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Lithuania swamped by cash sent from Ireland
Real estate news By lfast Telegraph
Tuesday, October 09, 2007
Money being sent home to Lithuania from workers living in Ireland is causing problems for the stores there. Prime Minister Gediminas Kirkilas has revealed the flood of cash has created a "challenge" for Lithuanian shops who are not used to people having such high disposable incomes and are struggling to keep up with demand for material goods.
Lithuanians working in Ireland earn an average of five times more than in their native country, with most sending funds home to support their families. "If you look to our shops, particularly before Christmas, there are many many people spending a lot of money in these shops," he said. "It's quite a big challenge for our shops -- but a good one."
Mr Kirkilas also revealed that the Lithuanian authorities will have to double the number of staff at its Irish embassy to cater for the thousands who are living here. According to the last census Lithuanians are the third largest group of foreign nationals living here, with officials figures putting their group at 20,000. However some estimate the real figure to be as high as 100,000. However the Lithuanian authorities are actively working to entice skilled workers back home as they face a labour shortage. Economic growth stands at around 7pc per annum, with almost zero unemployment.
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