unbekannter Gast

Lithuania: Economy#

Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU. Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015. Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in January 2012 nearly 25% over 2011. In January 2013, the new Social Democrat-led government increased the minimum wage another 25% over January 2012. Despite government efforts, unemployment remains high.

Economic Facts#

GDP (purchasing power parity)$67.43 billion (2013 est.)
$65.19 billion (2012 est.)
$62.92 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.4% (2013 est.)
3.6% (2012 est.)
5.9% (2011 est.)
GDP - per capita (PPP)$22,600 (2013 est.)
$21,700 (2012 est.)
$20,800 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.7%
industry: 28.3%
services: 68% (2013 est.)
Population below poverty line4% (2008)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 29.1% (2008)
Labor force - by occupationagriculture: 7.9%
industry: 19.6%
services: 72.5% (2012 est.)
Exports - commoditiesmineral products, machinery and equipment, chemicals, textiles , foodstuffs, plastics
Exports - partnersRussia 19.8%, Latvia 9.9%, Estonia 7.5%, Poland 7.3%, Germany 7.1%, Belarus 5.1%, United Kingdom 4.9%, Netherlands 4.3% (2013 est.)
Agriculture - productsgrain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish
Budgetrevenues: $14.5 billion
expenditures: $15.43 billion (2013 est.)
Imports - commoditiesmineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals
Imports - partnersRussia 29.3%, Germany 10.3%, Poland 9.3%, Latvia 6.1% (2013 est.)
Exchange rateslitai (LTL) per US dollar -
2.658 (2013 est.)
2.685 (2012 est.)
2.6063 (2010 est.)
2.4787 (2009)
2.3251 (2008)
Exports$30.4 billion (2013 est.)
$28.76 billion (2012 est.)
Debt - external$29.55 billion (31 December 2013 est.)
$32.84 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$32.52 billion (2013 est.)
$30.44 billion (2012 est.)
Industrial production growth rate2% (2013 est.)
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, electronic components, computers, amber jewelry
Inflation rate (consumer prices)1.2% (2013 est.)
3.1% (2012 est.)
Labor force1.452 million (2013 est.)
Unemployment rate12.4% (2013 est.)
13.2% (2012 est.)
Distribution of family income - Gini index35.5 (2009)
34 (1999)
Public debt40.2% of GDP (2013 est.)
41% of GDP (2012 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
Current account balance-$567 million (2013 est.)
-$231 million (2012 est.)
Reserves of foreign exchange and gold$10.37 billion (31 December 2013 est.)
$8.529 billion (31 December 2012 est.)
GDP (official exchange rate)$46.71 billion (2013 est.)
Stock of direct foreign investment - at home$16.57 billion (31 December 2013 est.)
$15.56 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$3.029 billion (31 December 2013 est.)
$2.729 billion (31 December 2012 est.)
Market value of publicly traded shares$3.964 billion (31 December 2012 est.)
$4.075 billion (31 December 2011)
$5.661 billion (31 December 2010 est.)
Central bank discount rate3% (31 December 2010 est.)
2.06% (31 December 2009 est.)
Commercial bank prime lending rate4.5% (31 December 2013 est.)
5.28% (31 December 2012 est.)
Stock of domestic credit$22.02 billion (31 December 2013 est.)
$22.69 billion (31 December 2012 est.)
Stock of narrow money$13.83 billion (31 December 2013 est.)
$13.77 billion (31 December 2012 est.)
Stock of broad money$20.59 billion (31 December 2013 est.)
$20.58 billion (31 December 2012 est.)
Taxes and other revenues31% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 64.4%
government consumption: 17.2%
investment in fixed capital: 16.8%
investment in inventories: 0.9%
exports of goods and services: 85.4%
imports of goods and services: -84.7%
(2013 est.)
Gross national saving16.5% of GDP (2013 est.)
17.2% of GDP (2012 est.)
18.9% of GDP (2011 est.)