Abstract
This paper examines the Republic of Lithuania’s 2001 Article IV Consultation and First Review Under the Stand-By Arrangement. The macroeconomic objectives for 2001 are expected to be largely attained and all end-September performance criteria and structural benchmarks were met. The authorities’ priority is to stabilize revenue while creating a tax system consistent with European Union (EU) requirements. Underpinned by the fiscal adjustment, the currency board arrangement continued to anchor macroeconomic policies. The authorities remain committed to their ambitious structural reform agenda, which is driven in part by requirements of EU accession.
Lithuania: Basic Data
Average wage deflated by consumer price index.
Calculated on the basis of registered unemployment; period average.
Balance of payments prior to 1996 are not comparable data.
Average annual interest rate on loans in domestic currency; end of year.
There is a break in series beginning in 1998 when a new classification of fiscal account was implemented.
Including the discrepancy between monetary and fiscal data.
| Social and demographic indicators (latest available data) | |||||||
| Area (sq. km) | 65,300 | ||||||
| Population density (inhabitants per sq. km.) | 56.6 | ||||||
| Population (thousands) | 3,692.6 | ||||||
| Life expectancy at birth | 72.8 | ||||||
| Men | 67.6 | ||||||
| Women | 77.9 | ||||||
| Infant mortality rate (per 1,000 births) | 8.5 | ||||||
| Hospital beds (per 1,000 inhabitants) | 9.3 | ||||||
| Physicians (per 1,000 inhabitants) | 3.8 | ||||||
| 1996 | 1997 | 1998 | 1999 | 2000 | |||
|---|---|---|---|---|---|---|---|
| National accounts | (In percent of GDP) | ||||||
| Domestic demand | 109.8 | 110.6 | 111.9 | 110.3 | 106.4 | ||
| Consumption | 85.3 | 84.0 | 87.5 | 87.7 | 85.7 | ||
| Gross investment | 24.5 | 26.5 | 24.4 | 22.7 | 20.7 | ||
| External balance of goods and services | -9.8 | -10.6 | -11.9 | -10.3 | -6.4 | ||
| (Percentage change from previous period) | |||||||
| Real GDP | 4.7 | 7.3 | 5.1 | -3.9 | 3.9 | ||
| GDP (in millions of litai) | 31,569 | 38,340 | 42,990 | 42,655 | 45,254 | ||
| Consumer prices (end-period) | 13.1 | 8.4 | 2.4 | 0.3 | 1.5 | ||
| Real wages 1/ | 3.3 | 13.4 | 12.7 | 5.4 | 1.1 | ||
| Labor market | |||||||
| Total employment (thousands) | 1,659 | 1,669 | 1,656 | 1,648 | 1,586 | ||
| Of which: in state sector | 585 | 542 | 528 | 512 | 495 | ||
| Unemployment rate (in %) 2/ | 7.0 | 5.9 | 6.4 | 8.4 | 11.5 | ||
| (In millions of U.S. dollars) | |||||||
| Balance of payments 3/ | |||||||
| Trade balance | -896 | -1,147 | -1,518 | -1,405 | -1,104 | ||
| Current account balance | -723 | -981 | -1,298 | -1,194 | -675 | ||
| (Percentage change from previous period) | |||||||
| Money and credit | |||||||
| Broad money | -3.5 | 34.1 | 14.5 | 7.7 | 16.5 | ||
| Credit to private sector | -4.4 | 18.9 | 16.9 | 13.8 | -1.2 | ||
| Interest rate (in percent) 4/ | 14.7 | 12.2 | 16.7 | 14.5 | 11.5 | ||
| (In percent of GDP) | |||||||
| General government finances 5/ | |||||||
| Revenues | 29.6 | 32.6 | 32.7 | 32.1 | 30.3 | ||
| Expenditure and net lending | 34.2 | 33.7 | 38.1 | 40.2 | 33.2 | ||
| Financial balance 6/ | -2.5 | -1.5 | -4.4 | -6.2 | -2.1 | ||
| Fiscal balance 6/ | -4.5 | -1.8 | -5.9 | -8.5 | -2.7 | ||
Average wage deflated by consumer price index.
Calculated on the basis of registered unemployment; period average.
Balance of payments prior to 1996 are not comparable data.
Average annual interest rate on loans in domestic currency; end of year.
There is a break in series beginning in 1998 when a new classification of fiscal account was implemented.
Including the discrepancy between monetary and fiscal data.
| Social and demographic indicators (latest available data) | |||||||
| Area (sq. km) | 65,300 | ||||||
| Population density (inhabitants per sq. km.) | 56.6 | ||||||
| Population (thousands) | 3,692.6 | ||||||
| Life expectancy at birth | 72.8 | ||||||
| Men | 67.6 | ||||||
| Women | 77.9 | ||||||
| Infant mortality rate (per 1,000 births) | 8.5 | ||||||
| Hospital beds (per 1,000 inhabitants) | 9.3 | ||||||
| Physicians (per 1,000 inhabitants) | 3.8 | ||||||
| 1996 | 1997 | 1998 | 1999 | 2000 | |||
|---|---|---|---|---|---|---|---|
| National accounts | (In percent of GDP) | ||||||
| Domestic demand | 109.8 | 110.6 | 111.9 | 110.3 | 106.4 | ||
| Consumption | 85.3 | 84.0 | 87.5 | 87.7 | 85.7 | ||
| Gross investment | 24.5 | 26.5 | 24.4 | 22.7 | 20.7 | ||
| External balance of goods and services | -9.8 | -10.6 | -11.9 | -10.3 | -6.4 | ||
| (Percentage change from previous period) | |||||||
| Real GDP | 4.7 | 7.3 | 5.1 | -3.9 | 3.9 | ||
| GDP (in millions of litai) | 31,569 | 38,340 | 42,990 | 42,655 | 45,254 | ||
| Consumer prices (end-period) | 13.1 | 8.4 | 2.4 | 0.3 | 1.5 | ||
| Real wages 1/ | 3.3 | 13.4 | 12.7 | 5.4 | 1.1 | ||
| Labor market | |||||||
| Total employment (thousands) | 1,659 | 1,669 | 1,656 | 1,648 | 1,586 | ||
| Of which: in state sector | 585 | 542 | 528 | 512 | 495 | ||
| Unemployment rate (in %) 2/ | 7.0 | 5.9 | 6.4 | 8.4 | 11.5 | ||
| (In millions of U.S. dollars) | |||||||
| Balance of payments 3/ | |||||||
| Trade balance | -896 | -1,147 | -1,518 | -1,405 | -1,104 | ||
| Current account balance | -723 | -981 | -1,298 | -1,194 | -675 | ||
| (Percentage change from previous period) | |||||||
| Money and credit | |||||||
| Broad money | -3.5 | 34.1 | 14.5 | 7.7 | 16.5 | ||
| Credit to private sector | -4.4 | 18.9 | 16.9 | 13.8 | -1.2 | ||
| Interest rate (in percent) 4/ | 14.7 | 12.2 | 16.7 | 14.5 | 11.5 | ||
| (In percent of GDP) | |||||||
| General government finances 5/ | |||||||
| Revenues | 29.6 | 32.6 | 32.7 | 32.1 | 30.3 | ||
| Expenditure and net lending | 34.2 | 33.7 | 38.1 | 40.2 | 33.2 | ||
| Financial balance 6/ | -2.5 | -1.5 | -4.4 | -6.2 | -2.1 | ||
| Fiscal balance 6/ | -4.5 | -1.8 | -5.9 | -8.5 | -2.7 | ||
Average wage deflated by consumer price index.
Calculated on the basis of registered unemployment; period average.
Balance of payments prior to 1996 are not comparable data.
Average annual interest rate on loans in domestic currency; end of year.
There is a break in series beginning in 1998 when a new classification of fiscal account was implemented.
Including the discrepancy between monetary and fiscal data.
I. Introduction
1. The 2000 Article IV Consultation was concluded by the Executive Board on January 10, 2001 (EBS/00/286). Directors commended the progress made by Lithuania under the previous SBA. They emphasized the importance of preserving macroeconomic stability to maintain the credibility of the currency board arrangement (CBA), especially in the run-up to the repegging of the litas. Directors, however, expressed concern about the high level of unemployment and weak finances of municipalities. While recognizing that structural reforms had advanced significantly, they stressed the need for greater progress in the restructuring of the energy and agricultural sectors.
2. The political situation in Lithuania remains stable, under the dominant center-left coalition led by Prime Minister Brazauskas, the country’s President during 1993–98. The continuing strong consensus on EU and NATO accession has played a major role in advancing reforms.
II. Recent Developments and Performance Under the Program
3. Macroeconomic objectives for 2001 are expected to be largely attained and all end-September program performance criteria and structural benchmarks were met (Tables 1–12). Real GDP growth accelerated substantially, the external current account deficit declined further, and inflation remained subdued. Fiscal adjustment continued, confidence in the currency board remained strong, and good progress was recorded in structural areas.
Lithuania: Selected Macroeconomic Indicators, 1998–2002
Registered unemployment, end-of-period.
Gross official reserves reported here differ from the monetary survey because they include reverse repos involving major currencies in both legs.
External liabilities minus foreign equity investment in Lithuania.
CPI-based, trade-weighted real effective exchange rate against 21 major trading partners in 1999.
December 2000 is adjusted for reclassification of LTL 270 million of DMB’s claims on privates sector which were removed from balance sheets in July 2000. Also, August 2001 number have been adjusted by LTL 785 million of reclassified assets.
Lithuania: Selected Macroeconomic Indicators, 1998–2002
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Year | |||||||||
| Act. | Prog2. | Porj. | Prev. Proj. | Proj | ||||||||
| National income, prices. and wages | ||||||||||||
| Nominal GDP (in millions of litai) | 42,990 | 47,655 | 45,254 | 10,684 | 12,093 | 12,736 | 47,012 | 48,087 | 50,509 | 51,531 | ||
| GDP (in milions of US dollars) | 10,748 | 10,664 | 11,314 | 2,671 | 3,023 | 3,182 | 11,753 | 12,022 | 12,627 | 12,883 | ||
| Real GDP growth (year-on-year, in percent) | 5.1 | -3.9 | 3.9 | 4.4 | 5.7 | 5.2 | 3.6 | 4.5 | 4.7 | 4.0 | ||
| Average CPI (year-on-year change in percent) | 5.1 | 0.8 | 1.0 | 0.1 | 0.5 | 1.8 | 0.6 | 1.4 | 2.8 | 2.8 | ||
| End-of-period CPI (year-on-year change. in percent) | 2.4 | 0.3 | 1.5 | 0.7 | 1.5 | 2.1 | 2.0 | 2.0 | 3.0 | 2.8 | ||
| GDP deflator (year-on-year change, in percent) | 6.7 | 3.2 | 2.1 | 1.4 | 1.0 | -0.9 | 1.0 | 1.6 | 2.6 | 3.0 | ||
| Awrage monthly wage (in US. dollars) | 232 | 247 | 252 | 260 | 267 | 267 | … | … | … | … | ||
| Unemployment rate (in percent) 1/ | 6.9 | 10.0 | 11.5 | 13.2 | 12.1 | 12.0 | … | … | … | … | ||
| Saving-investment balance (in percent of GDP) | ||||||||||||
| Gross national saving | 12.3 | 11.5 | 14.8 | 11.6 | 13.6 | … | 15.2 | 13.9 | 15.4 | 14.1 | ||
| General government | -1.1 | -3.9 | -0.2 | -0.3 | -0.5 | … | 0.7 | -0.1 | 0.8 | 0.3 | ||
| Non-government | 13.4 | 15.4 | 14.9 | 11.9 | 14.1 | … | 14.6 | 14.0 | 14.6 | 13.9 | ||
| Gross national investment | 24.4 | 22.7 | 20.7 | 17.0 | 18.1 | … | 21.9 | 19.7 | 22.0 | 19.9 | ||
| Foreign saving | 12.1 | 11.2 | 6.0 | 6.4 | 4.6 | … | 6.7 | 5.8 | 6.6 | 6.8 | ||
| General government (in percent of GDP) | ||||||||||||
| Financial balance | -4.4 | -6.2 | -2.1 | -1.0 | -2.0 | -0.3 | -1.3 | -1.7 | -0.9 | -1.1 | ||
| Net lending | 1.5 | 2.4 | 0.7 | -0.1 | -0.1 | 0.7 | 0.1 | 0.1 | 0.4 | 0.4 | ||
| Fical balance | -5.9 | -8.5 | -2.7 | -0.9 | -1.9 | -1.0 | -1.4 | -1.7 | -1.3 | -1.5 | ||
| External sector | ||||||||||||
| Corrent account balance | ||||||||||||
| in percent of GDP | -12.1 | -11.2 | -6.0 | -5.4 | -4.6 | … | -6.7 | -5.8 | -6.6 | -5.8 | ||
| in millions of U.S. dollars | -1,298 | -1,194 | -675 | -145 | -138 | … | -786 | -695 | -836 | -741 | ||
| Gross official reserves (in millions of U.S. dollars) 2/ | 1,460 | 1,242 | 1,359 | 1,287 | 1,455 | 1,595 | 1,790 | 1,565 | 1,986 | 1,944 | ||
| Cross external debt (in percent of GDP) 3/ | 34.8 | 42.5 | 42.9 | 44.5 | 41.8 | … | 44.8 | 43.6 | 44.5 | 43.8 | ||
| Debt service (in percent of exports of GKFS) | 18.3 | 20.0 | 20.9 | 61.0 | 28.0 | … | 13.5 | 28.9 | 16.4 | 14.0 | ||
| Exchange rate (litai/euro, period average) | … | 4.18 | 3.70 | 3.69 | 3.49 | 3.56 | … | … | … | … | ||
| Real effective exchange rate (1998=100, “+”-appreciation) 4/ | 100.0 | 112.9 | 120.2 | 117.5 | 119.5 | 119.9 | … | … | … | … | ||
| Money and credit | ||||||||||||
| Reserve money (year-on-year change, in percent) | 28.8 | -4.1 | -3.3 | -0.4 | 2.2 | 0.1 | 2.3 | 5.5 | 4.4 | 13.4 | ||
| Broad money (year-on-year change, in percent) | 14.5 | 7.7 | 16.5 | 19.4 | 17.2 | 18.9 | 8.9 | 15.8 | 8.5 | 15.0 | ||
| Private sector credit (year-on-year change, 31 percent) 5/ | 16.9 | 13.8 | -1.2 | 3.0 | 1.2 | 9.5 | 9.7 | 9.8 | 10.2 | 15.9 | ||
| Money muitiplier | 2.0 | 2.2 | 2.6 | 2.9 | 2.9 | 3.1 | 2.8 | 2.9 | 2.9 | 2.9 | ||
| Currency/deposits, in percent | 50.7 | 43.9 | 34.1 | 31.0 | 31.3 | 29.9 | 32.5 | 31.3 | 31.6 | 31.6 | ||
| Foreign currency deposits/litai deposits, in percent | 57.0 | 77.7 | 83.8 | 90.4 | 88.6 | 86.6 | 80.9 | 88.6 | 80.9 | 88.6 | ||
Registered unemployment, end-of-period.
Gross official reserves reported here differ from the monetary survey because they include reverse repos involving major currencies in both legs.
External liabilities minus foreign equity investment in Lithuania.
CPI-based, trade-weighted real effective exchange rate against 21 major trading partners in 1999.
December 2000 is adjusted for reclassification of LTL 270 million of DMB’s claims on privates sector which were removed from balance sheets in July 2000. Also, August 2001 number have been adjusted by LTL 785 million of reclassified assets.
Lithuania: Selected Macroeconomic Indicators, 1998–2002
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Year | |||||||||
| Act. | Prog2. | Porj. | Prev. Proj. | Proj | ||||||||
| National income, prices. and wages | ||||||||||||
| Nominal GDP (in millions of litai) | 42,990 | 47,655 | 45,254 | 10,684 | 12,093 | 12,736 | 47,012 | 48,087 | 50,509 | 51,531 | ||
| GDP (in milions of US dollars) | 10,748 | 10,664 | 11,314 | 2,671 | 3,023 | 3,182 | 11,753 | 12,022 | 12,627 | 12,883 | ||
| Real GDP growth (year-on-year, in percent) | 5.1 | -3.9 | 3.9 | 4.4 | 5.7 | 5.2 | 3.6 | 4.5 | 4.7 | 4.0 | ||
| Average CPI (year-on-year change in percent) | 5.1 | 0.8 | 1.0 | 0.1 | 0.5 | 1.8 | 0.6 | 1.4 | 2.8 | 2.8 | ||
| End-of-period CPI (year-on-year change. in percent) | 2.4 | 0.3 | 1.5 | 0.7 | 1.5 | 2.1 | 2.0 | 2.0 | 3.0 | 2.8 | ||
| GDP deflator (year-on-year change, in percent) | 6.7 | 3.2 | 2.1 | 1.4 | 1.0 | -0.9 | 1.0 | 1.6 | 2.6 | 3.0 | ||
| Awrage monthly wage (in US. dollars) | 232 | 247 | 252 | 260 | 267 | 267 | … | … | … | … | ||
| Unemployment rate (in percent) 1/ | 6.9 | 10.0 | 11.5 | 13.2 | 12.1 | 12.0 | … | … | … | … | ||
| Saving-investment balance (in percent of GDP) | ||||||||||||
| Gross national saving | 12.3 | 11.5 | 14.8 | 11.6 | 13.6 | … | 15.2 | 13.9 | 15.4 | 14.1 | ||
| General government | -1.1 | -3.9 | -0.2 | -0.3 | -0.5 | … | 0.7 | -0.1 | 0.8 | 0.3 | ||
| Non-government | 13.4 | 15.4 | 14.9 | 11.9 | 14.1 | … | 14.6 | 14.0 | 14.6 | 13.9 | ||
| Gross national investment | 24.4 | 22.7 | 20.7 | 17.0 | 18.1 | … | 21.9 | 19.7 | 22.0 | 19.9 | ||
| Foreign saving | 12.1 | 11.2 | 6.0 | 6.4 | 4.6 | … | 6.7 | 5.8 | 6.6 | 6.8 | ||
| General government (in percent of GDP) | ||||||||||||
| Financial balance | -4.4 | -6.2 | -2.1 | -1.0 | -2.0 | -0.3 | -1.3 | -1.7 | -0.9 | -1.1 | ||
| Net lending | 1.5 | 2.4 | 0.7 | -0.1 | -0.1 | 0.7 | 0.1 | 0.1 | 0.4 | 0.4 | ||
| Fical balance | -5.9 | -8.5 | -2.7 | -0.9 | -1.9 | -1.0 | -1.4 | -1.7 | -1.3 | -1.5 | ||
| External sector | ||||||||||||
| Corrent account balance | ||||||||||||
| in percent of GDP | -12.1 | -11.2 | -6.0 | -5.4 | -4.6 | … | -6.7 | -5.8 | -6.6 | -5.8 | ||
| in millions of U.S. dollars | -1,298 | -1,194 | -675 | -145 | -138 | … | -786 | -695 | -836 | -741 | ||
| Gross official reserves (in millions of U.S. dollars) 2/ | 1,460 | 1,242 | 1,359 | 1,287 | 1,455 | 1,595 | 1,790 | 1,565 | 1,986 | 1,944 | ||
| Cross external debt (in percent of GDP) 3/ | 34.8 | 42.5 | 42.9 | 44.5 | 41.8 | … | 44.8 | 43.6 | 44.5 | 43.8 | ||
| Debt service (in percent of exports of GKFS) | 18.3 | 20.0 | 20.9 | 61.0 | 28.0 | … | 13.5 | 28.9 | 16.4 | 14.0 | ||
| Exchange rate (litai/euro, period average) | … | 4.18 | 3.70 | 3.69 | 3.49 | 3.56 | … | … | … | … | ||
| Real effective exchange rate (1998=100, “+”-appreciation) 4/ | 100.0 | 112.9 | 120.2 | 117.5 | 119.5 | 119.9 | … | … | … | … | ||
| Money and credit | ||||||||||||
| Reserve money (year-on-year change, in percent) | 28.8 | -4.1 | -3.3 | -0.4 | 2.2 | 0.1 | 2.3 | 5.5 | 4.4 | 13.4 | ||
| Broad money (year-on-year change, in percent) | 14.5 | 7.7 | 16.5 | 19.4 | 17.2 | 18.9 | 8.9 | 15.8 | 8.5 | 15.0 | ||
| Private sector credit (year-on-year change, 31 percent) 5/ | 16.9 | 13.8 | -1.2 | 3.0 | 1.2 | 9.5 | 9.7 | 9.8 | 10.2 | 15.9 | ||
| Money muitiplier | 2.0 | 2.2 | 2.6 | 2.9 | 2.9 | 3.1 | 2.8 | 2.9 | 2.9 | 2.9 | ||
| Currency/deposits, in percent | 50.7 | 43.9 | 34.1 | 31.0 | 31.3 | 29.9 | 32.5 | 31.3 | 31.6 | 31.6 | ||
| Foreign currency deposits/litai deposits, in percent | 57.0 | 77.7 | 83.8 | 90.4 | 88.6 | 86.6 | 80.9 | 88.6 | 80.9 | 88.6 | ||
Registered unemployment, end-of-period.
Gross official reserves reported here differ from the monetary survey because they include reverse repos involving major currencies in both legs.
External liabilities minus foreign equity investment in Lithuania.
CPI-based, trade-weighted real effective exchange rate against 21 major trading partners in 1999.
December 2000 is adjusted for reclassification of LTL 270 million of DMB’s claims on privates sector which were removed from balance sheets in July 2000. Also, August 2001 number have been adjusted by LTL 785 million of reclassified assets.
Lithuania: Balance of Payments, 2000–2006
Gross official reserves reported here differ from the monetary survey because revenue repos involving major currencies in both legs are included.
External liabilities minus foreign equity investment
Total external liabilities minus total external assets excluding foreign direct investment, equity investment and reserve assets.
Total short term liabilities minus total short term assets original maturity basis.
Debt service comprises increases and repayment on external loans and interest and repayment on debt securities A large debt service ratio for Q1 2001 and 2001 reflects a repayment of large liabilities by commercial banks undertaken ahead of schedule in Q1 2001.
Lithuania: Balance of Payments, 2000–2006
| 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 | H2 | Year | |||||||||||||
| Prog. | Proj. | Prev. Proj. | Proj. | Projections | |||||||||||
| (In millions of US dollars, unless otherwise indicated) | |||||||||||||||
| Current account | -675 | -283 | -4!2 | -786 | -695 | -836 | -741 | -760 | -793 | -827 | -859 | ||||
| Trade balance | -1,104 | -387 | -649 | -1,197 | -1,036 | -1,214 | -1,108 | -1,136 | -1,400 | -1,432 | -1,466 | ||||
| Exports (f.o.b.) | 4,050 | 2,417 | 2,383 | 4,335 | 4,800 | 4,549 | 4,961 | 5,613 | 6,025 | 6,612 | 7,437 | ||||
| Imports (f.o.b) | 5,154 | 2,804 | 3,032 | 5,432 | 5,835 | 5,763 | 6,068 | 6,750 | 7,425 | 8,044 | 8,803 | ||||
| Non-factor services, net | 380 | 205 | 221 | 400 | 426 | 420 | 437 | 459 | 476 | 494 | 512 | ||||
| Credits | 1,059 | 535 | 577 | 1,118 | 1,112 | 1,162 | 1,147 | 1,194 | 1,240 | 1,488 | 1,338 | ||||
| Debits | 679 | 330 | 356 | 719 | 686 | 743 | 710 | 734 | 764 | 795 | 827 | ||||
| Factor.income, net | -194 | -216 | -119 | -246 | -335 | -311 | -340 | -367 | -394 | -461 | -478 | ||||
| Current transfers, net | 243 | 114 | 156 | 258 | 230 | 270 | 269 | 384 | 524 | 573 | 573 | ||||
| Capital and financial account | 705 | 433 | 552 | 1,236 | 985 | 1,072 | 1,160 | 779 | 821 | 840 | 862 | ||||
| Capital transfers, net | 2 | 1 | 5 | 6 | 6 | 5 | 5 | 5 | 5 | 5 | 5 | ||||
| Financial account | 702 | 432 | 547 | 1,230 | 979 | 1,067 | 1,1055 | 774 | 8I6 | 835 | 857 | ||||
| Direct investment, net | 375 | 318 | 115 | 530 | 433 | 475 | 545 | 465 | 460 | 460 | 460 | ||||
| Portfolio invesment, net | 265 | 235 | 83 | 242 | 318 | 375 | 235 | 170 | 20 | 154 | 154 | ||||
| Other invesment, net | 63 | -121 | 348 | 458 | 22.8 | 217 | 373 | 139 | 336 | 221 | 243 | ||||
| Net errors and omissions | 127 | -32 | 0 | 0 | -32 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Financing | -157 | -118 | -140 | -451 | -239 | -236 | -419 | -19 | -28 | -14 | -2 | ||||
| Fund financing | -26 | 0 | -30 | -36 | -30 | -40 | -40 | -40 | -32 | -25 | -13 | ||||
| Change in official reserves (-=increase) | -131 | -118 | -110 | -414 | -229 | -196 | -379 | 21 | 4 | 11 | 11 | ||||
| Official reserves and external debt | |||||||||||||||
| Gross official reserves 1/ | 1,359 | 1,455 | 1,565 | 1,790 | 1,565 | 1,986 | 1,944 | 1,923 | 1,919 | 1,908 | 1,897 | ||||
| Gross external debt 2/ | 4,856 | 4,867 | 5,236 | 5,261 | 5,236 | 5,615 | 5,647 | 5,871 | 6,139 | 6,410 | 6.681 | ||||
| Public and publicly guaranteed | 2,364 | 2,389 | 2,489 | 2,603 | 2,489 | 1,637 | 2,662 | 2,688 | 2,574 | 2,468 | 2,461 | ||||
| Private | 2,493 | 2,479 | 2,747 | 2,657 | 2,747 | 2,978 | 2,985 | 3,183 | 3,565 | 3,843 | 4,120 | ||||
| Net external debt 3/ | 2,948 | 2,850 | 3,205 | 3,733 | 3,205 | 4,285 | 3,726 | 3,945 | 4,210 | 6,520 | 4,854 | ||||
| Public and publicly guaranteed | 2,364 | 2,389 | 2,489 | 2,603 | 2,489 | 2,637 | 2,662 | 2,688 | 2,574 | 2,568 | 2,561 | ||||
| Private | 584 | 461 | 716 | 1,130 | 716 | 1,648 | 1,064 | 1,257 | 1,645 | 1,952 | 2,292 | ||||
| Short-term gross external debt | |||||||||||||||
| On a remaining maturity basis | 2,600 | 1,777 | 1,888 | 1,908 | 1,888 | 2,146 | 1,954 | 1,958 | 1,993 | 2,122 | … | ||||
| On an original maturity basis | 1,114 | 1,143 | 1,278 | 1,239 | 1,478 | 1,465 | 1,355 | 1,460 | 1,378 | 1,507 | 1,636 | ||||
| Of which: | |||||||||||||||
| Trade credit | 732 | 717 | 691 | 782 | 691 | 833 | 741 | 791 | 841 | 891 | 941 | ||||
| Currency and deposits at banks | 247 | 341 | 269 | 265 | 269 | 322 | 315 | 342 | 361 | 418 | 476 | ||||
| Short-term net external debt 4/ | -59 | -141 | 88 | 102 | 88 | 196 | 261 | 283 | 395 | 447 | 524 | ||||
| Debt service 5/ | 1,066 | 1,282 | 428 | 736 | 1,709 | 936 | 858 | 893 | 904 | 932 | 946 | ||||
| Amortization | 854 | 1,157 | 329 | 491 | l,486 | 669 | 610 | 598 | 599 | 6I5 | 615 | ||||
| interest payments | 212 | 125 | 99 | 245 | 224 | 266 | 348 | 293 | 305 | 317 | 331 | ||||
| (In percent of GDP, unless otherwise indicated) | |||||||||||||||
| Current account | -6.0 | -5.0 | -6.5 | -6.7 | -5.8 | -6.6 | -5.8 | -5.3 | -5.3 | 5.1 | -4.8 | ||||
| Trade balance of goods and services | -6.4 | -3.2 | -6.8 | -6.8 | -5.1 | -6.3 | -5.2 | -4.9 | -6.2 | -5.8 | -5.4 | ||||
| Trade balance, goods | -9.8 | -6.8 | -10.3 | -10.2 | -8.6 | -9.6 | -8.6 | -8.3 | -9.4 | -8.8 | -8.3 | ||||
| Of which: | |||||||||||||||
| Non-energy trade balance | -3.1 | -1.8 | -6.0 | -3.3 | -4.0 | -3.5 | -5.0 | -4.8 | -6.0 | -5.5 | -5.0 | ||||
| Trade balance, services | 3.4 | 3.6 | 3.4 | 3.4 | 3.4 | 3.3 | 3.4 | 3.3 | 3.2 | 3.0 | 2.9 | ||||
| Factor income, net | -1.7 | -3.8 | -1.9 | 2.1 | -2.8 | -2.5 | -2.6 | -2.7 | -2.6 | -2.8 | -2.7 | ||||
| Current transfers, net | 2.1 | 3.0 | 2.1 | 2.2 | 2.1 | 3.1 | 2.1 | 2.1 | 3.5 | 3.5 | 3.2 | ||||
| Financial account | 6.2 | 7.6 | 8.6 | 10.5 | 8.1 | 8.4 | 9.0 | 5.6 | 5.5 | 5.1 | 4.8 | ||||
| Direct investment.net | 3.3 | 5.6 | 1.8 | 4.5 | 3.6 | 3.8 | 4.2 | 3.4 | 3.1 | 2.8 | 2.6 | ||||
| Portfolio investment, net | 2.3 | 4.1 | 1.3 | 2.1 | 2.6 | 3.0 | 1.2 | 1.2 | 0.1 | 0.9 | 0.9 | ||||
| Other Investment, net | 0.6 | -2.1 | 5.5 | 3.9 | 1.9 | 1.7 | 2.9 | 1.0 | 2.2 | 1.4 | 1.4 | ||||
| Gross external debt 2/ | 42.9 | 41.8 | 43.6 | 44.8 | 43.6 | 44.5 | 43.8 | 42.6 | 41.1 | 39.4 | 37.6 | ||||
| Public and publicly guaranteed | 20.9 | 20.4 | 20.7 | 22.1 | 20.7 | 20.9 | 20.7 | 19.5 | 17.2 | 16.8 | 14.4 | ||||
| Private | 22.0 | 21.3 | 22.8 | 22.6 | 22.8 | 23.6 | 23.3 | 23.1 | 23.9 | 23.6 | 23.2 | ||||
| Net external debt 3/ | 26.1 | 54.5 | 26.7 | 31.8 | 26.7 | 33.9 | 28.9 | 28.7 | 28.2 | 27.8 | 27.3 | ||||
| Public and publicly guaranteed | 20.9 | 20.5 | 20.7 | 22.1 | 20.7 | 20.9 | 20.7 | 19.5 | 17.2 | 15.8 | 14.4 | ||||
| Private | 3.2 | 4.0 | 6.0 | 9.6 | 6.0 | 13.1 | 8.3 | 9.1 | 11.0 | 120 | 12.9 | ||||
| Short-term gross external debt | |||||||||||||||
| On a remaining maturity basis | 23.0 | 15.3 | 15.7 | 16.3 | 15.7 | 17.0 | 15.2 | 14.2 | 13.3 | 13.0 | … | ||||
| On an original maturity basis | 9.8 | 9.8 | 10.6 | 10.5 | 10.6 | 11.6 | 10.5 | 99 | 9.2 | 9.3 | 9.2 | ||||
| Of which: | |||||||||||||||
| Trade credit | 6.47 | 615 | 5.75 | 6.66 | 5.75 | 6.59 | 5.75 | 5.75 | 5.63 | 5.48 | 5.40 | ||||
| Currency and deposits at banks | 2.18 | 2.07 | 2.24 | 2.29 | 2.24 | 2.55 | 2.44 | 2.48 | 2.41 | 1.57 | 2.68 | ||||
| Debt service, in percent of exports of GNFS 5/ | 30.9 | 43.4 | 14.4 | 13.5 | 28.9 | 16.4 | 14.0 | 13.1 | 12.4 | 11.8 | 10.9 | ||||
| Amortization | 16.7 | 39.2 | 11.1 | 9.0 | 25.1 | 11.7 | 10.0 | 8.8 | 8.2 | 7.8 | 7.1 | ||||
| Interest payments | 4.1 | 4.2 | 3.3 | 4.5 | 3.8 | 4.7 | 4.1 | 4.3 | 4.2 | 4.0 | 3.8 | ||||
| Memorandum Items: | |||||||||||||||
| Nominal GDP (millions of U.S. dollars) | 11,314 | 5,694 | 6,328 | 11,753 | 12,022 | 12,677 | 11,883 | 13,765 | 14,944 | 16,266 | 17,759 | ||||
| Exports of GNFS (percent change, yo-y) | 20.6 | 20.6 | 11.3 | 6.7 | 15.7 | 4.7 | 3.3 | 11.4 | 6.7 | 8.7 | 9.8 | ||||
| of which: non-energy exports of GNFS | 13.6 | 13.4 | 11.7 | 8.7 | 12.5 | 7.7 | 4.9 | 6.8 | 10.5 | 12.0 | 12.1 | ||||
| Imports of GNFS (percent change, y-o-y) | 9.3 | 13.2 | 10.5 | 7.3 | 11.8 | 4.1 | 3.9 | 10.4 | 9.4 | 7.9 | 8.9 | ||||
| of which: non-energy imports of GNFS | 1.9 | 10.5 | 18.4 | 8.9 | 14.6 | 8.4 | 7.9 | 8.3 | 14.2 | 109 | 11.0 | ||||
Gross official reserves reported here differ from the monetary survey because revenue repos involving major currencies in both legs are included.
External liabilities minus foreign equity investment
Total external liabilities minus total external assets excluding foreign direct investment, equity investment and reserve assets.
Total short term liabilities minus total short term assets original maturity basis.
Debt service comprises increases and repayment on external loans and interest and repayment on debt securities A large debt service ratio for Q1 2001 and 2001 reflects a repayment of large liabilities by commercial banks undertaken ahead of schedule in Q1 2001.
Lithuania: Balance of Payments, 2000–2006
| 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 | H2 | Year | |||||||||||||
| Prog. | Proj. | Prev. Proj. | Proj. | Projections | |||||||||||
| (In millions of US dollars, unless otherwise indicated) | |||||||||||||||
| Current account | -675 | -283 | -4!2 | -786 | -695 | -836 | -741 | -760 | -793 | -827 | -859 | ||||
| Trade balance | -1,104 | -387 | -649 | -1,197 | -1,036 | -1,214 | -1,108 | -1,136 | -1,400 | -1,432 | -1,466 | ||||
| Exports (f.o.b.) | 4,050 | 2,417 | 2,383 | 4,335 | 4,800 | 4,549 | 4,961 | 5,613 | 6,025 | 6,612 | 7,437 | ||||
| Imports (f.o.b) | 5,154 | 2,804 | 3,032 | 5,432 | 5,835 | 5,763 | 6,068 | 6,750 | 7,425 | 8,044 | 8,803 | ||||
| Non-factor services, net | 380 | 205 | 221 | 400 | 426 | 420 | 437 | 459 | 476 | 494 | 512 | ||||
| Credits | 1,059 | 535 | 577 | 1,118 | 1,112 | 1,162 | 1,147 | 1,194 | 1,240 | 1,488 | 1,338 | ||||
| Debits | 679 | 330 | 356 | 719 | 686 | 743 | 710 | 734 | 764 | 795 | 827 | ||||
| Factor.income, net | -194 | -216 | -119 | -246 | -335 | -311 | -340 | -367 | -394 | -461 | -478 | ||||
| Current transfers, net | 243 | 114 | 156 | 258 | 230 | 270 | 269 | 384 | 524 | 573 | 573 | ||||
| Capital and financial account | 705 | 433 | 552 | 1,236 | 985 | 1,072 | 1,160 | 779 | 821 | 840 | 862 | ||||
| Capital transfers, net | 2 | 1 | 5 | 6 | 6 | 5 | 5 | 5 | 5 | 5 | 5 | ||||
| Financial account | 702 | 432 | 547 | 1,230 | 979 | 1,067 | 1,1055 | 774 | 8I6 | 835 | 857 | ||||
| Direct investment, net | 375 | 318 | 115 | 530 | 433 | 475 | 545 | 465 | 460 | 460 | 460 | ||||
| Portfolio invesment, net | 265 | 235 | 83 | 242 | 318 | 375 | 235 | 170 | 20 | 154 | 154 | ||||
| Other invesment, net | 63 | -121 | 348 | 458 | 22.8 | 217 | 373 | 139 | 336 | 221 | 243 | ||||
| Net errors and omissions | 127 | -32 | 0 | 0 | -32 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Financing | -157 | -118 | -140 | -451 | -239 | -236 | -419 | -19 | -28 | -14 | -2 | ||||
| Fund financing | -26 | 0 | -30 | -36 | -30 | -40 | -40 | -40 | -32 | -25 | -13 | ||||
| Change in official reserves (-=increase) | -131 | -118 | -110 | -414 | -229 | -196 | -379 | 21 | 4 | 11 | 11 | ||||
| Official reserves and external debt | |||||||||||||||
| Gross official reserves 1/ | 1,359 | 1,455 | 1,565 | 1,790 | 1,565 | 1,986 | 1,944 | 1,923 | 1,919 | 1,908 | 1,897 | ||||
| Gross external debt 2/ | 4,856 | 4,867 | 5,236 | 5,261 | 5,236 | 5,615 | 5,647 | 5,871 | 6,139 | 6,410 | 6.681 | ||||
| Public and publicly guaranteed | 2,364 | 2,389 | 2,489 | 2,603 | 2,489 | 1,637 | 2,662 | 2,688 | 2,574 | 2,468 | 2,461 | ||||
| Private | 2,493 | 2,479 | 2,747 | 2,657 | 2,747 | 2,978 | 2,985 | 3,183 | 3,565 | 3,843 | 4,120 | ||||
| Net external debt 3/ | 2,948 | 2,850 | 3,205 | 3,733 | 3,205 | 4,285 | 3,726 | 3,945 | 4,210 | 6,520 | 4,854 | ||||
| Public and publicly guaranteed | 2,364 | 2,389 | 2,489 | 2,603 | 2,489 | 2,637 | 2,662 | 2,688 | 2,574 | 2,568 | 2,561 | ||||
| Private | 584 | 461 | 716 | 1,130 | 716 | 1,648 | 1,064 | 1,257 | 1,645 | 1,952 | 2,292 | ||||
| Short-term gross external debt | |||||||||||||||
| On a remaining maturity basis | 2,600 | 1,777 | 1,888 | 1,908 | 1,888 | 2,146 | 1,954 | 1,958 | 1,993 | 2,122 | … | ||||
| On an original maturity basis | 1,114 | 1,143 | 1,278 | 1,239 | 1,478 | 1,465 | 1,355 | 1,460 | 1,378 | 1,507 | 1,636 | ||||
| Of which: | |||||||||||||||
| Trade credit | 732 | 717 | 691 | 782 | 691 | 833 | 741 | 791 | 841 | 891 | 941 | ||||
| Currency and deposits at banks | 247 | 341 | 269 | 265 | 269 | 322 | 315 | 342 | 361 | 418 | 476 | ||||
| Short-term net external debt 4/ | -59 | -141 | 88 | 102 | 88 | 196 | 261 | 283 | 395 | 447 | 524 | ||||
| Debt service 5/ | 1,066 | 1,282 | 428 | 736 | 1,709 | 936 | 858 | 893 | 904 | 932 | 946 | ||||
| Amortization | 854 | 1,157 | 329 | 491 | l,486 | 669 | 610 | 598 | 599 | 6I5 | 615 | ||||
| interest payments | 212 | 125 | 99 | 245 | 224 | 266 | 348 | 293 | 305 | 317 | 331 | ||||
| (In percent of GDP, unless otherwise indicated) | |||||||||||||||
| Current account | -6.0 | -5.0 | -6.5 | -6.7 | -5.8 | -6.6 | -5.8 | -5.3 | -5.3 | 5.1 | -4.8 | ||||
| Trade balance of goods and services | -6.4 | -3.2 | -6.8 | -6.8 | -5.1 | -6.3 | -5.2 | -4.9 | -6.2 | -5.8 | -5.4 | ||||
| Trade balance, goods | -9.8 | -6.8 | -10.3 | -10.2 | -8.6 | -9.6 | -8.6 | -8.3 | -9.4 | -8.8 | -8.3 | ||||
| Of which: | |||||||||||||||
| Non-energy trade balance | -3.1 | -1.8 | -6.0 | -3.3 | -4.0 | -3.5 | -5.0 | -4.8 | -6.0 | -5.5 | -5.0 | ||||
| Trade balance, services | 3.4 | 3.6 | 3.4 | 3.4 | 3.4 | 3.3 | 3.4 | 3.3 | 3.2 | 3.0 | 2.9 | ||||
| Factor income, net | -1.7 | -3.8 | -1.9 | 2.1 | -2.8 | -2.5 | -2.6 | -2.7 | -2.6 | -2.8 | -2.7 | ||||
| Current transfers, net | 2.1 | 3.0 | 2.1 | 2.2 | 2.1 | 3.1 | 2.1 | 2.1 | 3.5 | 3.5 | 3.2 | ||||
| Financial account | 6.2 | 7.6 | 8.6 | 10.5 | 8.1 | 8.4 | 9.0 | 5.6 | 5.5 | 5.1 | 4.8 | ||||
| Direct investment.net | 3.3 | 5.6 | 1.8 | 4.5 | 3.6 | 3.8 | 4.2 | 3.4 | 3.1 | 2.8 | 2.6 | ||||
| Portfolio investment, net | 2.3 | 4.1 | 1.3 | 2.1 | 2.6 | 3.0 | 1.2 | 1.2 | 0.1 | 0.9 | 0.9 | ||||
| Other Investment, net | 0.6 | -2.1 | 5.5 | 3.9 | 1.9 | 1.7 | 2.9 | 1.0 | 2.2 | 1.4 | 1.4 | ||||
| Gross external debt 2/ | 42.9 | 41.8 | 43.6 | 44.8 | 43.6 | 44.5 | 43.8 | 42.6 | 41.1 | 39.4 | 37.6 | ||||
| Public and publicly guaranteed | 20.9 | 20.4 | 20.7 | 22.1 | 20.7 | 20.9 | 20.7 | 19.5 | 17.2 | 16.8 | 14.4 | ||||
| Private | 22.0 | 21.3 | 22.8 | 22.6 | 22.8 | 23.6 | 23.3 | 23.1 | 23.9 | 23.6 | 23.2 | ||||
| Net external debt 3/ | 26.1 | 54.5 | 26.7 | 31.8 | 26.7 | 33.9 | 28.9 | 28.7 | 28.2 | 27.8 | 27.3 | ||||
| Public and publicly guaranteed | 20.9 | 20.5 | 20.7 | 22.1 | 20.7 | 20.9 | 20.7 | 19.5 | 17.2 | 15.8 | 14.4 | ||||
| Private | 3.2 | 4.0 | 6.0 | 9.6 | 6.0 | 13.1 | 8.3 | 9.1 | 11.0 | 120 | 12.9 | ||||
| Short-term gross external debt | |||||||||||||||
| On a remaining maturity basis | 23.0 | 15.3 | 15.7 | 16.3 | 15.7 | 17.0 | 15.2 | 14.2 | 13.3 | 13.0 | … | ||||
| On an original maturity basis | 9.8 | 9.8 | 10.6 | 10.5 | 10.6 | 11.6 | 10.5 | 99 | 9.2 | 9.3 | 9.2 | ||||
| Of which: | |||||||||||||||
| Trade credit | 6.47 | 615 | 5.75 | 6.66 | 5.75 | 6.59 | 5.75 | 5.75 | 5.63 | 5.48 | 5.40 | ||||
| Currency and deposits at banks | 2.18 | 2.07 | 2.24 | 2.29 | 2.24 | 2.55 | 2.44 | 2.48 | 2.41 | 1.57 | 2.68 | ||||
| Debt service, in percent of exports of GNFS 5/ | 30.9 | 43.4 | 14.4 | 13.5 | 28.9 | 16.4 | 14.0 | 13.1 | 12.4 | 11.8 | 10.9 | ||||
| Amortization | 16.7 | 39.2 | 11.1 | 9.0 | 25.1 | 11.7 | 10.0 | 8.8 | 8.2 | 7.8 | 7.1 | ||||
| Interest payments | 4.1 | 4.2 | 3.3 | 4.5 | 3.8 | 4.7 | 4.1 | 4.3 | 4.2 | 4.0 | 3.8 | ||||
| Memorandum Items: | |||||||||||||||
| Nominal GDP (millions of U.S. dollars) | 11,314 | 5,694 | 6,328 | 11,753 | 12,022 | 12,677 | 11,883 | 13,765 | 14,944 | 16,266 | 17,759 | ||||
| Exports of GNFS (percent change, yo-y) | 20.6 | 20.6 | 11.3 | 6.7 | 15.7 | 4.7 | 3.3 | 11.4 | 6.7 | 8.7 | 9.8 | ||||
| of which: non-energy exports of GNFS | 13.6 | 13.4 | 11.7 | 8.7 | 12.5 | 7.7 | 4.9 | 6.8 | 10.5 | 12.0 | 12.1 | ||||
| Imports of GNFS (percent change, y-o-y) | 9.3 | 13.2 | 10.5 | 7.3 | 11.8 | 4.1 | 3.9 | 10.4 | 9.4 | 7.9 | 8.9 | ||||
| of which: non-energy imports of GNFS | 1.9 | 10.5 | 18.4 | 8.9 | 14.6 | 8.4 | 7.9 | 8.3 | 14.2 | 109 | 11.0 | ||||
Gross official reserves reported here differ from the monetary survey because revenue repos involving major currencies in both legs are included.
External liabilities minus foreign equity investment
Total external liabilities minus total external assets excluding foreign direct investment, equity investment and reserve assets.
Total short term liabilities minus total short term assets original maturity basis.
Debt service comprises increases and repayment on external loans and interest and repayment on debt securities A large debt service ratio for Q1 2001 and 2001 reflects a repayment of large liabilities by commercial banks undertaken ahead of schedule in Q1 2001.
Lithuania: Summary of Consolidated General Government Operations, 1998–2002
From 2000 onward, 5 new extra-budgetary funds, which had not been reported before, were added.
Fees paid to educational establishments and their spending (LTL 128 million) were added to general government operations from 2001 onward.
Fees paid by trucks crossing the borders of the country were added from 2002 onward. In addition, following the new organic budget law, revenue of state institutions for provided services was included in municipal budget from 2002 onward.
Lithuania: Summary of Consolidated General Government Operations, 1998–2002
| 1998 | 1999 | 2000 1/ | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog. 2/ | Proj. | Jan.–Sept. | Prev. Proj. | Proj. 3/ | ||||||||
| Prog. | Act. | |||||||||||
| (In millions of litai) | ||||||||||||
| Revenue | 14,036 | 13,687 | 13,707 | 14,546 | 14,122 | 10,668 | 10,426 | 14,775 | 14,950 | |||
| Tax revenue | 13,433 | 12,955 | 12,841 | 13,489 | 12,997 | 9,851 | 9,522 | 13,756 | 13,901 | |||
| Taxes on income and profits | 4,017 | 3,971 | 3,835 | 4,000 | 3,808 | 2,899 | 2,785 | 4,000 | 3,956 | |||
| Payroll tax (social security tax) | 3,063 | 2,891 | 3,194 | 3,290 | 3,193 | 2,392 | 2,416 | 3,445 | 3,407 | |||
| Taxes on goods and services | 5,596 | 5,385 | 5,157 | 5,583 | 5,380 | 4,088 | 3,880 | 5,555 | 5,749 | |||
| Other tax revenue | 756 | 709 | 655 | 615 | 616 | 472 | 442 | 757 | 789 | |||
| Non-tax Revenue | 603 | 732 | 866 | 1,057 | 1,125 | 817 | 904 | 1,019 | 1,049 | |||
| Expenditure and net lending | 16,362 | 17,152 | 15,011 | 15,160 | 14,853 | 11,215 | 10,759 | 15,433 | 15,727 | |||
| Expenditure | 15,734 | 16,146 | 14,711 | 15,097 | 14,820 | 11,172 | 10,703 | 15,246 | 15,529 | |||
| Current expenditure | 14,326 | 15,190 | 13,839 | 14,235 | 14,073 | 10,618 | 10,312 | 14,389 | 14,811 | |||
| Wages and salaries, excl contributions to SoDra | 3,290 | 3,513 | 3,450 | 3,499 | 3,524 | 2,644 | 2,553 | 3,535 | 3,554 | |||
| Goods and services | 4,899 | 4,425 | 4,088 | 4,258 | 4,009 | 3,088 | 2,904 | 4,274 | 4,526 | |||
| Transfers to households | 4,977 | 5,244 | 5,401 | 5,475 | 5,646 | 4,144 | 4,160 | 5,602 | 5,783 | |||
| Subsidies | 202 | 150 | 103 | 82 | 93 | 39 | 48 | 84 | 66 | |||
| Interest payments | 507 | 650 | 782 | 902 | 781 | 690 | 636 | 870 | 834 | |||
| Savings restitution program | 450 | 1,207 | 15 | 20 | 19 | 14 | 10 | 25 | 48 | |||
| Capital expenditure | 1,408 | 956 | 872 | 862 | 747 | 555 | 392 | 857 | 718 | |||
| Discrepancy | 190 | 170 | -59 | 64 | 110 | 64 | 110 | 0 | 0 | |||
| Financial balance | -1,888 | -2,629 | -944 | -616 | -808 | -568 | -388 | -471 | -579 | |||
| Net lending | 628 | 1,006 | 300 | 63 | 33 | 43 | 56 | 187 | 198 | |||
| Lending | 1,017 | 1,381 | 529 | 353 | 337 | 248 | 246 | 379 | 365 | |||
| of which: Mazeikiai Oil Company | 240 | 800 | 88 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Repayments | 389 | -375 | -230 | -290 | -304 | -205 | -190 | -192 | -167 | |||
| Fiscal balance (deficit (-)) | -2,516 | -3,635 | -1,244 | -679 | -841 | -611 | 444 | -658 | -776 | |||
| Financing | 2,516 | 3,635 | 1,244 | 679 | 841 | 611 | 444 | 658 | 776 | |||
| Net domestic | -286 | 392 | -61 | -982 | 118 | -400 | -288 | -192 | -583 | |||
| Bank financing | -666 | 337 | -109 | -1,094 | -24 | -434 | -285 | -292 | -683 | |||
| Monetary Authorities | -635 | 602 | -480 | -1,711 | -689 | -1,065 | -679 | -585 | -897 | |||
| Commercial Banks | -31 | -265 | 371 | 617 | 665 | 631 | 394 | 293 | 214 | |||
| Non-bank financing | 380 | 55 | 47 | 113 | 142 | 35 | -4 | 500 | 100 | |||
| Net foreign | 535 | 2,762 | 502 | 371 | 145 | 422 | 231 | 150 | 160 | |||
| Privatization proceeds | 2,267 | 481 | 803 | 1,289 | 579 | 589 | 502 | 700 | 1,200 | |||
| (In percent of GDP) | ||||||||||||
| Revenue | 32.7 | 32.1 | 30.3 | 30.9 | 29.4 | 30.5 | 27.9 | 29.3 | 29.0 | |||
| Tax revenue | 31.2 | 30.4 | 28.4 | 28.7 | 27.0 | 28.2 | 25.5 | 27.2 | 27.0 | |||
| Taxes on income and profits | 9.3 | 9.3 | 8.5 | 8.5 | 7.9 | 8.3 | 7.4 | 7.9 | 7.7 | |||
| Payroll tax (social security lax) | 7.1 | 6.8 | 7.1 | 7.0 | 6.6 | 6.8 | 6.5 | 6.8 | 6.6 | |||
| Taxes on goods and services | 13.0 | 12.6 | 11.4 | 11.9 | 11.2 | 11.7 | 10.4 | 11.0 | 11.2 | |||
| Other tax revenue | 1.8 | 1.7 | 1.4 | 1.3 | 1.3 | 1.3 | 13 | 1.5 | 1.5 | |||
| Non-tax Revenue | 1.4 | 1.7 | 1.9 | 23 | 2.3 | 23 | 2.4 | 2.0 | 2.0 | |||
| Expenditure and net lending | 38.1 | 40.2 | 333 | 322 | 30.9 | 32.1 | 28.8 | 30.6 | 30.5 | |||
| Expenditure | 36.6 | 37.9 | 32.5 | 32.1 | 30.8 | 31.9 | 28.6 | 303 | 30.1 | |||
| Current expenditure | 33.3 | 35.6 | 30.6 | 30.3 | 29.3 | 30.4 | 27.6 | 28.5 | 28.7 | |||
| Wages and salaries, excl. contributions to SoDra | 7.7 | 82 | 7.6 | 7.4 | 73 | 7.6 | 6.8 | 7.0 | 6.9 | |||
| Goods and services | 11.4 | 10.4 | 9.0 | 9.1 | 8.3 | 8.8 | 7.8 | 8.5 | 8.8 | |||
| Transfers to households | 11.6 | 12.3 | 11.9 | 11.6 | 11.7 | 11.8 | 11.1 | 11.1 | 11.2 | |||
| Subsidies | 0.5 | 0.4 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.1 | |||
| Interest payments | 1.2 | 1.5 | 1.7 | 1.9 | 1.6 | 2.0 | 1.7 | 1.7 | 1.6 | |||
| Savings restitution program | 1.0 | 2.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||
| Capital expenditure | 3.3 | 23 | 1.9 | 1.8 | 1.6 | 1.6 | 1.0 | 1.7 | 1.4 | |||
| Discrepancy | 0.4 | 0.4 | -0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.0 | 0.0 | |||
| Financial balance | -4.4 | -6.2 | -2.1 | -1.3 | -1.7 | -1.6 | -1.0 | -0.9 | -1.1 | |||
| Net lending | 1.5 | 2.4 | 0.7 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.4 | |||
| Lending | 2.4 | 3.2 | 1.2 | 0.8 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | |||
| of which: Mazeikiai Oil Company | 0.6 | 1.9 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Repayments | 0.9 | -0.9 | -0.5 | -0.6 | -0.6 | -0.6 | -0.5 | -0.4 | -0.3 | |||
| Fiscal balance (deficit (-)) | -5.9 | -8.5 | -2.7 | -1.4 | -1.7 | -1.7 | -1.2 | -1.3 | -1.5 | |||
| Financing | 5.9 | 8.5 | 2.7 | 1.4 | 1.7 | 1.7 | 1.2 | 1.3 | 1.5 | |||
| Net domestic | -0.7 | 0.9 | -0.1 | -2.1 | 0.2 | -1.1 | -0.8 | -0.4 | -1.1 | |||
| Bank financing | -1.5 | 0.8 | -0.2 | -2.3 | -0.1 | -1.3 | -0.8 | -0.6 | -1.3 | |||
| Monetary Authorities | -1.5 | 1.4 | -1.1 | -3.6 | -1.4 | -3.0 | -1.8 | -1.2 | -1.7 | |||
| Commercial Banks | -0.1 | -0.6 | 0.8 | 1.3 | 1.4 | 1.8 | 1.1 | 0.6 | 0.4 | |||
| Non-bank financing | 0.9 | 0.1 | 0.1 | 0.2 | 0.3 | 0.1 | 0.0 | 0.3 | 0.3 | |||
| Net foreign | 1.2 | 6.5 | 1.1 | 0.8 | 0.3 | 1.2 | 0.6 | 0.3 | 0.3 | |||
| Privatization proceeds | 5.3 | 1.1 | 1.8 | 2.7 | 1.2 | 1.7 | 1.3 | 1.4 | 2.3 | |||
| Memorandum Items: | ||||||||||||
| Public and publicly guaranteed debt, mln. LTL | 9,817 | 12,371 | 13,028 | 13,938 | 13,924 | … | …. | 14,602 | 14,617 | |||
| In percent of GDP | 22.83 | 29.00 | 28.79 | 29.65 | 28.96 | … | … | 28.91 | 28.37 | |||
| GDP, in mln. LTL | 42,990 | 42,655 | 45,254 | 47,012 | 48,087 | 34,979 | 37,403 | 50.509 | 51,531 | |||
From 2000 onward, 5 new extra-budgetary funds, which had not been reported before, were added.
Fees paid to educational establishments and their spending (LTL 128 million) were added to general government operations from 2001 onward.
Fees paid by trucks crossing the borders of the country were added from 2002 onward. In addition, following the new organic budget law, revenue of state institutions for provided services was included in municipal budget from 2002 onward.
Lithuania: Summary of Consolidated General Government Operations, 1998–2002
| 1998 | 1999 | 2000 1/ | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog. 2/ | Proj. | Jan.–Sept. | Prev. Proj. | Proj. 3/ | ||||||||
| Prog. | Act. | |||||||||||
| (In millions of litai) | ||||||||||||
| Revenue | 14,036 | 13,687 | 13,707 | 14,546 | 14,122 | 10,668 | 10,426 | 14,775 | 14,950 | |||
| Tax revenue | 13,433 | 12,955 | 12,841 | 13,489 | 12,997 | 9,851 | 9,522 | 13,756 | 13,901 | |||
| Taxes on income and profits | 4,017 | 3,971 | 3,835 | 4,000 | 3,808 | 2,899 | 2,785 | 4,000 | 3,956 | |||
| Payroll tax (social security tax) | 3,063 | 2,891 | 3,194 | 3,290 | 3,193 | 2,392 | 2,416 | 3,445 | 3,407 | |||
| Taxes on goods and services | 5,596 | 5,385 | 5,157 | 5,583 | 5,380 | 4,088 | 3,880 | 5,555 | 5,749 | |||
| Other tax revenue | 756 | 709 | 655 | 615 | 616 | 472 | 442 | 757 | 789 | |||
| Non-tax Revenue | 603 | 732 | 866 | 1,057 | 1,125 | 817 | 904 | 1,019 | 1,049 | |||
| Expenditure and net lending | 16,362 | 17,152 | 15,011 | 15,160 | 14,853 | 11,215 | 10,759 | 15,433 | 15,727 | |||
| Expenditure | 15,734 | 16,146 | 14,711 | 15,097 | 14,820 | 11,172 | 10,703 | 15,246 | 15,529 | |||
| Current expenditure | 14,326 | 15,190 | 13,839 | 14,235 | 14,073 | 10,618 | 10,312 | 14,389 | 14,811 | |||
| Wages and salaries, excl contributions to SoDra | 3,290 | 3,513 | 3,450 | 3,499 | 3,524 | 2,644 | 2,553 | 3,535 | 3,554 | |||
| Goods and services | 4,899 | 4,425 | 4,088 | 4,258 | 4,009 | 3,088 | 2,904 | 4,274 | 4,526 | |||
| Transfers to households | 4,977 | 5,244 | 5,401 | 5,475 | 5,646 | 4,144 | 4,160 | 5,602 | 5,783 | |||
| Subsidies | 202 | 150 | 103 | 82 | 93 | 39 | 48 | 84 | 66 | |||
| Interest payments | 507 | 650 | 782 | 902 | 781 | 690 | 636 | 870 | 834 | |||
| Savings restitution program | 450 | 1,207 | 15 | 20 | 19 | 14 | 10 | 25 | 48 | |||
| Capital expenditure | 1,408 | 956 | 872 | 862 | 747 | 555 | 392 | 857 | 718 | |||
| Discrepancy | 190 | 170 | -59 | 64 | 110 | 64 | 110 | 0 | 0 | |||
| Financial balance | -1,888 | -2,629 | -944 | -616 | -808 | -568 | -388 | -471 | -579 | |||
| Net lending | 628 | 1,006 | 300 | 63 | 33 | 43 | 56 | 187 | 198 | |||
| Lending | 1,017 | 1,381 | 529 | 353 | 337 | 248 | 246 | 379 | 365 | |||
| of which: Mazeikiai Oil Company | 240 | 800 | 88 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Repayments | 389 | -375 | -230 | -290 | -304 | -205 | -190 | -192 | -167 | |||
| Fiscal balance (deficit (-)) | -2,516 | -3,635 | -1,244 | -679 | -841 | -611 | 444 | -658 | -776 | |||
| Financing | 2,516 | 3,635 | 1,244 | 679 | 841 | 611 | 444 | 658 | 776 | |||
| Net domestic | -286 | 392 | -61 | -982 | 118 | -400 | -288 | -192 | -583 | |||
| Bank financing | -666 | 337 | -109 | -1,094 | -24 | -434 | -285 | -292 | -683 | |||
| Monetary Authorities | -635 | 602 | -480 | -1,711 | -689 | -1,065 | -679 | -585 | -897 | |||
| Commercial Banks | -31 | -265 | 371 | 617 | 665 | 631 | 394 | 293 | 214 | |||
| Non-bank financing | 380 | 55 | 47 | 113 | 142 | 35 | -4 | 500 | 100 | |||
| Net foreign | 535 | 2,762 | 502 | 371 | 145 | 422 | 231 | 150 | 160 | |||
| Privatization proceeds | 2,267 | 481 | 803 | 1,289 | 579 | 589 | 502 | 700 | 1,200 | |||
| (In percent of GDP) | ||||||||||||
| Revenue | 32.7 | 32.1 | 30.3 | 30.9 | 29.4 | 30.5 | 27.9 | 29.3 | 29.0 | |||
| Tax revenue | 31.2 | 30.4 | 28.4 | 28.7 | 27.0 | 28.2 | 25.5 | 27.2 | 27.0 | |||
| Taxes on income and profits | 9.3 | 9.3 | 8.5 | 8.5 | 7.9 | 8.3 | 7.4 | 7.9 | 7.7 | |||
| Payroll tax (social security lax) | 7.1 | 6.8 | 7.1 | 7.0 | 6.6 | 6.8 | 6.5 | 6.8 | 6.6 | |||
| Taxes on goods and services | 13.0 | 12.6 | 11.4 | 11.9 | 11.2 | 11.7 | 10.4 | 11.0 | 11.2 | |||
| Other tax revenue | 1.8 | 1.7 | 1.4 | 1.3 | 1.3 | 1.3 | 13 | 1.5 | 1.5 | |||
| Non-tax Revenue | 1.4 | 1.7 | 1.9 | 23 | 2.3 | 23 | 2.4 | 2.0 | 2.0 | |||
| Expenditure and net lending | 38.1 | 40.2 | 333 | 322 | 30.9 | 32.1 | 28.8 | 30.6 | 30.5 | |||
| Expenditure | 36.6 | 37.9 | 32.5 | 32.1 | 30.8 | 31.9 | 28.6 | 303 | 30.1 | |||
| Current expenditure | 33.3 | 35.6 | 30.6 | 30.3 | 29.3 | 30.4 | 27.6 | 28.5 | 28.7 | |||
| Wages and salaries, excl. contributions to SoDra | 7.7 | 82 | 7.6 | 7.4 | 73 | 7.6 | 6.8 | 7.0 | 6.9 | |||
| Goods and services | 11.4 | 10.4 | 9.0 | 9.1 | 8.3 | 8.8 | 7.8 | 8.5 | 8.8 | |||
| Transfers to households | 11.6 | 12.3 | 11.9 | 11.6 | 11.7 | 11.8 | 11.1 | 11.1 | 11.2 | |||
| Subsidies | 0.5 | 0.4 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.1 | |||
| Interest payments | 1.2 | 1.5 | 1.7 | 1.9 | 1.6 | 2.0 | 1.7 | 1.7 | 1.6 | |||
| Savings restitution program | 1.0 | 2.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||
| Capital expenditure | 3.3 | 23 | 1.9 | 1.8 | 1.6 | 1.6 | 1.0 | 1.7 | 1.4 | |||
| Discrepancy | 0.4 | 0.4 | -0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.0 | 0.0 | |||
| Financial balance | -4.4 | -6.2 | -2.1 | -1.3 | -1.7 | -1.6 | -1.0 | -0.9 | -1.1 | |||
| Net lending | 1.5 | 2.4 | 0.7 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.4 | |||
| Lending | 2.4 | 3.2 | 1.2 | 0.8 | 0.7 | 0.7 | 0.7 | 0.8 | 0.7 | |||
| of which: Mazeikiai Oil Company | 0.6 | 1.9 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Repayments | 0.9 | -0.9 | -0.5 | -0.6 | -0.6 | -0.6 | -0.5 | -0.4 | -0.3 | |||
| Fiscal balance (deficit (-)) | -5.9 | -8.5 | -2.7 | -1.4 | -1.7 | -1.7 | -1.2 | -1.3 | -1.5 | |||
| Financing | 5.9 | 8.5 | 2.7 | 1.4 | 1.7 | 1.7 | 1.2 | 1.3 | 1.5 | |||
| Net domestic | -0.7 | 0.9 | -0.1 | -2.1 | 0.2 | -1.1 | -0.8 | -0.4 | -1.1 | |||
| Bank financing | -1.5 | 0.8 | -0.2 | -2.3 | -0.1 | -1.3 | -0.8 | -0.6 | -1.3 | |||
| Monetary Authorities | -1.5 | 1.4 | -1.1 | -3.6 | -1.4 | -3.0 | -1.8 | -1.2 | -1.7 | |||
| Commercial Banks | -0.1 | -0.6 | 0.8 | 1.3 | 1.4 | 1.8 | 1.1 | 0.6 | 0.4 | |||
| Non-bank financing | 0.9 | 0.1 | 0.1 | 0.2 | 0.3 | 0.1 | 0.0 | 0.3 | 0.3 | |||
| Net foreign | 1.2 | 6.5 | 1.1 | 0.8 | 0.3 | 1.2 | 0.6 | 0.3 | 0.3 | |||
| Privatization proceeds | 5.3 | 1.1 | 1.8 | 2.7 | 1.2 | 1.7 | 1.3 | 1.4 | 2.3 | |||
| Memorandum Items: | ||||||||||||
| Public and publicly guaranteed debt, mln. LTL | 9,817 | 12,371 | 13,028 | 13,938 | 13,924 | … | …. | 14,602 | 14,617 | |||
| In percent of GDP | 22.83 | 29.00 | 28.79 | 29.65 | 28.96 | … | … | 28.91 | 28.37 | |||
| GDP, in mln. LTL | 42,990 | 42,655 | 45,254 | 47,012 | 48,087 | 34,979 | 37,403 | 50.509 | 51,531 | |||
From 2000 onward, 5 new extra-budgetary funds, which had not been reported before, were added.
Fees paid to educational establishments and their spending (LTL 128 million) were added to general government operations from 2001 onward.
Fees paid by trucks crossing the borders of the country were added from 2002 onward. In addition, following the new organic budget law, revenue of state institutions for provided services was included in municipal budget from 2002 onward.
Lithuania. Summary Monetary Accounts, 1998–2002
Excludes local government deposits; includes counterpart funds.
Projections for 2001 onwards include Treasury accounts, which were moved from commercial banks to the BoL at end-June, 2001.
December 2000 is adjusted for LTL 270 million of DMB’s claims on private sector, which were removed from balance sheers in July, 2000. Also, August 2001 numbers have been adjusted by LTL 785 million of reclassified assets.
Only annual average velocity is reported at year-end.
Gross official reserves for historic data differ from the BOP table because exposure under reverse repo liabilities were deducted from foreign assets, and differences in valuation. For projections, assumption is that all reverse repo liabilities are unwound.
Lithuania. Summary Monetary Accounts, 1998–2002
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | |||||
| Prev. Proj | Pro. | Prog | Proj. | |||||||||
| (In millions of litai. unless otherwise indicated) | ||||||||||||
| Monetary Authority | ||||||||||||
| Net Foreign Assets | 4.836 | 4,054 | 4,607 | 4,381 | 5,027 | 5,254 | 6,503 | 5,602 | 7,467 | 7,278 | ||
| Net Domestic Assets | -575 | 35 | -655 | -700 | -1,203 | -1,477 | -2,459 | -1,431 | -32244 | -2,549 | ||
| Net credit to government | -947 | -326 | -804 | -854 | -1,296 | -1,483 | -2,515 | -1,493 | -3,100 | -2,390 | ||
| Credit to banks | 52 | 30 | 24 | 23 | 16 | 17 | 24 | 24 | 24 | 24 | ||
| Credit to private sector | 7 | 6 | 6 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | ||
| Credit to non-bank financial institution | 7 | 20 | 0 | 0 | 0 | 0 | 10 | 10 | 10 | 10 | ||
| Other items, net | 305 | 305 | 120 | 125 | 72 | -16 | 16 | 22 | -185 | -198 | ||
| Reserve Money | 4,260 | 4,088 | 3,953 | 3,681 | 3,824 | 3,777 | 4,044 | 4,171 | 4,222 | 4,729 | ||
| Currency outside The central bank | 3,036 | 2,972 | 2,904 | 2,714 | 2,845 | 2,907 | 2,989 | 3,087 | 3,164 | 3,543 | ||
| Currency outside banks | 2,800 | 2,739 | 2,658 | 2,511 | 2,607 | 2,693 | 2,789 | 2,887 | 2,964 | 3,343 | ||
| Cash in vaults of banks | 236 | 233 | 246 | 202 | 237 | 214 | 200 | 200 | 200 | 200 | ||
| Deposit money banks’ deposits | 1,212 | 1,109 | 1,037 | 949 | 965 | 854 | 1,040 | 1,069 | 1,042 | 1,171 | ||
| Reserves in litai | 868 | 445 | 621 | 553 | 580 | 465 | 618 | 642 | 623 | 673 | ||
| Required reserves in foreign currency | 344 | 436 | 416 | 396 | 386 | 389 | 423 | 427 | 420 | 497 | ||
| Private and non monetary financial institutions | 13 | 7 | 12 | 18 | 14 | 16 | 15 | 15 | 16 | 16 | ||
| Banking Survey | ||||||||||||
| Net Foreign Assets | 4,292 | 3,656 | 5,368 | 5,370 | 5,680 | 6,420 | 6,869 | 6,452 | 7,687 | 8,358 | ||
| Monetary authority | 4,836 | 4,054 | 4,607 | 4,381 | 5,027 | 5,254 | 6,503 | 5,602 | 7,467 | 7,278 | ||
| Banks and other banking institutions | -544 | -398 | 761 | 989 | 653 | 1,166 | 366 | 850 | 220 | 1,080 | ||
| Net Domestic Assets | 4,035 | 5,316 | 5,087 | 5,242 | 5,258 | 5,292 | 4,515 | 5,660 | 4,663 | 5,570 | ||
| Net claims on government 1/ | -505 | 39 | 299 | 303 | 232 | 342 | -795 | 546 | -1,087 | -138 | ||
| Monetary authority 2/ | -947 | -326 | -804 | -854 | -1,296 | -1,483 | -2,515 | -1,493 | -3,100 | -2,390 | ||
| Banks and other banking institutions 3/ | 441 | 365 | 1,103 | 1,156 | 1,528 | 1,826 | 1,720 | 2,040 | 2,013 | 2,253 | ||
| Credit to non-financial public enterprises | 352 | 437 | 575 | 578 | 485 | 497 | 598 | 611 | 642 | 655 | ||
| Credit to private sector 3/ | 4,874 | 5,545 | 5,209 | 5,396 | 5,476 | 4,808 | 5,714 | 4,933 | 6,294 | 5,718 | ||
| Credit to non-bank financial institutions | 470 | 468 | 514 | 539 | 626 | 693 | 533 | 546 | 573 | 585 | ||
| Other items, net | -1,155 | -1,168 | -1,512 | -1,574 | -1,561 | -1,048 | -1,535 | -975 | -1,760 | -1,250 | ||
| Broad Money | 8,327 | 8,972 | 10,456 | 10,612 | 10,938 | 11,712 | 11,383 | 12,113 | 12,349 | 13,927 | ||
| Currency outside banks | 2,800 | 2,739 | 2,658 | 2,511 | 2,607 | 2,693 | 2,789 | 2,887 | 2,964 | 3,343 | ||
| Deposits | 5,527 | 6,233 | 7,797 | 8,101 | 8,331 | 9,019 | 8,594 | 9,225 | 9,386 | 10,585 | ||
| Memorandum items: | ||||||||||||
| Reserve money (yearly percent change) | 28.8 | -4.0 | -3.3 | -0.4 | 2.2 | 0.1 | 2.3 | 5.5 | 4.4 | 13.4 | ||
| Broad money (yearly percent change) | 14.5 | 7.7 | 16.5 | 19.4 | 17.2 | 18.9 | 8.9 | 15.8 | 8.5 | 15.0 | ||
| Private sector credit (yearly percent change) 3/ | 16.9 | 13.8 | -1.2 | 3.0 | 1.2 | 9.5 | 9.7 | 9.8 | 10.2 | 15.9 | ||
| Money multiplier | 2.0 | 2.2 | 2.6 | 2.9 | 2.9 | 3.1 | 2.8 | 2.9 | 2.9 | 2.9 | ||
| Currency/deposits, in percent | 50.7 | 43.9 | 34.1 | 31.0 | 31.3 | 29.9 | 32.5 | 31.3 | 31.6 | 31.6 | ||
| Foreign currency/litai deposits, in percent | 57.0 | 77.7 | 83.8 | 90.4 | 88.6 | 86.6 | 80.9 | 88.6 | 80.9 | 88.6 | ||
| End-period velocity | … | … | 4.00 | … | … | … | 4.13 | 3.97 | 4.09 | 3.70 | ||
| Velocity of broad money 4/ | 6.0 | 4.9 | 4.7 | … | … | … | 4.31 | 4.26 | 4.3 | 4.0 | ||
| Gross official reserves, in USJ mm. 5/ | 1,462 | 1,244 | 1,344 | 1,278 | 1,426 | 1,484 | 1,790 | 1,565 | 1,986 | 1.944 | ||
| GDP, mln. LTL | 42,990 | 42,655 | 45,254 | … | … | … | 47,012 | 48,087 | 50,509 | 51,531 | ||
Excludes local government deposits; includes counterpart funds.
Projections for 2001 onwards include Treasury accounts, which were moved from commercial banks to the BoL at end-June, 2001.
December 2000 is adjusted for LTL 270 million of DMB’s claims on private sector, which were removed from balance sheers in July, 2000. Also, August 2001 numbers have been adjusted by LTL 785 million of reclassified assets.
Only annual average velocity is reported at year-end.
Gross official reserves for historic data differ from the BOP table because exposure under reverse repo liabilities were deducted from foreign assets, and differences in valuation. For projections, assumption is that all reverse repo liabilities are unwound.
Lithuania. Summary Monetary Accounts, 1998–2002
| 1998 | 1999 | 2000 | 2001 | 2002 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | |||||
| Prev. Proj | Pro. | Prog | Proj. | |||||||||
| (In millions of litai. unless otherwise indicated) | ||||||||||||
| Monetary Authority | ||||||||||||
| Net Foreign Assets | 4.836 | 4,054 | 4,607 | 4,381 | 5,027 | 5,254 | 6,503 | 5,602 | 7,467 | 7,278 | ||
| Net Domestic Assets | -575 | 35 | -655 | -700 | -1,203 | -1,477 | -2,459 | -1,431 | -32244 | -2,549 | ||
| Net credit to government | -947 | -326 | -804 | -854 | -1,296 | -1,483 | -2,515 | -1,493 | -3,100 | -2,390 | ||
| Credit to banks | 52 | 30 | 24 | 23 | 16 | 17 | 24 | 24 | 24 | 24 | ||
| Credit to private sector | 7 | 6 | 6 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | ||
| Credit to non-bank financial institution | 7 | 20 | 0 | 0 | 0 | 0 | 10 | 10 | 10 | 10 | ||
| Other items, net | 305 | 305 | 120 | 125 | 72 | -16 | 16 | 22 | -185 | -198 | ||
| Reserve Money | 4,260 | 4,088 | 3,953 | 3,681 | 3,824 | 3,777 | 4,044 | 4,171 | 4,222 | 4,729 | ||
| Currency outside The central bank | 3,036 | 2,972 | 2,904 | 2,714 | 2,845 | 2,907 | 2,989 | 3,087 | 3,164 | 3,543 | ||
| Currency outside banks | 2,800 | 2,739 | 2,658 | 2,511 | 2,607 | 2,693 | 2,789 | 2,887 | 2,964 | 3,343 | ||
| Cash in vaults of banks | 236 | 233 | 246 | 202 | 237 | 214 | 200 | 200 | 200 | 200 | ||
| Deposit money banks’ deposits | 1,212 | 1,109 | 1,037 | 949 | 965 | 854 | 1,040 | 1,069 | 1,042 | 1,171 | ||
| Reserves in litai | 868 | 445 | 621 | 553 | 580 | 465 | 618 | 642 | 623 | 673 | ||
| Required reserves in foreign currency | 344 | 436 | 416 | 396 | 386 | 389 | 423 | 427 | 420 | 497 | ||
| Private and non monetary financial institutions | 13 | 7 | 12 | 18 | 14 | 16 | 15 | 15 | 16 | 16 | ||
| Banking Survey | ||||||||||||
| Net Foreign Assets | 4,292 | 3,656 | 5,368 | 5,370 | 5,680 | 6,420 | 6,869 | 6,452 | 7,687 | 8,358 | ||
| Monetary authority | 4,836 | 4,054 | 4,607 | 4,381 | 5,027 | 5,254 | 6,503 | 5,602 | 7,467 | 7,278 | ||
| Banks and other banking institutions | -544 | -398 | 761 | 989 | 653 | 1,166 | 366 | 850 | 220 | 1,080 | ||
| Net Domestic Assets | 4,035 | 5,316 | 5,087 | 5,242 | 5,258 | 5,292 | 4,515 | 5,660 | 4,663 | 5,570 | ||
| Net claims on government 1/ | -505 | 39 | 299 | 303 | 232 | 342 | -795 | 546 | -1,087 | -138 | ||
| Monetary authority 2/ | -947 | -326 | -804 | -854 | -1,296 | -1,483 | -2,515 | -1,493 | -3,100 | -2,390 | ||
| Banks and other banking institutions 3/ | 441 | 365 | 1,103 | 1,156 | 1,528 | 1,826 | 1,720 | 2,040 | 2,013 | 2,253 | ||
| Credit to non-financial public enterprises | 352 | 437 | 575 | 578 | 485 | 497 | 598 | 611 | 642 | 655 | ||
| Credit to private sector 3/ | 4,874 | 5,545 | 5,209 | 5,396 | 5,476 | 4,808 | 5,714 | 4,933 | 6,294 | 5,718 | ||
| Credit to non-bank financial institutions | 470 | 468 | 514 | 539 | 626 | 693 | 533 | 546 | 573 | 585 | ||
| Other items, net | -1,155 | -1,168 | -1,512 | -1,574 | -1,561 | -1,048 | -1,535 | -975 | -1,760 | -1,250 | ||
| Broad Money | 8,327 | 8,972 | 10,456 | 10,612 | 10,938 | 11,712 | 11,383 | 12,113 | 12,349 | 13,927 | ||
| Currency outside banks | 2,800 | 2,739 | 2,658 | 2,511 | 2,607 | 2,693 | 2 | |||||