Lithuania’s First-Quarter Budget Deficit Narrows to 1.1% of GDP

Lithuania’s budget deficit for the first quarter narrowed to 1.1 percent of gross domestic product from 1.3 percent a year earlier, the Finance Ministry said.

Revenue in the three months ended March 31 was 7.4 billion litai ($2.8 billion), compared with 8.5 billion litai of spending, the ministry in the capital, Vilnius, said today on its website. It didn’t provide year-ago comparisons for income and spending or specify the size of the deficit in litai.

Government debt rose to 44.5 billion litai at the end of March, from 43.1 billion litai on Dec. 31, the ministry said. Debt at the end of March equaled 37.3 percent of this year’s projected GDP and 95.9 percent of it was long-term, it said. Litai-denominated debt increased to 18.6 percent of the total, compared with 13 percent at the end of 2012.

Prime Minister Algirdas Butkevicius’s four-party Cabinet took office in December with plans to narrow the deficit to 2.5 percent of GDP this year from 3.2 percent in 2012. Lithuania’s economy grew a preliminary 3.4 percent in the first quarter from a year earlier, the statistics office said today.

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