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Lithuania Economy Profile 2018

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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 euro zone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015. In 2017, joined the OECD Working Group on Bribery, an important step in the OECD accession process.

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. Increases in exports, investment, and wage growth that supported consumption helped the economy grow by 3.6% in 2017. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the US and Lithuania totaled $2.2 billion. 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.

Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter 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, which, combined with a rapidly aging population, could stress public finances and constrain long-term growth.
GDP (purchasing power parity)$90.63 billion (2017 est.)
$87.55 billion (2016 est.)
$85.58 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$46.67 billion (2016 est.)
GDP - real growth rate3.5% (2017 est.)
2.3% (2016 est.)
1.8% (2015 est.)
GDP - per capita (PPP)$31,900 (2017 est.)
$30,500 (2016 est.)
$29,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving16% of GDP (2017 est.)
15.5% of GDP (2016 est.)
17.6% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 66.3%
government consumption: 17.7%
investment in fixed capital: 18.8%
investment in inventories: -0.5%
exports of goods and services: 75.9%
imports of goods and services: -78.2% (2017 est.)
GDP - composition by sectoragriculture: 3.3%
industry: 28.5%
services: 68.3% (2017 est.)
Population below poverty line22.2% (2015 est.)
Labor force1.467 million (2017 est.)
Labor force - by occupationagriculture: 9.1%
industry: 25.2%
services: 65.8% (2015 est.)
Unemployment rate7% (2017 est.)
7.9% (2016 est.)
Unemployment, youth ages 15-24total: 16.3%
male: 16%
female: 16.6% (2015 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: $16.18 billion
expenditures: $16.63 billion (2017 est.)
Taxes and other revenues34.7% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-1% of GDP (2017 est.)
Public debt38.9% of GDP (2017 est.)
40.2% of GDP (2016 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)3.5% (2017 est.)
0.7% (2016 est.)
Central bank discount rate0% (31 December 2016 est.)
0.05% (31 December 2015 est.)
Commercial bank prime lending rate2.9% (31 December 2017 est.)
2.83% (31 December 2016 est.)
Stock of narrow money$24.73 billion (31 December 2017 est.)
$20.93 billion (31 December 2016 est.)
Stock of broad money$28.27 billion (31 December 2017 est.)
$24.87 billion (31 December 2016 est.)
Stock of domestic credit$34.78 billion (31 December 2017 est.)
$28.55 billion (31 December 2016 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, televisions, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizer, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, app/software development, biotechnology
Industrial production growth rate2.8% (2017 est.)
Current Account Balance-$747 million (2017 est.)
-$379 million (2016 est.)
Exports$26.38 billion (2017 est.)
$24.23 billion (2016 est.)
Exports - commoditiesrefined fuel, machinery and equipment, chemicals, textiles, foodstuffs, plastics
Exports - partnersRussia 13.5%, Latvia 9.9%, Poland 9.1%, Germany 7.7%, Estonia 5.3%, US 5.2%, Sweden 4.8%, UK 4.3% (2016)
Imports$30.39 billion (2017 est.)
$26.35 billion (2016 est.)
Imports - commoditiesoil, natural gas, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals
Imports - partnersRussia 14.4%, Germany 12.1%, Poland 10.8%, Latvia 8%, Italy 5.4%, Netherlands 4.8%, Sweden 4.4% (2016)
Reserves of foreign exchange and gold$2.602 billion (31 December 2016 est.)
$1.697 billion (31 December 2015 est.)
Debt - external$34.48 billion (31 March 2016 est.)
$31.6 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$16.57 billion (31 December 2017 est.)
$15.87 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$4.82 billion (31 December 2017 est.)
$4.48 billion (31 December 2016 est.)
Exchange rateslitai (LTL) per US dollar -
0.884 (2017 est.)
0.9037 (2016 est.)
0.9037 (2015 est.)
0.9012 (2014 est.)
0.7525 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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