Analytics, Budget, Financial Services, GDP, Lithuania

International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 10:05

In 2016, the general government surplus totalled EUR 103 mln in Lithuania

Linas Rudelis, Statistics Lithuania, 20.10.2017.Print version
Statistics Lithuania informs that in 2016, based on revised data, the general government surplus totalled EUR 103 million, or 0.3% of gross domestic product (GDP). In 2015, the general government deficit stood at 0.2% of GDP.

In 2016, general government revenue amounted to EUR 13 billion 330 million, expenditure – EUR 13 billion 227 million. The general government surplus was determined by a 2.8% increase in revenue. Tax revenue amounted to EUR 6 billion 728 million, or 50.5% of the total general government revenue. Against 2015, it increased by 5.5% (EUR 351 million). Social contributions amounted to EUR 4 billion 844 million, or 36.3% of the total general government revenue. Against 2015, it increased by 8.7% (EUR 387 million). 


Over the year, general government expenditure increased by EUR 169.3 million, or 1.3%. The bulk of the general government expenditure consisted of expenditure on social protection, education and health care.


In 2016, the central government deficit amounted to EUR 104.6 million, or 0.3% of GDP, the local government surplus – EUR 191.8 million, or 0.5% of GDP, the surplus of social security funds – EUR 15.8 million, or 0.04% of GDP. Over the year, the central government deficit decreased by EUR 108.6 million. In 2016, the local government surplus increased by EUR 69.4 million. The social security funds, which were in deficit in 2015, became surplus in 2016.




In 2016, the general government debt decreased by EUR 425.8 million, and at the end of the year amounted to EUR 15 billion 513.7 million at nominal value, or 40.1% of GDP (EUR 5.4 thousand per capita). Based on revised and new data sources, in 2016, the general government debt decreased by EUR 22.4 million.


At the end of 2016, the general government consolidated debt comprised the central government debt (EUR 14 billion 619.5 million), local government debt (EUR 593.9 million), and social security funds' debt (EUR 300.3 million). At the end of 2016, the non-consolidated debt of the central government amounted to EUR 14 billion 620.3 million, of the local government – EUR 633.2 million, of social security funds – EUR 3 billion 894.1 million. The main consolidated sum is the central government loan to social security funds (at the end of 2016, the balance amounted to EUR 3 billion 593.8 million). The bulk of the general government debt consisted of outstanding securities – EUR 12 billion 277.9 million (79.1% of the total debt).


Outstanding loans at the end of the year amounted to EUR 2 billion 694.5 million, deposits (savings certificates) – EUR 541.4 million.


In 2016, the long-term debt accounted for 99%, the short-term debt – for 1% of the general government debt. Over 2016, the long-term debt and the short-term debt decreased by EUR 95.7 million and EUR 330.2 million respectively; at the end of the year, they stood at, respectively, EUR 15 billion 356.3 million and EUR 157.4 million.


The main components and dynamics of the general government deficit and debt, EUR million

 

2013

2014

2015

2016

Deficit (-) / surplus (+)

–912.4

–225.8

–91.6

103.0

central government subsector

–461.6

185.6

–213.2

–104.6

local government subsector

–95.5

43.7

122.4

191.8

social security funds subsector

–355.3

–455.1

–0.8

15.8

Deficit-to-GDP ratio, %

–2.6

–0.6

–0.2

0.3

General government consolidated gross debt at nominal value outstanding at the end of the year

13550.0

14825.0

15939.5

15513.7

Currency and deposits (savings certificates)

246.1

304.9

533.4

541.4

Debt securities

10534.1

11725.8

12530.0

12277.8

short-term

312.4

208.0

0.0

0.0

long-term

10221.7

11517.8

12530.0

12277.8

Loans

2769.7

2794.3

2876.1

2694.5

short-term

435.0

456.3

322.8

3.1

long-term

2334.7

2338.0

2553.3

2691.4

Debt-to-GDP ratio, %

38.8

40.5

42.6

40.1

GDP (at current prices)

34959.6

36568.3

37426.6

38668.3


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 excessive deficit procedure (EDP) notification of October 2017 provided the revised data on the general government deficit and debt for 2013–2015.


Each year, before 1 April, Statistics Lithuania, in cooperation with the Ministry of Finance of the Republic of Lithuania, prepares an EDP notification. 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. This year’s revised EDP notification will be provided on the Official Statistics Portal on 20 October 2017.


The Statistical Office of the European Union (Eurostat) will publish the revised results of the 2016 EDP notifications of all the EU member states on 23 October 2017.


More information on the issue is available on the Official Statistics Portal.






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