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The Economy of Lithuania

Lithuanian Economy

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Economy - overview: Lithuania has grown on average 8% per year over the last four years, driven by exports and domestic consumer demand. Unemployment stood at 4.8% in 2008, while wages continued to grow at double digit rates. The current account deficit rose to roughly 15% of GDP in 2007-08. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a growing percentage of total trade. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy.

GDP:

GDP - real growth rate: 3.2% (2008 est.) 8.9% (2007 est.) 7.8% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 4.3% industry: 32.8% services: 62.8% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.7% highest 10%: 27.7% (2003)

Distribution of family income - Gini index: 36 (2005)

Inflation rate (consumer prices):

Labor force: 1.601 million (2008 est.)

Labor force - by occupation: agriculture: 14% industry: 29.1% services: 56.9% (2005)

Unemployment rate: 4.8% note: based on survey data, official registered unemployment of 5.7% (2008 est.)

Budget: revenues: $15.4 billion expenditures: $15.86 billion (2008 est.)

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: 4.6% (2008 est.)

Electricity - production: 11.91 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 10.4 billion kWh (2006 est.)

Electricity - exports: 7.217 billion kWh (2007 est.)

Electricity - imports: 5.846 billion kWh (2007 est.)

Oil - production: 8,250 bbl/day (2007 est.)

Oil - consumption: 57,170 bbl/day (2006 est.)

Oil - exports: 148,400 bbl/day (2005)

Oil - imports: 206,700 bbl/day (2005)

Oil - proved reserves: 12 million bbl (1 January 2008 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 3.44 billion cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 3.44 billion cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $23.48 billion f.o.b. (2008 est.)

Exports - commodities: mineral products 23%, textiles and clothing 16%, machinery and equipment 11%, chemicals 6%, wood and wood products 5%, foodstuffs 5% (2001)

Exports - partners: Russia 15%, Latvia 12.9%, Germany 10.5%, Poland 6.3%, Estonia 5.8%, UK 4.6%, Denmark 4.1%, Belarus 4% (2007)

Imports: $30.26 billion f.o.b. (2008 est.)

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

Imports - partners: Russia 18%, Germany 15%, Poland 10.6%, Latvia 5.5%, Netherlands 4.3% (2007)

Debt - external: $35.46 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: litai (LTL) per US dollar - 2.3251 (2008 est.), 2.5362 (2007), 2.7498 (2006), 2.774 (2005), 2.7806 (2004)

Fiscal year: