Lithuania Economy Profile 2009

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. 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.

GDP (purchasing power parity)

$63.33 billion (2008 est.)
$61.43 billion (2007 est.)
$56.1 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$47.3 billion (2008 est.)

GDP - real growth rate

3.1% (2008 est.)
9.5% (2007 est.)
7.5% (2006 est.)

GDP - per capita (PPP)

$17,800 (2008 est.)
$17,200 (2007 est.)
$15,600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

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

Population below poverty line

4% (2003)

Labor force

1.614 million (2008 est.)

Labor force - by occupation

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

Unemployment rate

5.8% (2008 est.)
3.5% (2007 est.)
note: based on survey data, official registered unemployment of 5.7%

Household income or consumption by percentage share

lowest 10%: 2.7%
highest 10%: 27.4% (2003)

Distribution of family income - Gini index

36 (2005)
34 (1999)

Investment (gross fixed)

24.8% of GDP (2008 est.)

Budget

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

Public debt

15.6% of GDP (2008 est.)
25.2% of GDP (2004 est.)

Inflation rate (consumer prices)

10.9% (2008 est.)
5.7% (2007 est.)

Central bank discount rate

4.73% (31 December 2008)
4.85% (31 December 2007)

Commercial bank prime lending rate

6.29% (31 December 2008)
6.86% (31 December 2007)

Stock of money

$9.519 billion (31 December 2008)
$11.84 billion (31 December 2007)

Stock of quasi money

$8.419 billion (31 December 2008)
$6.917 billion (31 December 2007)

Stock of domestic credit

$29.21 billion (31 December 2008)
$25.05 billion (31 December 2007)

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.)

Electricity - production

11.91 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 16.5%
hydro: 5.7%
nuclear: 77.7%
other: 0% (2001)

Electricity - consumption

10.4 billion kWh (2006 est.)

Electricity - exports

7.217 billion kWh (2007 est.)

Electricity - imports

5.846 billion kWh (2007 est.)

Oil - production

8,250 bbl/day (2007 est.)

Oil - consumption

57,170 bbl/day (2006 est.)

Oil - imports

206,700 bbl/day (2005)

Oil - exports

148,400 bbl/day (2005)

Oil - proved reserves

12 million bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

3.44 billion cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

3.44 billion cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$5.629 billion (2008 est.)
-$5.692 billion (2007 est.)

Agriculture - products

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

Exports

$23.74 billion (2008 est.)
$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.)
$23.04 billion (2007 est.)

Imports - commodities

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

Imports - partners

Russia 30.2%, Germany 11.7%, Poland 10%, Latvia 5.2% (2008)

Reserves of foreign exchange and gold

$6.441 billion (31 December 2008 est.)
$7.721 billion (31 December 2007 est.)

Debt - external

$32.47 billion (31 December 2008)
$30.1 billion (31 December 2007)

Stock of direct foreign investment - at home

$12.85 billion (31 December 2008 est.)
$15.06 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$1.985 billion (31 December 2008 est.)
$1.65 billion (31 December 2007 est.)

Market value of publicly traded shares

$3.625 billion (31 December 2008)
$10.13 billion (31 December 2007)
$10.19 billion (31 December 2006)

Economic aid - recipient

$249.7 million (2004)

Currency (code)

litas (LTL)

Currency (code)

LTL

Exchange rates

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

Fiscal year

calendar year