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Nausėda, Gitanas

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Ekonomika - Lithuania | 27/03/2012

Emigrants bolster Lithuanian economy

Emigration is described as one of Lithuania's main problems but the emigrants support the Lithuanian economy with enormous sums, economist Gitanas Nausėda underlines on the portal While in 2003 it was only around 350 million litai (100 million euros), in 2011 4.8 billion litai (1.4 billion euro) flowed into Lithuania from abroad. "For the Lithuanian economy this support is very important. Last year it amounted to 4.6 percent of Lithuania's gross national product, equivalent to 89.8 percent of the pensions. In other words: 90 cents of each litas paid out for pensions comes from money sent by emigrants to Lithuania from abroad. This money is used to cover heating bills or buy property. Where exactly such huge sums end up should be clarified through surveys."

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