SEB bank predicts Lithuanian economic growth of up to 3% next year

Lithuania’s economic growth is expected not to exceed 3 percent in 2024, given the current monetary tightening policy, an economist with SEB bank says.

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Lithuania enters technical recession after economy shrinks 3% in Q1

In the first quarter of 2023, Lithuania’s gross domestic product (GDP) amounted to EUR 15.8 billion at current prices. Compared to the last quarter of 2022, the real GDP change, seasonally and calendar adjusted, was negative and stood at -3 percent, the State Data Agency said on Tuesday.

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CEO: Estonia’s Bolt very much in favour of car tax

Markus Villig, founder and CEO of Estonian technology and mobility unicorn Bolt, says in an interview that everyone, including drivers, would gain from Estonia having fewer cars on the roads, Estonia’s ERR public broadcaster reports.

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airBaltic launches flights from Riga to five new destinations

This week the Latvian national airline airBaltic launches direct flights between five new destinations: Riga–Bucharest (Romania), Riga–Porto (Portugal), Riga–Burgas (Bulgaria), Riga–Bilbao (Spain), and Riga–Tivat (Montenegro).

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Court rules Kaunas mayor must pay EUR 34 thou over damage to protected buildings

Kaunas District Court has ordered Visvaldas Matijošaitis and the constructions manager of Kauno saulėtekis, a company owned by the Kaunas city mayor and his son, to pay almost EUR 34,000 in damages as it partially satisfied the claim of the Department of Cultural Heritage.

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EU commissioner: Lithuania is the first country at risk of losing part of RRF funds

European Commissioner Virginijus Sinkevičius says that Lithuania is the first country that may lose part of the Recovery and Resilience Facility (RRF) funds.

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Taiwan is on the heels of the woodworking machinery giants: what makes for this business success?

Global construction is slowing down and the international woodworking machinery market is oversaturated. Nevertheless, Taiwan’s volumes have skyrocketed. The country’s production value has reached fourth place in the world, on the heels of the machinery manufacturing giants like Germany, Italy and the US.

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Agriculture Minister: Ukrainian grain will not create problems in Lithuania

Minister of Agriculture Kęstutis Navickas vows that Ukrainian grain transported to Lithuania will not distort the market due to its low prices as it will be brought straight to Klaipėda port for export.

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Central bank: financial frauds cost about EUR 1mn per month

Lithuanians lost EUR 12 million to financial fraudsters last year, the central bank says.

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Central bank: minimum wage should be nearly EUR 953 next year

Next year, minimum wage in Lithuania should reach EUR 952.84 under the formula set by the Tripartite Council, up by 13.4% from the current EUR 840, the central bank says.

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In April, average annual inflation provisional estimate stands at 19.2%

The annual (April 2023, compared to April 2022) inflation provisional estimate calculated based on the harmonised index of consumer prices (HICP) stands at 13.3 percent in Lithuania, reports the State Data Agency.

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Central bank: banking sector profits may grow 2.5 times this year

This year, profits of the domestic banking sector may grow 2.5 times, totalling about EUR 1.2 billion, says the head of the Financial Stability Department of the Bank of Lithuania.

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Ministry: Sandbox innovation tool secures EUR 24.5mn in support

The Ministry of Transport and Communications reports it is implementing the Sandbox innovation tool. After approval of the funding conditions for this initiative, an open call was published to apply for EUR 23.5 million in support.

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Electricity price up by 55% last week

Last week, on 17-23 April, compared with the previous week, wholesale electricity price in Lithuania increased by 55% to 66.09 EUR/MWh. In Latvia and Estonia, electricity prices increased by 61% to 64.55 EUR/MWh.

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Swedbank forecasts Lithuania’s GDP to decrease to -0.3% this year

Swedbank has presented its latest economic outlook. Lithuania’s gross domestic product (GDP) projections have not been revised and it is forecast to stand at -0.3% in 2023 and at 1.8% in 2024.

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Economist: Lithuania’s economy already in recession

The State Data Agency has reported that industrial production in Lithuania totalled EUR 9 billion in January-March 2023, down by 11.9% year-on-year at constant prices.

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Government borrows EUR 25mn at averaged yield of 4.149%

On Monday, the Lithuanian Government held its primary placement auction of additional offers of the Lithuanian Government securities at the public company Nasdaq Vilnius, with the average accepted yield of 4.149%.

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Pigu.lt Marketplace will open the Finnish market to sellers

PHH Group, which operates Pigu.lt and the other popular e-commerce brands in Latvia (220.lv) and Estonia (Kaup24.ee and Hansapost.ee), will expand its operations and open its Marketplace in Finland from May. The Baltic e-commerce leader with more than 4,000 sellers will also become the largest local Marketplace in the Finnish market on its launch day. In this country, the marketplace will operate under the name of HobbyHall.fi, a brand that has been in operation since 1962 and is well known to Finns.

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Professor Puma Shen from Taiwan – on fighting Chinese disinformation, its methods and the threat of TikTok

Taiwan is a democratic country, but it is also a place full of Chinese disinformation. Puma Shen, Associate Professor at National Taipei University and chairperson of Doublethink Lab, an East Asian civil society organisation, agreed to talk about how this disinformation works and what is the common ground between the disinformation being spread by Russia and China.

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Amber Grid launches int’l tender for hydrogen corridor pre-feasibility study

Amber Grid, on behalf of the Nordic-Baltic Hydrogen Corridor project partners has launched an international tender for a pre-feasibility study. This is another important step in the development of Europe’s hydrogen infrastructure, following the signing of a cooperation agreement between transmission system operators of six European Union countries on the implementation of a cross-border project, the Nordic-Baltic Hydrogen Corridor, last December, the company reports.

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