Lithuania: Economy Overview

Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a growing percentage of total trade. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy.

Economy Overview

Lithuania's economy grew on average 8% per year for the four years prior to 2008, driven by exports and domestic consumer demand. Unemployment stood at 4.8% in 2008, while wages grew at double digit rates. The current account deficit rose to roughly 15% of GDP in 2007-08. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004.

GDP (purchasing power parity):

$63.37 billion (2008 est.)
country comparison to the world: 83
$61.52 billion (2007 est.)
$56.49 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate):

$47.3 billion (2008 est.)

GDP - real growth rate:

3% (2008 est.)
country comparison to the world: 128
8.9% (2007 est.)
7.8% (2006 est.)

GDP - per capita (PPP):

$17,800 (2008 est.)
country comparison to the world: 69
$17,200 (2007 est.)
$15,800 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:

agriculture: 4.5%
industry: 32.2%
services: 63.3% (2008 est.)

Labor force:

1.614 million (2008 est.)
country comparison to the world: 127

Labor force - by occupation:

agriculture: 14%
industry: 29.1%
services: 56.9% (2007 est.)

Unemployment rate:

5.8% (2008 est.)
country comparison to the world: 71
3.5% (2007 est.)
note: based on survey data, official registered unemployment of 5.7%

Investment (gross fixed):

24.8% of GDP (2008 est.)
country comparison to the world: 53

Budget:

revenues: $15.15 billion
expenditures: $16.66 billion (2008 est.)

Inflation rate (consumer prices):

10.9% (2008 est.)
country comparison to the world: 160
5.7% (2007 est.)

Commercial bank prime lending rate:

6.29% (31 December 2008)
country comparison to the world: 109
6.86% (31 December 2007)

Stock of domestic credit:

$29.21 billion (31 December 2008)
country comparison to the world: 53
$25.05 billion (31 December 2007)

Agriculture - products:

grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish

Industries:

metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber jewelry

Industrial production growth rate:

1.5% (2008 est.)
country comparison to the world: 116

Oil - production:

8,247 bbl/day (2007 est.)
country comparison to the world: 88

Natural gas - production:

0 cu m (2007 est.)
country comparison to the world: 167

Current account balance:

$-5.629 billion (2007 est.)
country comparison to the world: 159
$-5.692 billion (2007 est.)

Exports:

$23.74 billion (2008 est.)
country comparison to the world: 68
$17.16 billion (2007 est.)

Exports - commodities:

mineral products 23%, textiles and clothing 16%, machinery and equipment 11%, chemicals 6%, wood and wood products 5%, foodstuffs 5% (2001)

Exports - partners:

Russia 16%, Latvia 11.6%, Germany 7.2%, Poland 5.8%, Estonia 5.7%, France 4.9%, UK 4.7%, Denmark 4.7%, Belarus 4.5% (2008)

Imports:

$29.3 billion (2008 est.)
county comparison to the world: 64
$23.04 billion (2007 est.)

Imports - commodities:

mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals

Imports - partners:

Russia 30.1%, Germany 11.8%, Poland 10%, Latvia 5.2% (2008)

Debt - external:

$32.47 billion (31 December 2008)
country comparison to the world: 63
$30.1 billion (31 December 2007)

Stock of direct foreign investment - at home:

$12.85 billion (31 December 2008 est.)
country comparison to the world: 74
$15.06 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad:

$1.985 billion (2008 est.)
country comparison to the world: 63
$1.65 billion (31 December 2007 est.)

Exchange rates:

litai (LTL) per US dollar - 2.3251 (2008 est.), 2.5362 (2007), 2.7498 (2006), 2.774 (2005), 2.7806 (2004)

Source: CIA - The World Factbook