aA
The United Kingdom's decision to leave the European Union will directly and indirectly affect Lithuania's economy, the country's new minister of finance said on Wednesday.

To read this article, try a €5.99 monthly subscription by clicking here.
Impacts of Brexit on Lithuanian economy outlined by Finance Minister
© DELFI / Karolina Pansevič

"The Finance Ministry's specialists think that this short-term direct effect will be very limited, because this concerns our economy and goods and services exports," said Minister of Finance Rasa Budbergytė.

"We have the United Kingdom as a partner, but since these amounts are small in percentage terms, that direct effect will be very limited."

According to the minister, the indirect impact on Lithuania will come through the European Union.

"Given what happened to the EU as a project, we will feel some indirect effect, which is now difficult to predict, because we export goods and services to the whole of the EU. The market is now fragile and the pace of economic growth is not fast and big enough for all of us to feel safe," she said.

According to Statistics Lithuania, the country's exports to the UK totaled €1.024 billion in 2015, accounting for almost 4.5% of its overall exports.

Since 2000, the government has had a non-budgetary reserve fund it can tap into in the event of an emergency and a threat to the economy. The Reserve Fund stood at around €63 million in early 2016.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Lithuania's Devold says could make 100,000 medical coveralls by late summer

Norwegian-owned Lithuanian textile manufacturer Devold says it could producer around 100,000...

Tax revenue 15 percent short of target in March

The Lithuanian central government's tax revenue fell around 15 percent short of the target in March,...

Avia Solutions Group bought Bluebird Nordic

On the 24th of January 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the...

GetJet Airlines set to lay off 370 employees

Lithuania's wet-lease and charter services provider GetJet Airlines has given lay-off notices to 370...

Avalanche of ideas developed in 'Hack the Crisis' hackathon

One of the most important tasks for hackathon organizers was to identify the most pressing issues,...

Top news

President signs into law tougher penalties for breaking quarantine rules

Lithuanian President Gitanas Nauseda has signed into law a legislative package introducing tougher...

811 coronavirus cases in Lithuania

On Sunday morning, there were 811 COVID-19 cases in Lithuania. 10 deaths related to the novel...

Lithuania's Devold says could make 100,000 medical coveralls by late summer

Norwegian-owned Lithuanian textile manufacturer Devold says it could producer around 100,000...

10th coronavirus death reported

Another patient infected with COVID-19 died in Lithuania on Saturday, bringing the country's death...

Lithuania no longer allows cars from Russia, Belarus to enter

A ban for passenger cars to enter Lithuania from Belarus and Russia have come into force on...

|Maža didelių žinių kaina