russias sanctions will not destroy lithuanian economy
Last Updated : GMT 02:27:34
Arab Today, arab today
Arab Today, arab today

Russia's sanctions will not destroy Lithuanian economy

Arab Today, arab today

Arab Today, arab today Russia's sanctions will not destroy Lithuanian economy

Chief economist of Swedbank in Lithuania
Vilnius - XINHUA

An embargo introduced by Russia on most food imports from the European Union, the United States and some other Western countries will have minor direct negative effect on Lithuania's economy, a senior bank economist said on Tuesday.
Nerijus Maciulis, chief economist of Swedbank in Lithuania, believes that Russia's sanctions will not bring Lithuania's economy on its knees.
"We should be more worried about economic weapons which Russia might show in the future," he said in the commentary published on Swedbank's website.
According to the estimates of some international organizations, Lithuania is one of the countries to be most affected by Russian food imports ban. The Baltic country's raw meat and dairy sectors are expected to suffer the biggest losses.
Swedbank calculations show that 0.4 percent of Lithuania's gross domestic product (GDP) this year might be cut off due to the direct impact of sanctions.
"Growth might be also slowed down by slumping confidence which would hurt investments and consumption," Maciulis said.
"But there is no ground for discussions about recession (in Lithuania), at least while the list of tit-for-tat sanctions is not expanded," he added.
Lithuania's Finance Ministry expects 3.4 percent GDP growth in the country this year, one of the fastest in the EU. European Commission's forecast stands at 3.3 percent.
According to Maciulis, exports of many Lithuanian products are highly diversified, and moreover, Lithuanian companies had experience to export their products to Russia through other members of Commonwealth of Independent States.
Lithuanian transport sector might be affected more seriously than products, he added.
Lithuania's exports of processed and raw food to Russia amounted to 4.74 billion litas (about 1.86 billion U.S. dollars) in 2013, which makes 5.6 percent of all exports to Russia. Nevertheless, 77 percent of Lithuanian food exports to Russia are re-exported goods, mostly fruits, vegetables, nuts and beverages.
The financial loss of Lithuanian farmers and food products due to Russian sanctions may reach 0.5 billion litas (about 0.2 billion U.S. dollars), Lithuanian lawmakers said in the meeting of the Committee of Rural Affairs on Tuesday, according to local business news website vz.lt. (1 U.S. dollar = 2.5 Litas)

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

russias sanctions will not destroy lithuanian economy russias sanctions will not destroy lithuanian economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

russias sanctions will not destroy lithuanian economy russias sanctions will not destroy lithuanian economy

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday