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In 2014 General Government Deficit – 0.7 % of GDP

Date

2015 04 21

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Vilnius, April 21. In 2014 Lithuanian general government deficit represented 0.7 % of GDP and was by 1.9 percentage point lower as a year ago. Such data was published today by the Statistics Lithuania and the statistical office of the European Union EUROSTAT.

“Systematically strengthening public finances, prudently planning revenue and controlling expenditure with responsibility we reached the indicator which we had not had since 2006 when the deficit constituted 0.4 % of GDP”, emphasises Minister of Finance Rimantas Šadžius.

According to the Minister of Finance, now it is important to retain sustainability of the fiscal deficit – this objective will be achieved by promoting economic development, improving tax collection, responsibly assuming public financial liabilities.

According to the data by the Statistics Lithuania, in 2014 general government deficit, as compared to the balance indicator of 2013, decreased by EUR 674.9 million and made up EUR 242 million.

It was mainly influenced by increased revenue of 8.2 % over the year 2014: tax revenue increased by 6.1 % or EUR 344 million, social contributions – by 7.4 % or EUR 283.9 million.

In 2014 total general government revenue made up EUR 12.434 billion.

Last year general government expenditure amounted to EUR 12.676 billion. As compared to 2013, it increased by 2.2 % or EUR 272.3 million. The major share of expenditure was made for social security, education and health care.

Additional information:

Press release by the Statistics Lithuania

Press release by EUROSTAT

Public Relations Division
(+370 5) 2390 022
vrs@finmin.lt
www.finmin.lt