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21/09/2015   National Audit Office has approved State economic development scenario

The supreme audit institution of Lithuania has approved the revised 2015-2018 State economic development scenario, prepared by the Ministry of Finance of Lithuania. National Audit Office has also highlighted the fact that the external environment around Lithuania is dominated by negative risk factors at the moment.

The published revised economic development scenario is prepared according to the prepositions, published by the European Commission in May of 2015. It should be noted, that future deal markets‘ fixed „Brent“ type oil prices in U.S. dollars and the USD/EUR currency pair levels do not match with the presumptions made in the supervised scenario. In case the assumptions regarding the lesser oil price and the stronger Euro, compared to the U.S. dollar will be true, the nominal gross domestic product and price indicator asumed changes will be revised again to be smaller.

Taking the above-mentioned aspects in account, the Government is adivsed to take a careful approach to budget income planning, with special attention paid to planning the 2016 income based on value added tax.

This is already the second conclusion provided to the Parliament by the National Audit Office as a part of its work as budget policy control institution. The first conclusion regarding the 2015-2018 economic development scenario, prepared by the Ministry of Finance, was presented to the Parliament on the 31st of March.

 

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Last updated on 7 October 2015

National Audit Office of Lithuania

Pamėnkalnio St 27, LT-01113 Vilnius, Phone: + 370 5 266 6793, + 370 5 266 6752, Email: nao@vkontrole.lt.