Prime Minister Saulius Skvernelis has stated that the next year’s budget was historic in a few aspects. It is projected with no deficit for the first time in history, with the surplus of the government sector expected to make 0.6 percent of the gross domestic product (GDP), i.e., about 240.7 million euros.
Next year, Lithuania also expects to for the first time cross the NATO-prescribed margin of 2 percent of the GDP for defense spending. In Skvernelis’ words, the budget will also have a social focus.
The 2018 budget revenue is projected at 16.082 billion euros, which makes 37 percent of the GDP (35.8 pct in 2017), while spending is expected to stand at 15.839 billion euros or 36.4 percent of the GDP (35.7 pct in 2017).
The budget draft must be submitted to the parliament by Oct. 17. After the first hearing at the parliament, the document will go back to the government for improvement before final approval in December.