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Lithuania: Economy#

Lithuania gained membership in the WTO in May 2001 and joined the EU in May 2004. Lithuania's trade with the EU and CIS countries accounts for approximately 87.3% of total trade. Foreign investment and EU funding have aided in the transition from the former planned economy to a market economy. The three former Soviet Baltic republics were severely hit by the 2008-09 financial crisis, but Lithuania has rebounded and become one of the fastest growing economies in the EU. Lithuania’s ongoing recovery hinges on export growth, which is being hampered by economic slowdowns in the EU and Russia. Lithuania joined the euro zone on 1 January 2015 and is under review for membership in the OECD.

Economic Facts#

GDP (purchasing power parity)$85.79 billion (2016 est.)
$83.62 billion (2015 est.)
$82.29 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$42.78 billion (2015 est.)
GDP - real growth rate2.6% (2016 est.)
1.6% (2015 est.)
3% (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 sector of originagriculture: 3.3%
industry: 30.4%
services: 66.4% (2016 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 com
Industrial production growth rate3.3% (2016 est.)
Labor force1.459 million (2016 est.)
Labor force - by occupationagriculture: 7.9%
industry: 19.6%
services: 72.5% (2012 est.)
Unemployment rate8.2% (2016 est.)
9.1% (2015 est.)
Population below poverty line4% (2008 est.)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 29.1% (2008)
Distribution of family income - Gini index35.5 (2009)
34 (1999)
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 int
Fiscal yearcalendar year
Inflation rate (consumer prices)1.5% (2016 est.)
-0.7% (2015 est.)
Central bank discount rate0.05% (31 December 2013)
0.3% (31 December 2012)
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$3.964 billion (31 December 2012 est.)
$4.075 billion (31 December 2011 est.)
$5.661 billion (31 December 2010 est.)
Current account balance-$676 million (2016 est.)
-$710 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.)