Lithuania Economy Profile 2008

Economy - overview

Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.2% in 2007 while wages continued to grow at double digit rates, contributing to rising inflation. Exports and imports also grew strongly, and the current account deficit rose to nearly 15% of GDP in 2007. 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 is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy.

GDP (purchasing power parity)

$59.59 billion (2007 est.)

GDP (official exchange rate)

$28.57 billion (2007 est.)

GDP - real growth rate

8% (2007 est.)

GDP - per capita (PPP)

$16,700 (2007 est.)

GDP - composition by sector

agriculture: 5.2%
industry: 34.2%
services: 60.6% (2007 est.)

Population below poverty line

4% (2003)

Household income or consumption by percentage share

lowest 10%: 2.7%
highest 10%: 27.7% (2003)

Inflation rate (consumer prices)

5.4% (2007 est.)

Investment (gross fixed)

24% of GDP (2007 est.)

Labor force

1.587 million (2007 est.)

Labor force - by occupation

agriculture: 15.8%
industry: 28.2%
services: 56% (2004)

Unemployment rate

3.2%
note: based on survey data, official registered unemployment of 5.7% (2007 est.)

Distribution of family income - Gini index

36 (2005)

Budget

revenues: $12.36 billion
expenditures: $12.54 billion (2007 est.)

Public debt

15.7% of GDP (2007 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

5.5% (2007 est.)

Electricity - production

13.48 billion kWh (2005)

Electricity - consumption

9.296 billion kWh (2005)

Electricity - exports

8.607 billion kWh (2005)

Electricity - imports

5.641 billion kWh (2005)

Oil - production

13,160 bbl/day (2005 est.)

Oil - consumption

57,000 bbl/day (2005 est.)

Oil - imports

187,800 bbl/day (2004)

Oil - exports

145,100 bbl/day (2004)

Oil - proved reserves

12 million bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005)

Natural gas - consumption

2.916 billion cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

2.916 billion cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$5.32 billion (2007 est.)

Agriculture - products

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

Exports

$17.09 billion f.o.b. (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 12.8%, Latvia 11.1%, Germany 8.6%, Estonia 6.5%, Poland 6.1%, Netherlands 4.8%, Sweden 4.5%, UK 4.4%, US 4.3%, Denmark 4.2%, France 4.2% (2006)

Imports

$22.64 billion f.o.b. (2007 est.)

Imports - commodities

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

Imports - partners

Russia 24.3%, Germany 14.9%, Poland 9.5%, Latvia 4.8% (2006)

Reserves of foreign exchange and gold

$6.302 billion (31 December 2007 est.)

Debt - external

$22.7 billion (30 June 2007)

Stock of direct foreign investment - at home

$10.94 billion (2006 est.)

Stock of direct foreign investment - abroad

$1.183 billion (2006 est.)

Market value of publicly traded shares

$10.19 billion (2006)

Economic aid - recipient

$249.7 million (2004)

Currency (code)

litas (LTL)

Exchange rates

litai per US dollar - 2.5362 (2007), 2.7498 (2006), 2.774 (2005), 2.7806 (2004), 3.0609 (2003)

Fiscal year

calendar year