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Lithuania Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Lithuania Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
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. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. Lithuania''s GDP plunged nearly 15% in 2009. 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 2012 nearly 25% over 2011. Despite government efforts, unemployment - at 13.2% in 2012 - remains high.

GDP (purchasing power parity):
$64.31 billion (2012 est.)
country comparison to the world: 87

$62.07 billion (2011 est.)
$58.63 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$41.57 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2012 est.)
country comparison to the world: 96

5.9% (2011 est.)
1.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$21,400 (2012 est.)
country comparison to the world: 67

$20,500 (2011 est.)
$17,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
17.2% of GDP (2012 est.)
country comparison to the world: 92

18.9% of GDP (2011 est.)
17.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 64%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.6%
investment in fixed capital: 16.7%
investment in inventories: 1.3%
exports of goods and services: 84.2%
imports of goods and services: -83.8%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 3.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.4%
services: 68.4% (2012 est.)

Agriculture - products:
grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish

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:
3.7% (2012 est.)
country comparison to the world: 76
[see also: Industrial production growth rate country ranks ]

Labor force:
1.474 million (2012 est.)
country comparison to the world: 131
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.6%
services: 72.5% (2012 est.)

Unemployment rate:
13.2% (2012 est.)
country comparison to the world: 135

15.3% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
4% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.1% (2008)

Distribution of family income - Gini index:
35.5 (2009)
country comparison to the world: 86

34 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $13.87 billion
[see also: Budget revenues country ranks ]
expenditures: $15.27 billion (2012 est.)

Taxes and other revenues:
33.4% of GDP (2012 est.)
country comparison to the world: 76
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.4% of GDP (2012 est.)
country comparison to the world: 132
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41% of GDP (2012 est.)
country comparison to the world: 87

39.3% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.1% (2012 est.)
country comparison to the world: 98

4.1% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (31 December 2010 est.)
country comparison to the world: 111

2.06% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.28% (31 December 2012 est.)
country comparison to the world: 145

5.78% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$13.77 billion (31 December 2012 est.)
country comparison to the world: 71

$11.73 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$19.32 billion (31 December 2012 est.)
country comparison to the world: 87

$18.74 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.69 billion (31 December 2012 est.)
country comparison to the world: 73

$22.83 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.075 billion (31 December 2011)
country comparison to the world: 82

$5.661 billion (31 December 2010)
$4.477 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-231 million (2012 est.)
country comparison to the world: 88

$-619 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$28.76 billion (2012 est.)
country comparison to the world: 65

$27.03 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
mineral products, machinery and equipment, chemicals, textiles , foodstuffs, plastics

Exports - partners:
Russia 19%, Latvia 11%, Germany 7.9%, Estonia 7.8%, UK 6.4%, Poland 6.1%, Netherlands 5.9%, Belarus 4.5% (2012)

Imports:
$30.44 billion (2012 est.)
country comparison to the world: 66

$29.52 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals

Imports - partners:
Russia 31.6%, Germany 10%, Poland 9.9%, Latvia 6.2%, Netherlands 5.6% (2012)

Reserves of foreign exchange and gold:
$8.529 billion (31 December 2012 est.)
country comparison to the world: 76

$8.21 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$32.84 billion (31 December 2012 est.)
country comparison to the world: 69

$31.01 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$15.56 billion (31 December 2012 est.)
country comparison to the world: 79

$14.89 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.729 billion (31 December 2012 est.)
country comparison to the world: 70

$2.482 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
litai (LTL) per US dollar -

2.685 (2012 est.)
2.4808 (2011 est.)
2.6063 (2010 est.)
2.4787 (2009)
2.3251 (2008)


NOTE: 1) The information regarding Lithuania on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lithuania Economy 2014 information contained here. All suggestions for corrections of any errors about Lithuania Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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