cool down the labour market, economist Aleksandras Izgorodinas says.

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The Lithuanian Banking Association (LBA) has complained to the European Commission over a new tax that is proposed to be imposed on financial institutions in Lithuania. According to the LBA, the new taxation model would distort competition as some financial market participants would be exempt from the tax and this should be treated as unlawful state assistance that potentially contradicts EU law.

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The annual (March 2023, compared to March 2022) inflation provisional estimate calculated based on the HICP stands at 15.2 percent, reports the State Data Agency of Lithuania.

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The Estonian economy is on course for a 0.6 percent recession this year, while economic growth will bounce back to around 3 percent in the coming years. Inflation should come down to around 4 percent by year’s end, reports public broadcaster ERR.

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Tez Tour saw record results in Lithuania last year, with revenue of EUR 113.8 million, almost twice as high as in 2021, the tour operator said in a press release.

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Minister of the Economy and Innovation Aušrinė Armonaitė says that the Finance Ministry’s proposal to gradually increase the personal income tax rate for self-employment should not deter self-employed and high-income earners from continuing with this form of activity.

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The Bank of Lithuania has published the monetary financial institution (MFI) balance sheet and interest rate data for February 2023, which show that deposits of Lithuanian residents with credit institutions decreased by €105.7 million, or 0.3% over the month (their annual growth rate was 9.5%).

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Minister of the Economy and Innovation Aušrinė Armonaitė believes that the Finance Ministry’s proposed real estate tax, as part of the tax reform package, is not sufficiently substantiated.

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Reaching new customers, growing sales and expanding into new markets. These are the benefits of Finnish retailer Nordic Sports Brands, which has opened a gateway to the Baltic markets for its products through the Pigu.lt Marketplace.

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The real estate investment company INVL Baltic Real Estate plans to pay out dividends of EUR 0.725 million for 2022, an allocation of EUR 0.09 per share. The payment of dividends and other matters will be voted on at the annual general meeting of the company’s shareholders on 18 April, the company stated in a press release.

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In February 2023, compared to January, construction input prices decreased by 0.1 percent, reports the State Data Agency of Lithuania.

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In February 2023, industrial production totalled EUR 2.9 billion at current prices and, compared to January, seasonally and calendar adjusted, increased by 0.8 percent at constant prices (unadjusted – decreased by 5.1 percent), reports the State Data Agency.

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There is no real reason to fear an imminent crisis in the banking sector, while countries’ central banks must focus on getting inflation under control, Bank of Estonia (Eesti Pank) President Madis Müller says, Estonia's public broadcaster ERR reports.

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Lithuania’s economy continues to demonstrate resilience in the face of challenges. The updated economic development scenario of the Ministry of Finance foresees that economic growth of the country will remain positive this year and will reach 0.5%. In 2023, the average annual inflation is expected to be lower than projected and to reach 8.5%, the Finance Ministry reported.

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The tax changes presented by the Ministry of Finance on Tuesday are not ‘cosmetic’ as they address many long-standing problems and discriminatory ‘nonsense’, but the time for tax reform is not a favourable one and a very heated debate awaits, economists say.

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