Lithuania Economy - 2024

Economic overview

high-income, EU-member, largest Baltic economy; privatized most state-owned enterprises; unmoved youth emigration; systemic corruption; issued Europe’s first bank-backed digital coin (LBCOIN); highly educated workforce; lowest EU household debt

Real GDP (purchasing power parity)

$110.089 billion (2021 est.)
$103.876 billion (2020 est.)
$103.898 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.98% (2021 est.)
-0.02% (2020 est.)
4.63% (2019 est.)

Real GDP per capita

$39,300 (2021 est.)
$37,200 (2020 est.)
$37,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$54.597 billion (2019 est.)

Inflation rate (consumer prices)

4.68% (2021 est.)
1.2% (2020 est.)
2.33% (2019 est.)

Credit ratings

Fitch rating: A (2020)

Moody's rating: A3 (2015)

Standard & Poors rating: A+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.5% (2017 est.)

industry: 29.4% (2017 est.)

services: 67.2% (2017 est.)

GDP - composition, by end use

household consumption: 63.9% (2017 est.)

government consumption: 16.6% (2017 est.)

investment in fixed capital: 18.8% (2017 est.)

investment in inventories: -1.3% (2017 est.)

exports of goods and services: 81.6% (2017 est.)

imports of goods and services: -79.3% (2017 est.)

Agricultural products

wheat, milk, sugar beets, rapeseeds, barley, triticale, potatoes, oats, peas, beans

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

8.58% (2021 est.)

Labor force

1.476 million (2021 est.)

Unemployment rate

7.9% (2021 est.)
8.49% (2020 est.)
6.26% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 19% (2021 est.)

male: 18.5%

female: 19.6%

Population below poverty line

20.6% (2018 est.)

Gini Index coefficient - distribution of family income

35.3 (2019 est.)

Average household expenditures

on food: 21.2% of household expenditures (2018 est.)

on alcohol and tobacco: 5.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.2%

highest 10%: 28.8% (2015)

Remittances

1.17% of GDP (2021 est.)
1.39% of GDP (2020 est.)
2.38% of GDP (2019 est.)

Budget

revenues: $18.636 billion (2019 est.)

expenditures: $18.491 billion (2019 est.)

Budget surplus (+) or deficit (-)

0.5% (of GDP) (2017 est.)

Public debt

53.28% of GDP (2020 est.)
42.66% of GDP (2019 est.)
39% of GDP (2018 est.)

note: official data; data cover general government debt and include 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 intragovernmental debt; intragovernmental 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

Taxes and other revenues

19.88% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$756.476 million (2021 est.)
$4.165 billion (2020 est.)
$1.929 billion (2019 est.)

Exports

$53.397 billion (2021 est.) note: data are in current year dollars
$41.721 billion (2020 est.) note: data are in current year dollars
$42.323 billion (2019 est.) note: data are in current year dollars

Exports - partners

Russia 10%, Latvia 9%, Germany 8%, Poland 7%, United States 6% (2021)

Exports - commodities

refined petroleum, wooden furniture, wheat, laboratory reagents, cigarettes (2021)

Imports

$50.377 billion (2021 est.) note: data are in current year dollars
$36.414 billion (2020 est.) note: data are in current year dollars
$39.419 billion (2019 est.) note: data are in current year dollars

Imports - partners

Poland 12%, Germany 12%, Russia 11%, Latvia 8%, Netherlands 5% (2021)

Imports - commodities

crude petroleum, cars, electricity, packaged medicines, broadcasting equipment, natural gas (2021)

Reserves of foreign exchange and gold

$5.58 billion (31 December 2021 est.)
$4.847 billion (31 December 2020 est.)
$5.085 billion (31 December 2019 est.)

Debt - external

$37.859 billion (2019 est.)
$41.999 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)