Conclusions on the economic development scenario

Following the provisions of legal acts of Lithuania and European Union legislation, in the end of 2012 the Ministry of Finance prepared the Procedure for the Assessment of the Bias of the Economic Development Scenario, which was approved by and appropriate Minister of Finance Order. The objective criteria established therein are standard errors of projections vs.  the fact.

The Procedure was prepared in implementation of Government of the Republic of Lithuania Resolution No 1460 of 5 December 2012 and the provisions of the Republic of Lithuania Law on the Budget Structure (paragraph 5 of Article 37). Thus the provision of Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States of 8 November 2011 regarding the assessment of the bias of the economic development scenario in accordance with objective criteria was transposed into national law of Lithuania.

Last updated: 12-09-2022