2018 budget draft submitted to government with higher revenue, spending

The revenue of Lithuania's 2018 state budget, including money from the European Union (EU) and other international organizations, should increase, while the planned budget deficit should be lower than projected for this year.

At the meeting on Wednesday, the Lithuanian government will start discussing the 2018 budget draft submitted by the Finance Ministry. Under the bill, the budget revenue should grow by 6.9 percent (EUR 584.747 mln) from this year's level to 9.072 billion euros, while the spending will go up by 5.5 percent (EUR 494.887 mln) to 9.541 billion euros.

The state budget deficit should next year total 468.6 million euros, which is 16.1 percent (EUR 89.86 mln) less than projected for 2017 (EUR 558.46 mln).

Virginijus Sinkevicius, chairman of the parliamentary Economic Committee, told BNS on Tuesday that the budget draft envisages a public sector surplus that would amount to 0.6 percent of the gross domestic product (GDP), i.e., the revenue should be about 260 million euros above spending. In his words, the money will be transferred to reserve.

Source: BNS
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