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World > Europe > Lithuania > Economy (Facts)

Lithuania - Economy (Facts)
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 - real growth rate: 7.5% (2006 est.)
GDP (purchasing power parity): $54.9 billion (2006 est.)
GDP (official exchange rate): $30.2 billion (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.)
Population below poverty line: 4% (2003)
Household income or consumption by percentage share: lowest 10%: 3.2%
highest 10%: 24.9% (2000)
Inflation rate (consumer prices): 3.8% (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.)
Budget: revenues: $9.415 billion
expenditures: $9.761 billion; including capital expenditures of NA (2006 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: 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 - exports: 0 cu m (2004 est.)
Natural gas - imports: 2.92 billion cu m (2004 est.)
Agriculture - products: grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish
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)
Debt - external: $15.12 billion (30 June 2006 est.)
Economic aid - recipient: $1.6 billion (1995)
Currency: Lithuanian Litas (LTL)

Current Lithuanian Litas Exchange Rates
Historical Lithuanian Litas Exchange Rates
Chart Lithuanian Litas Exchange Rates
Currency code: LTL
Exchange rates: litai per US dollar - 2.7498 (2006), 2.774 (2005), 2.7806 (2004), 3.0609 (2003), 3.677 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Lithuanian Litas Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Lithuanian Litas Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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