Lithuania

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Introduction - Lithuania:
Location - Lithuania:
People - Lithuania:
Government - Lithuania:
Economy - Lithuania:

Economy overview

Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.7% in 2006, while wages grew 17.6%, contributing to rising inflation. Exports and imports continue to grow strongly, and the current account deficit rose to nearly 10% of GDP in 2006. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. 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, but foreign direct investment declined in 2006.

Gdp purchasing power parity

$54.9 billion (2006 est.)

Gdp official exchange rate

$30.2 billion (2006 est.)

Gdp real growth rate

7.5% (2006 est.)

Gdp per capita ppp

$15,300 (2006 est.)

Gdp composition by sector

agriculture: 5.5%
industry: 33.3%
services: 61.2% (2006 est.)

Labor force

1.617 million (2006 est.)

Labor force by occupation

agriculture: 15.8%
industry: 28.2%
services: 56% (2004)

Unemployment rate

3.7%
note: based on survey data, official registered unemployment of 5.7% (2006 est.)

Population below poverty line

4% (2003)

Household income or consumption by percentage share

lowest 10%: 3.2%
highest 10%: 24.9% (2000)

Distribution of family income gini index

32.5 (2003)

Inflation rate consumer prices

3.8% (2006 est.)

Investment gross fixed

23% of GDP (2006 est.)

Budget

revenues: $9.415 billion
expenditures: $9.761 billion; including capital expenditures of $NA (2006 est.)

Public debt

18% of GDP (2006 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

7% (2006 est.)

Electricity production

17.8 billion kWh (2004)

Electricity consumption

9.358 billion kWh (2004)

Electricity exports

11.49 billion kWh (2004)

Electricity imports

4.293 billion kWh (2004)

Oil production

14,000 bbl/day (2004 est.)

Oil consumption

56,000 bbl/day (2004 est.)

Oil exports

145,100 bbl/day (2004)

Oil imports

187,800 bbl/day (2004)

Oil proved reserves

12 million bbl

Natural gas production

0 cu m (2004)

Natural gas consumption

2.92 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

2.92 billion cu m (2004 est.)

Current account balance

-$2.572 billion (2006 est.)

Exports

$14.64 billion f.o.b. (2006 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 12.8%, Latvia 11.1%, Germany 8.7%, Estonia 6.5%, Poland 6%, Netherlands 4.9%, Sweden 4.6%, UK 4.3%, US 4.3%, Denmark 4.2%, France 4.1% (2006)

Imports

$18.25 billion f.o.b. (2006 est.)

Imports commodities

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

Imports partners

Russia 24.4%, Germany 14.9%, Poland 9.6%, Latvia 4.8% (2006)

Reserves of foreign exchange and gold

$5.22 billion (2006 est.)

Debt external

$15.12 billion (30 June 2006 est.)

Economic aid recipient

$1.6 billion (1995)

Currency code

litas (LTL)

Exchange rates

litai per US dollar - 2.7498 (2006), 2.774 (2005), 2.7806 (2004), 3.0609 (2003), 3.677 (2002)

Communications - Lithuania:
Transportation - Lithuania:
Military - Lithuania:
This page was last updated on 16 September, 2007
Source: CIA >>>


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