Budget shortfall in Lithuania

Lithuania's national budget revenues totaled 2.5 billion litas (726 million euros) in the first quarter of the year, or 2.2 percent less than planned, according to the Finance Ministry.

State revenues for the first quarter amounted to 2.1 billion litas, or 2 percent short of the target.

The central government's budget revenues for the first quarter accounted for 22.7 percent of the projected annual revenues of 9.5 billion litas, while the first-quarter national budget revenues accounted for 22.6 percent of the projected annual revenues of 11.09 billion litas.

The national budget includes both the central government and municipalities.

According to the ministry's data, value-added tax payments, the major source of state revenues, reached 969.4 million litas over the three months, or 0.2 percent more than planned.

Revenues from excise duties came to 358.5 million litas, or 2.4 percent more than planned, while personal income tax revenues reached 313.3 million litas, exceeding the target by 4.9 percent.

Finance Minister Dalia Grybauskaite said earlier that the decline in budget revenues was due to deflationary processes observed this year, the depreciation of the U.S. dollar against the litas, a decreased tax base and falling prices for imported goods.