Lithuania has the ninth highest level of leasing finance in the world with lease agreements signed amounted to more than a billion euros last year in Lithuania.
A third of leasing finance was used for the purchase of road transport vehicles, 27% – for cars, and the remaining third – for machinery and other equipment, according to Laimonas Belickas, chairman of the Leasing Committee at the Lithuanian Banking Association.
The majority of the financing was taken up by the country’s small and medium-sized businesses.
“Small and medium business in Lithuania and throughout the European Union set up three-quarters of the jobs and two quarters of overall GDP, so it is important for the whole country,” said Audrius Zabota, Investicijos ir verslo garantijos CEO.
Lithuanian entrepreneurs are not new to leasing with the market in Lithuania for leasing in the country growing every year since 2010.
Leaseurope data shows that companies that use leasing services invest twice as much as those which do not. It said a slight increase in leasing penetration by 2020 could raise the country’s GDP by 0.3% -0.7%.