Lithuania

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Economics

Economy - overview

Lithuania 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. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. However, GDP plunged nearly 15% in 2009 - during the 2008-09 crisis the three former Soviet Baltic republics had the world's worst economic declines. In 2009, the government launched a high-profile campaign, led by Prime Minister KUBILIUS, to attract foreign investment and to develop export markets. The current account deficit, which had risen to roughly 15% of GDP in 2007-08, recovered to a surplus of 4% 2009 and 3.4% in 2010 in the wake of a cutback in imports to almost half the 2008 level. Nevertheless, economic growth was flat and unemployment continued upward to 17.9% in 2010.

GDP (purchasing power parity):

$56.59 billion (2010 est.)

country comparison to the world: 89

$55.84 billion (2009 est.)

$65.5 billion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$36.36 billion (2010 est.)

 

GDP - real growth rate:

1.3% (2010 est.)

country comparison to the world: 164

-14.7% (2009 est.)

2.9% (2008 est.)

 

GDP - per capita (PPP):

$16,000 (2010 est.)

country comparison to the world: 70

$15,700 (2009 est.)

$18,400 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

agriculture: 3.4%

industry: 27.9%

services: 68.7% (2010 est.)

 

Labor force:

1.635 million (2010 est.)

country comparison to the world: 127

 

Labor force - by occupation:

agriculture: 14%

industry: 29.1%

services: 56.9% (2005)

 

Unemployment rate:

17.8% (2010 est.)

country comparison to the world: 159

13.7% (2009 est.)

 

Population below poverty line:

4% (2003)

 

Household income or consumption

by percentage share:

lowest 10%: 2.6%

highest 10%: 29.1% (2008)

 

Distribution of family income - Gini index:

37.6 (2008)

country comparison to the world: 77

34 (1999)

 

Investment (gross fixed):

16.1% of GDP (2010 est.)

country comparison to the world: 157

 

Budget:

revenues: $12.78 billion

expenditures: $15.37 billion (2010 est.)

 

Taxes and other revenues:

35.2% of GDP (2010 est.)

country comparison to the world: 67

 

Budget surplus (+) or deficit (-):

-7.1% of GDP (2010 est.)

country comparison to the world: 176

 

Public debt:

38.7% of GDP (2010 est.)

country comparison to the world: 73

29.6% of GDP (2009 est.)

 

Inflation rate (consumer prices):

1.3% (2010 est.)

country comparison to the world: 35

4.5% (2009 est.)

 

Central bank discount rate:

3% (31 December 2010 est.)

country comparison to the world: 106

2.06% (31 December 2009 est.)

 

Commercial bank prime lending rate:

5.988% (31 December 2010 est.)

country comparison to the world: 124

8.393% (31 December 2009 est.)

 

Stock of narrow money:

$10.63 billion (31 December 2010 est.)

country comparison to the world: 73

$9.153 billion (31 December 2009 est.)

 

Stock of broad money:

$18.51 billion (31 December 2010 est.)

country comparison to the world: 85

$18.11 billion (31 December 2009 est.)

 

Stock of domestic credit:

$23.7 billion (31 December 2010 est.)

country comparison to the world: 74

$26.59 billion (31 December 2009 est.)

 

Market value of publicly traded shares:

$5.661 billion (31 December 2010)

country comparison to the world: 83

$4.477 billion (31 December 2009)

$3.625 billion (31 December 2008)

 

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:

6.5% (2010 est.)

country comparison to the world: 65

 

Electricity - production:

12.27 billion kWh (2008 est.)

country comparison to the world: 85

 

Electricity - consumption:

10.3 billion kWh (2008 est.)

country comparison to the world: 87

 

Electricity - exports:

7.715 billion kWh (2009 est.)

 

Electricity - imports:

2.932 billion kWh (2009 est.)

 

Oil - production:

5,732 bbl/day (2010 est.)

country comparison to the world: 92

 

Oil - consumption:

67,000 bbl/day (2010 est.)

country comparison to the world: 90

 

Oil - exports:

76,510 bbl/day (2009 est.)

country comparison to the world: 70

 

Oil - imports:

183,100 bbl/day (2009 est.)

country comparison to the world: 51

 

Oil - proved reserves:

12 million bbl (1 January 2011 est.)

country comparison to the world: 89

 

Natural gas - production:

0 cu m (2009 est.)

country comparison to the world: 206

 

Natural gas - consumption:

2.7 billion cu m (2009 est.)

country comparison to the world: 76

 

Natural gas - exports:

0 cu m (2009 est.)

country comparison to the world: 131

 

Natural gas - imports:

2.7 billion cu m (2009 est.)

country comparison to the world: 41

 

Natural gas - proved reserves:

0 cu m (1 January 2011 est.)

country comparison to the world: 200

 

Current account balance:

$667 million (2010 est.)

country comparison to the world: 51

$1.648 billion (2009 est.)

 

Exports:

$20.82 billion (2010 est.)

country comparison to the world: 69

$16.48 billion (2009 est.)

 

Exports - commodities:

mineral products 22%, machinery and equipment 10%, chemicals 9%, textiles 7%, foodstuffs 7%, plastics 7%

 

Exports - partners:

Russia 15.7%, Germany 10.1%, Latvia 9.8%, Poland 7.9%, Netherlands 5.7%, Belarus 5.2%, Estonia 5.2%, UK 5% (2010)

 

Imports:

$22.38 billion (2010 est.)

country comparison to the world: 67

$17.64 billion (2009 est.)

 

Imports - commodities:

mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals

 

Imports - partners:

Russia 32.9%, Germany 11%, Poland 8.9%, Latvia 6.3%, Netherlands 4.4% (2010)

 

Reserves of foreign exchange and gold:

$6.837 billion (31 December 2010 est.)

country comparison to the world: 79

$6.66 billion (31 December 2009 est.)

 

Debt - external:

$29.88 billion (31 December 2010 est.)

country comparison to the world: 66

$31.72 billion (31 December 2009 est.)

 

Stock of direct foreign investment - at home:

$13.61 billion (31 December 2010 est.)

country comparison to the world: 76

$13.99 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

$2.117 billion (31 December 2010 est.)

country comparison to the world: 66

$2.307 billion (31 December 2009 est.)

 

Exchange rates:

litai (LTL) per US dollar -

2.6637 (2010)

2.4787 (2009)

2.3251 (2008)

2.5362 (2007)

2.7498 (2006)