Lithuania Economy Profile 2006

Economy - overview

Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Unemployment dropped from 11% in 2003 to 5.3% in 2005. Growing domestic consumption and increased investment have furthered recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Privatization of the large, state-owned utilities, particularly in the energy sector, is nearing completion. Overall, more than 80% of enterprises have been privatized. Foreign government and business support have helped in the transition from the old command economy to a market economy.

GDP (purchasing power parity)

$49.41 billion (2005 est.)

GDP (official exchange rate)

$23.5 billion (2005 est.)

GDP - real growth rate

7.5% (2005 est.)

GDP - per capita (PPP)

$13,700 (2005 est.)

GDP - composition by sector

agriculture: 5.5%
industry: 32.5%
services: 62% (2005 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 3.1%
highest 10%: 25.6% (1996)

Inflation rate (consumer prices)

2.7% (2005 est.)

Investment (gross fixed)

21.8% of GDP (2005 est.)

Labor force

1.61 million (2005 est.)

Labor force - by occupation

agriculture: 20%
industry: 30%
services: 50% (1997 est.)

Unemployment rate

4.8% (2005 est.)

Distribution of family income - Gini index

31.9 (2000)

Budget

revenues: $8.429 billion
expenditures: $9.103 billion; including capital expenditures of $NA (2005 est.)

Public debt

18.7% of GDP (2005 est.)

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

7.3% (2005 est.)

Electricity - production

18.64 billion kWh (2003)

Electricity - consumption

9.109 billion kWh (2003)

Electricity - exports

12.37 billion kWh (2003)

Electricity - imports

4.144 billion kWh (2003)

Oil - production

12,360 bbl/day (2003 est.)

Oil - consumption

89,000 bbl/day (2003 est.)

Oil - imports

NA bbl/day

Oil - exports

NA bbl/day

Natural gas - production

0 cu m (2003 est.)

Natural gas - consumption

3.03 billion cu m (2003 est.)

Natural gas - exports

0 cu m (2001 est.)

Natural gas - imports

2.76 billion cu m (2001 est.)

Current Account Balance

$-1.771 billion (2005 est.)

Agriculture - products

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

Exports

$10.95 billion f.o.b. (2005 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 10.4%, Latvia 10.2%, Germany 9.4%, France 7%, Estonia 5.9%, Poland 5.5%, Sweden 5%, US 4.7%, UK 4.7%, Denmark 4.3% (2005)

Imports

$13.33 billion f.o.b. (2005 est.)

Imports - commodities

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

Imports - partners

Russia 27.9%, Germany 15.2%, Poland 8.3% (2005)

Reserves of foreign exchange and gold

$3.816 billion (2005 est.)

Debt - external

$12.5 billion (2005 est.)

Economic aid - recipient

$228.5 million (1995)

Currency (code)

litas (LTL)

Exchange rates

litai per US dollar - 2.774 (2005), 2.7806 (2004), 3.0609 (2003), 3.677 (2002), 4 (2001)

Fiscal year

calendar year