Analytics, Budget, EU – Baltic States, Financial Services, GDP, Lithuania

In 2015, general government revenue amounted to EUR 12 974.9 million, expenditure – EUR 13 052.5 million. The decrease in the general government deficit was determined by a 4.3% increase in general government revenue. Tax revenue amounted to EUR 6 435.5 million, or 49.6% of the total general government revenue. Against 2014, it increased by 7.9% (EUR 470.7 million). Social contributions amounted to EUR 4 456.3 million, or 34.3% of the total general government revenue. Against 2014, they increased by 6.8% (EUR 282.6 million).

Over the year, general government expenditure increased by EUR 361.8 million, or 2.9%. The bulk of the general government expenditure consisted of expenditure on social protection, education and health care.

In 2015, the central government deficit amounted to EUR 199.3 million, or 0.5% of GDP, the local government surplus – EUR 122.5 million, or 0.3% of GDP, the deficit of social security funds – EUR 0.8 million, or 0.002% of GDP. Over the year, the largest decrease – of EUR 454.3 million – was recorded for the deficit of social security funds. In 2015, the central government deficit increased by EUR 359.6 million.

At the end of 2015, the general government debt increased by EUR 1 057.0 million and amounted to EUR 15 882 million at nominal value, or 42.7% of GDP (EUR 5.4 thousand per capita). The increase in the general government debt was determined by a EUR 1500 million bond issue by the central government in IV quarter 2015 for the repayment of the previously issued bonds.

Lithuanian general government deficit and debt, % of GDP

At the end of 2015, the general government consolidated debt comprised the central government debt (EUR 14 834.2 million), local government debt (EUR 658.8 million), and social security funds' debt (EUR 389.8 million). At the end of 2015, the non-consolidated debt of the central government amounted to EUR 14 834.2 million, of the local government – EUR 725.8 million, of social security funds – EUR 3 762.3 million (at the end of 2015, the balance of the central government loan to social security funds amounted to EUR 3 372.6 million). The bulk of the general government debt consisted of outstanding securities – EUR 12 530 million (78.9% of the total debt). Outstanding loans at the end of the year amounted to EUR 2 879.1 million, deposits – EUR 472.9 million.

In 2015, the long-term debt accounted for 97.3%, the short-term debt – for 2.7% of the general government debt. Over 2015, the long-term debt increased by EUR 1 328.2 million, while the short-term debt decreased by EUR 271.7 million; at the end of the year, they stood at, respectively, EUR 15 454.9 million and EUR 427.1 million.

Main components of and changes in the general government deficit and debt, EUR million

Detailed information on the general government deficit and debt is available in the EDP notification, published on the Official Statistics Portal. According to the results of this notification, the State's conformity to the criterion of sustainability of the government financial position is assessed. The Portal also provides historical data from 1995. The April 2016 Excessive Deficit Procedure (EDP) notification provided the revised general government deficit and debt data for 2014.

Each year, before April 1, Statistics Lithuania, in cooperation with the Ministry of Finance of the Republic of Lithuania, prepares an EDP notification, following the requirements of the European System of National and Regional Accounts (ESA 2010). As soon as the European Commission approves the notification, statistical information on the general government deficit and debt is released to the public. Statistics Lithuania submits the revised EDP notification to the European Commission by 1 October.

The Statistical Office of the European Union (Eurostat) will publish the revised 2015 EDP notification results of all the EU member states on 21 October 2016.

Concepts

General government sector refers to a sector covering institutional units financed by compulsory payments, whose main activity comprises the provision of non-market services and/or redistribution of national income and wealth. General government sector includes entities financed from the State, municipal and social security funds' budgets, as well as non-budget funds and other non-market producers (part of public institutions and enterprises controlled by the State and municipalities).

General government deficit (-) / surplus (+) refers to general government revenue minus expenditure. These indicators are calculated pursuant to the requirements for excessive deficit procedures, which are based on the provisions of the European System of National and Regional Accounts (ESA 2010).

For more information, see the Official Statistics Portal.