These forecasts are SME Finance, the largest non-bank financial company on the Baltic Sea that analyzed the outcomes of this year and the overall picture of the Lithuanian economy. During the first 10 months of this year, SMS Finance raised a total of $ 77 million. Eur and 130 million by the end of the year. Eur. As expected, this factor will increase to 300% this year.
Production exports reached record levels. 62 %, The main sector of the economy is growing
According to customer activity analysis conducted by SME Finance, there are indications that major sectors of the economy are growing and will continue to expand. Revival is felt in both the domestic market and export of Lithuania. For example, during the nine months of the year, compared to the same period last year, the manufacturing industry grew by 20% Lithuania's GDP and 80% Lithuania's exports grew by 6.5%. This year's fastest development was demonstrated in the machinery and equipment sector and the automotive sector, with production volume increasing by more than a third. At present, the Lithuanian industry is the highest ever in the external market and its exports are up to 62%. All production. For comparison – In the pre-2008-2009 crisis, the Lithuanian industry sold only half of its output in foreign markets.
Transmission volume increased by 14% and retail sales grew by 8-10%.
Impressive development has also been proven in the transport sector in Lithuania. For example, road cargo traffic has increased by 14% this year, and domestic and international cargo traffic have been double-digit growth rates. Good results are also recorded in the domestic market, the sales of retail trade enterprises have grown at 5.2%. 1 to 8% in September; Retail sales of non-food products have increased by nearly a tenth.
Small business financing invoices amounted to 100 million. Euro
SME Finance, a non-bank financial company, has already spent € 120 million in two years. Second – 77 million people. Euro During the two years of operation, 35,000 people received funding. SME corporate account.
According to Mindaugas Mikalajunas, Director of Small Business Finance, the rapid popularity of factoring services is determined by three key factors. First, stable export development has been recorded since 2010. For example, in 2017, exports increased by 12%, and this year it increased by 9%. Second, alternative financial instruments for SMEs, such as individual financing methods for business needs, unsecured business loans, and insurance guarantees to keep customers out of payment, have appeared on the market. Finally, companies choose factoring as their most useful funding method because they are likely to get cash on the same day without changing their assets.