Seimas approved the state budget for 2018
Press release, 12 December 2017
The Seimas approved the state budget for 2018, which will focus on reducing poverty, ensuring national security, promoting entrepreneurship and productive investment, and increasing municipal budgets and municipal financial independence. The motion was passed by 84 votes in favour with 29 against and 15 abstentions.
The Seimas endorsed the state budget revenue of nearly EUR 9.071 billion and the expenditure of over EUR 9.559 billion (appropriations exceed the revenue by EUR 487.6 million). In 2018, the appropriations from the European Union and other international support funds will amount to EUR 2.3 billion. Social protection is planned to receive the most generous share of over EUR 5.3 billion.
The 2018 budget is the first budget where the government revenue is projected to exceed the government spending. Next year, a public finance surplus is estimated at 0.6 % of GDP, and the average annual inflation will slow down to 2.7 %.
In the budget, higher wages for medical workers, teachers, scientists, firemen, and staff of other sectors are provided. Moreover, the Lithuanian people will be safer as, for the first time in history, Lithuania will meet its commitment to NATO and allocate 2 % GDP for national defence.
Rimas Rudaitis, Chief Specialist, Press Office, Information and Communication Department, tel. +370 5 239 6132, e-mail: email@example.com
Last updated on 12/14/2017