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. However, GDP plunged 15% in 2009 - the three former Soviet Baltic republics had the world's worst economic declines last year. The current account deficit rose to roughly 15% of GDP in 2007-08, but fell sharply in 2009 in the wake of a cutback in imports to almost half the 2008 level. Unemployment reached 13.7% in 2009, up from 5.8% in 2008. In 2009 the government launched a high-profile campaign, led by Prime Minister KUBILIUS, to attract foreign investment and to develop export markets.

GDP (purchasing power parity):

$55.11 billion (2009 est.)
country comparison to the world: 88
$64.84 billion (2008 est.)
$63.07 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):

$37.25 billion (2009 est.)

GDP - real growth rate:

-15% (2009 est.)
country comparison to the world: 213
2.8% (2008 est.)
9.8% (2007 est.)

GDP - per capita (PPP):

$15,500 (2009 est.)
country comparison to the world: 71
$18,200 (2008 est.)
$17,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:

agriculture: 4.2%
industry: 26.7%
services: 69.1% (2009 est.)

Labor force:

1.641 million (2009 est.)
country comparison to the world: 127

Labor force - by occupation:

agriculture: 14%
industry: 29.1%
services: 56.9% (2005.)

Unemployment rate:

13.7% (2009 est.)
country comparison to the world: 143
5.8% (2008 est.)
note: based on survey data, official registered unemployment of 5.7%

Investment (gross fixed):

18.3% of GDP (2009 est.)
country comparison to the world: 121

Budget:

revenues: $13.1 billion
expenditures: $16.16 billion (2009 est.)

Inflation rate (consumer prices):

4.5% (2009 est.)
country comparison to the world: 138
10.9% (2008 est.)

Commercial bank prime lending rate:

8.39% (31 December 2009)
country comparison to the world: 113
8.41% (31 December 2008)

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:

-21.6% (2009 est.)
country comparison to the world: 163

Oil - production:

6,333 bbl/day (2009 est.)
country comparison to the world: 90

Natural gas - production:

0 cu m (2008 est.)
country comparison to the world: 164

Current account balance:

$1.422 billion (2009 est.)
country comparison to the world: 38
$-5.627 billion (2008 est.)

Exports:

$16.42 billion (2009 est.)
country comparison to the world: 70
$23.77 billion (2008 est.)

Exports - commodities:

mineral products 22%, machinery and equipment 10%, chemicals 9%, textiles 7%, foodstuffs 7%, plastics 7%

Exports - partners:

Russia 13.2%, Latvia 10%, Germany 9.6%, Poland 7.1%, Estonia 7.1%, Belarus 4.5%, UK 4.7% (2009)

Imports:

$17.5 billion (2009 est.)
county comparison to the world: 71
$29.51 billion (2008 est.)

Imports - commodities:

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

Imports - partners:

Russia 30.1%, Germany 11.1%, Poland 9.9%, Latvia 6.3% (2009)

Debt - external:

$36.43 billion (31 December 2009 est.)
country comparison to the world: 62
$32.47 billion (31 December 2007)

Stock of direct foreign investment - at home:

$13.81 billion (31 December 2009 est.)
country comparison to the world: 75
$12.89 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:

$2.307 billion (31 December 2009 est.)
country comparison to the world: 64
$1.99 billion (31 December 2008 est.)

Exchange rates:

Source: CIA - The World Factbook