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Lithuania Economy Profile 2017

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Economy - overviewAfter the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO in May 2001, the EU in May 2004, and the Eurozone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015.

The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the United States and Lithuania totaled $2.2 billion.

Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter of which has been hampered by economic slowdowns in the EU and Russia. In addition, a steady outflow of young and highly educated people is causing a shortage of skilled labor. Lithuania opened a self-financed liquefied natural gas terminal in January 2015, providing the first non-Russian supply of natural gas to the Baltic States and reducing Lithuania’s dependence on Russian gas from 100% to approximately 30% in 2016.
GDP (purchasing power parity)$85.62 billion (2016 est.)
$83.78 billion (2015 est.)
$82.29 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$42.78 billion (2016 est.)
GDP - real growth rate2.2% (2016 est.)
1.8% (2015 est.)
2.9% (2014 est.)
GDP - per capita (PPP)$29,900 (2016 est.)
$28,800 (2015 est.)
$28,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving16.1% of GDP (2016 est.)
16.6% of GDP (2015 est.)
21.9% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 65.7%
government consumption: 17.3%
investment in fixed capital: 19.3%
investment in inventories: 0%
exports of goods and services: 72.9%
imports of goods and services: -75.2% (2016 est.)
GDP - composition by sectoragriculture: 3.3%
industry: 30.4%
services: 66.4% (2016 est.)
Population below poverty line22.2% (2015 est.)
Labor force1.459 million (2016 est.)
Labor force - by occupationagriculture: 9.1%
industry: 25.2%
services: 65.8% (2015 est.)
Unemployment rate7.9% (2016 est.)
9.1% (2015 est.)
Unemployment, youth ages 15-24total: 19.3%
male: 19.6%
female: 18.7% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.2%
highest 10%: 28.8% (2015)
Distribution of family income - Gini index37.9 (2015)
35 (2014)
Budgetrevenues: $14.68 billion
expenditures: $15.12 billion (2016 est.)
Taxes and other revenues34.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-1% of GDP (2016 est.)
Public debt41.8% of GDP (2016 est.)
45.2% of GDP (2015 est.)
note: official data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities, debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
Inflation rate (consumer prices)2.8% (2017 est.)
0.7% (2016 est.)
Central bank discount rate0% (31 December 2016 est.)
0.05% (31 December 2015 est.)
Commercial bank prime lending rate3.1% (31 December 2016 est.)
3.1% (31 December 2015 est.)
Stock of narrow money$21.38 billion (31 December 2016 est.)
$19.4 billion (31 December 2015 est.)
Stock of broad money$25.08 billion (31 December 2016 est.)
$23.94 billion (31 December 2015 est.)
Stock of domestic credit$27.58 billion (31 December 2016 est.)
$24.43 billion (31 December 2015 est.)
Market value of publicly traded shares$6.76 billion (31 December 2016 est.)
$6.799 billion (31 December 2015 est.)
$7.127 billion (31 December 2014 est.)
Agriculture - productsgrain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs, pork, cheese; fish
Industriesmetal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizers, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, app/software development, biotechnology
Industrial production growth rate3.3% (2016 est.)
Current Account Balance-$379 million (2016 est.)
-$967 million (2015 est.)
Exports$23.52 billion (2016 est.)
$24.81 billion (2015 est.)
Exports - commoditiesrefined fuel, machinery and equipment, chemicals, textiles, foodstuffs, plastics
Exports - partnersRussia 13.7%, Latvia 9.8%, Poland 9.7%, Germany 7.8%, Estonia 5.3%, Belarus 4.6%, UK 4.5%, US 4.4%, Netherlands 4% (2015)
Imports$25.92 billion (2016 est.)
$26.93 billion (2015 est.)
Imports - commoditiesoil, natural gas, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals
Imports - partnersRussia 16.9%, Germany 11.5%, Poland 10.3%, Latvia 7.6%, Netherlands 5.1%, Italy 4.5% (2015)
Reserves of foreign exchange and gold$1.697 billion (31 December 2015 est.)
$8.728 billion (31 December 2014 est.)
Debt - external$34.48 billion (31 March 2016 est.)
$31.6 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$16.33 billion (31 December 2016 est.)
$15.63 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$3.727 billion (31 December 2016 est.)
$3.427 billion (31 December 2015 est.)
Exchange rateslitai (LTL) per US dollar -
0.9129 (2016 est.)
0.9012 (2015 est.)
0.9012 (2014 est.)
0.7525 (2013 est.)
2.69 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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