Brexit would have big impact on Lithuania’s economy

Britain is voting on leaving or staying in the EU this June
Vida Press

The Lithuanian diaspora in Britain number around 163,000 according to 2014 data and over the past number of years about €1.5 billion was transferred to Lithuania annually as remittances from labour income abroad overall.

That is equivalent more than 4% of Lithuania’s annual GDP. To illustrate the scale of this contribution, total EU funding contributes about 3% of Lithuania’s GDP.

Remittances from the United Kingdom account for a quarter of all remittances, which is about 1% of Lithuania‘s GDP. It is likely that Lithuanians would continue sending money, but the upheavals in migration policy in the UK could adjust these flows.

Britain is also Lithuania’s fourth biggest trade partner for the export of Lithuanian origin goods (excluding mineral fuels), behind only Germany, Poland and Sweden. The level of exports to the UK is 2.3 times higher than to Russia.

Furniture, food and chemical industries as the key exporters to Britain would suffer the most from a Brexit.

Alfa.lt

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