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The economic review by the Ministry of Finance, published last week, forecasts a GDP of 7%. contraction (forecasts were -7.3% in April). The same GDP forecast is projected for July 7. The European Commission forecast (the economies of the euro area are forecast to shrink by 8.7%). Lithuania’s successful response in the first months of fighting the pandemic is also shown in fourth place in the Sustainable Development Report for Lithuania among OECD countries.
Economic situation
Registered unemployment continues to rise in July. According to the data for the first week, the highest unemployment rate (12.6%) and the highest number of registered unemployed were registered at 216,439.
Negative trends were recorded when comparing the number of insured employees and new job announcements with data from previous weeks. June 29 – July 5 The number of insured employees decreased by 2.6 thousand. and they totaled 1,359 million at the end of the week. However, the number of insured persons increased since the beginning of quarantine in the most affected sector of accommodation and food service activities (1.6%), as well as in the ICT sector (1.5%) . The number of new jobs posted on private portals in the last week of June was 19 percent. lower than the previous week.
“We welcome the more optimistic Lithuanian economic forecasts adjusted by the European Commission and other organizations, but we continue to carefully assess the situation and the implementation of economic measures. We focus on measures in the Economic Stimulus Plan aimed at increasing employment, the business liquidity and economic promotion, and the implementation of the measures of the DNA Plan of the future economy, “says Lukas Savickas, first vice-chancellor of the government.
Monitor the implementation of the economic stimulus plan
Of the additional 4,900 million foreseen in the measures of the plan. Currently 13.7% of euros are used. (673 million euros). On average, spending per week continues to increase by more than 1 percent. point. To help preserve the jobs and income of the population until July 3. 358 million were used. EUR (18.91% of allocated funds).
In order for the government to help the business and preserve its liquidity, there is a constant increase in the funds used. Of the 1,200 million, more than 246 million euros were used to preserve the liquidity of the business. EUR (20.5%): the amount of the payments increased by 2%. points.
Payments to offset the rent are growing steadily: to date, more than 6 million. euros
The number of tax deferral agreements and the number of tax loans have increased over the past week: a total of 2,032 tax credit agreements have been signed with deferment or installment payments. The amount of interest deferment agreements signed for tax loans amounts to LTL 42 million. euros But for the first time in three weeks, growth of 14.5 million. The amount of uncollected tax arrears has decreased by € 610.2 million to € 610.2 million. euros The recovery of tax arrears was suspended for 63,713 individuals and legal entities.
Details of the implementation of the economic stimulus package are published on the website. https://koronastop.lrv.lt/lt/pagalba-verslui. This information is regularly updated and supplemented.
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