Lithuania Economy 2018, CIA World Factbook
| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Lithuania Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Lithuania Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO in May 2001, the EU in May 2004, and the euro zone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015. In 2017, joined the OECD Working Group on Bribery, an important step in the OECD accession process.The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU. Increases in exports, investment, and wage growth that supported consumption helped the economy grow by 3.6% in 2017. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the US and Lithuania totaled $2.2 billion. Lithuania opened a self-financed liquefied natural gas terminal in January 2015, providing the first non-Russian supply of natural gas to the Baltic States and reducing Lithuania’s dependence on Russian gas from 100% to approximately 30% in 2016.Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter hampered by economic slowdowns in the EU and Russia. In addition, a steady outflow of young and highly educated people is causing a shortage of skilled labor, which, combined with a rapidly aging population, could stress public finances and constrain long-term growth.

GDP (purchasing power parity):
$90.63 billion (2017 est.) $87.55 billion (2016 est.) $85.58 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 88

GDP (official exchange rate):
$46.67 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2017 est.) 2.3% (2016 est.) 1.8% (2015 est.)
country comparison to the world: 97
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,900 (2017 est.) $30,500 (2016 est.) $29,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 60

Gross national saving:
16% of GDP (2017 est.) 15.5% of GDP (2016 est.) 17.6% of GDP (2015 est.)
country comparison to the world: 121
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 75.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -78.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
metal-cutting machine tools, electric motors, televisions, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizer, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, app/software development, biotechnology

Industrial production growth rate:
2.8% (2017 est.)
country comparison to the world: 106
[see also: Industrial production growth rate country ranks ]

Labor force:
1.467 million (2017 est.)
country comparison to the world: 133
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 65.8% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7% (2017 est.) 7.9% (2016 est.)
country comparison to the world: 102
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.2% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.8% (2015)

Distribution of family income - Gini index:
37.9 (2015) 35 (2014)
country comparison to the world: 75
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $16.18 billion
[see also: Budget - revenues country ranks ]
expenditures: $16.63 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
34.7% of GDP (2017 est.)
country comparison to the world: 57
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% of GDP (2017 est.)
country comparison to the world: 58
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.9% of GDP (2017 est.) 40.2% of GDP (2016 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
country comparison to the world: 138
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.5% (2017 est.) 0.7% (2016 est.)
country comparison to the world: 142
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (31 December 2016 est.) 0.05% (31 December 2015 est.)
country comparison to the world: 155
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.9% (31 December 2017 est.) 2.83% (31 December 2016 est.)
country comparison to the world: 172
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$24.73 billion (31 December 2017 est.) $20.93 billion (31 December 2016 est.)
country comparison to the world: 66
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$28.27 billion (31 December 2017 est.) $24.87 billion (31 December 2016 est.)
country comparison to the world: 81
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$34.78 billion (31 December 2017 est.) $28.55 billion (31 December 2016 est.)
country comparison to the world: 77
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$6.76 billion (31 December 2016 est.) $6.799 billion (31 December 2015 est.) $7.127 billion (31 December 2014 est.)
country comparison to the world: 81
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$747 million (2017 est.) -$379 million (2016 est.)
country comparison to the world: 118
[see also: Current account balance country ranks ]

Exports:
$26.38 billion (2017 est.) $24.23 billion (2016 est.)
country comparison to the world: 66
[see also: Exports country ranks ]

Exports - commodities:
refined fuel, machinery and equipment, chemicals, textiles, foodstuffs, plastics

Exports - partners:
Russia 13.5%, Latvia 9.9%, Poland 9.1%, Germany 7.7%, Estonia 5.3%, US 5.2%, Sweden 4.8%, UK 4.3% (2016)

Imports:
$30.39 billion (2017 est.) $26.35 billion (2016 est.)
country comparison to the world: 63
[see also: Imports country ranks ]

Imports - commodities:
oil, natural gas, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals

Imports - partners:
Russia 14.4%, Germany 12.1%, Poland 10.8%, Latvia 8%, Italy 5.4%, Netherlands 4.8%, Sweden 4.4% (2016)

Reserves of foreign exchange and gold:
$2.602 billion (31 December 2016 est.) $1.697 billion (31 December 2015 est.)
country comparison to the world: 110
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$34.48 billion (31 March 2016 est.) $31.6 billion (31 March 2015 est.)
country comparison to the world: 78
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$16.57 billion (31 December 2017 est.) $15.87 billion (31 December 2016 est.)
country comparison to the world: 84
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.82 billion (31 December 2017 est.) $4.48 billion (31 December 2016 est.)
country comparison to the world: 72
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
litai (LTL) per US dollar - 0.884 (2017 est.) 0.9037 (2016 est.) 0.9037 (2015 est.) 0.9012 (2014 est.) 0.7525 (2013 est.)


NOTE: 1) The information regarding Lithuania on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lithuania Economy 2018 information contained here. All suggestions for corrections of any errors about Lithuania Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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






This page was last modified 28-Feb-18
Copyright © 1995- , ITA all rights reserved.

    . Feedback