Vilnius - Industrial production (IP) in Lithuania nosedived by more than 15 per cent in February, according to official figures released Monday by the national statistics office.
EU member Lithuania is the biggest of the three Baltic states with the largest industrial sector. However, its industrial muscle appears to be withering in the face of the global economic downturn according to data from Statistics Lithuania showing industrial production fell by 15.3 per cent year-on-year in February.
January's figures showed a contraction by 5.6 per cent.
Vilnius - Lithuanian Prime Minister Andrius Kubilius welcomed a European Union decision Friday to allocate 175 million euros (240 million dollars) towards laying an undersea "power link" from Sweden to either to Lithuania or Latvia.
"The decision is most welcome as it not only enables us to build an interconnection with Sweden which is important for all Lithuanian energy consumers but also testifies to the feeling of solidarity that the European Union showed again," Kubilius said.
Vilnius - One hundred days after he swept to power in a general election, Lithuanian Prime Minister Andrius Kubilius sounded an optimistic note Wednesday about his country's chances of adopting the euro.
Speaking to reporters after a meeting with President Valdas Adamkus, Kubilius said Lithuania would be ready "at any time" to replace its national currency, the lita, with the pan-European currency.
Vilnius - Lithuania's central bank intervened Monday to quell devaluation jitters that have gathered pace in the Baltic state in recent days.
After a weekend during which currency exchange offices reported unusually strong demand for foreign currency, Reinoldijus Sarkinas, governor of the Bank of Lithuania, declared that there was no plan to change the current exchange rate of the national currency, the litas.
Riga/Vilnius - Struggling Baltic economies Latvia and Lithuania retained the highest inflation levels in the European Union, according to official figures released Monday.
In Latvia, whose government collapsed last month, the consumer price index (CPI) rose by 1.1 per cent from January to February.
Latvia's year-on-year inflation figure now stands at 9.6 per cent, but economist Olga Ertuganova warned deflation was likely to be a bigger problem later in the year.
Vilnius - Vilnius' year as one of two European Capitals of Culture (ECC) was supposed to be a chance to showcase the Lithuanian capital to the rest of the world - but less than three months into 2009, the title seems to have become as much a curse as a blessing.
The project has seen its funding slashed, a police raid on its administrative office, staff laid off, and the sacking of its director, Elona Bajoriniene.
Vilnius - Industrial production (IP) in Lithuania nosedived by more than 15 per cent in February, according to official figures released Monday by the national statistics office.
Vilnius - Lithuanian Prime Minister Andrius Kubilius welcomed a European Union decision Friday to allocate 175 million euros (240 million dollars) towards laying an undersea "power link" from Sweden to either to Lithuania or Latvia.
Vilnius - Lithuania's central bank intervened Monday to quell devaluation jitters that have gathered pace in the Baltic state in recent days.
Riga/Vilnius - Struggling Baltic economies Latvia and Lithuania retained the highest inflation levels in the European Union, according to official figures released Monday.
Vilnius - Vilnius' year as one of two European Capitals of Culture (ECC) was supposed to be a chance to showcase the Lithuanian capital to the rest of the world - but less than three months into 2009, the title seems to have become as much a curse as a blessing.
