Lithuanian Economy
Economy - overview: Lithuania gained membership in the World Trade Organization 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.
GDP (purchasing power parity): $79.63 billion (2014 est.)
GDP (official exchange rate): $48.23 billion (2014 est.)
GDP - real growth rate: 2.9% (2014 est.)
GDP - per capita (PPP): $27,100 (2014 est.)
GDP - composition by sector: agriculture: 3.7%
industry: 28.2%
services: 68.1% (2014 est.)
Labor force: 1.454 million (2014 est.)
Labor force - by occupation: agriculture: 7.9%
industry: 19.6%
services: 72.5% (2012 est.)
Unemployment rate: 10.7% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 2.6%
highest 10%: 297.1% (2008)
Investment (gross fixed): 20.4% of GDP (2009 est.)
Budget: revenues: $15.68 billion
expenditures: $16.58 billion (2014 est.)
Public debt: 38.7% of GDP (2014 est.)
Inflation rate (consumer prices): 0.2% (2014 est.)
Central bank discount rate: 3% (31 December 2010)
Commercial bank prime lending rate: 5.3% (31 December 2014 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% (2014 est.)
Electricity - production: 3.927 billion kWh (2012 est.)
Electricity - consumption: 9.664 billion kWh (2012 est.)
Electricity - exports: 1.127 billion kWh (2013 est.)
Electricity - imports: 8.073 billion kWh (2013 est.)
Oil - production: 2,000 bbl/day (2014 est.)
Oil - consumption: 73,000 bbl/day (2008 est.)
Oil - exports: 1,552 bbl/day (2012 est.)
Oil - imports: 181,900 bbl/day (2012 est.)
Oil - proved reserves: 12 million bbl (1 January 2015 est.)
Natural gas - production: 0 cu m (2013 est.)
Natural gas - consumption: 3.24 billion cu m (2013 est.)
Natural gas - exports: 0 cu m (2013 est.)
Natural gas - imports: 3.24 billion cu m (2013 est.)
Natural gas - proved reserves: 0 cu m (1 January 2014 est.)
Current account balance: -$177 million (2014 est.)
Exports: $31.64 billion (2014 est.)
Exports - commodities: refined fuel, machinery and equipment, chemicals, textiles, foodstuffs, plastics
Exports - partners: Russia 20.9%, Latvia 9.2%, Poland 8.3%, Germany 7.3%, Belarus 4.7%, Netherlands 4.5%, Estonia 4.3% (2014)
Imports: $35.24 billion (2014 est.)
Imports - commodities: mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals
Imports - partners: Russia 21.7%, Germany 11%, Poland 9.5%, Latvia 6.9%, Italy 4.9%, Netherlands 4.8%, UK 4.1% (2014)
Reserves of foreign exchange and gold: $8.524 billion (31 December 2014 est.)
Debt - external: $30.81 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $6.273 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $3.387 billion (31 December 2014 est.)
Exchange rates: litai (LTL) per US dollar - 2.557 (2014 est.), 2.6008 (2013 est.), 2.69 (2012 est.), 2.481 (2011 est.), 2.6063 (2010 est.)
economic climate  
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team