Lithuania’s Ministry of Finance hopes for balanced public finances in 2017 and intends to run up a surplus in 2018.
The Ministry of Finance announced these projections in the Lithuanian Stability 2016 annual program that it submitted to the government.
“Last year, we collected more budgetary income than we had expected, and the public tender deficit reached 0.2% of GDP, making it the smallest in the European Union and throughout Lithuania’s entire period of independence,” said Minister of Finance Rimantas Šadžius in a statement.
“This shows that we are moving in the right direction, and our efforts to improve tax collection especially paid off. The basis of the 2016 annual program is a set of new macroeconomic projections by the Ministry of Finance in which we see accelerating economic growth,”
The project proposed by the ministry will be debated in a government meeting on Wednesday.
Eurostat data indicates that the Lithuanian governmental sector’s deficit last year was €77.6 million, or 0.2% of GDP, making it the smallest deficit among the EU’s member states.