|
|
Advertisements:
EconomyEconomy - 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 significant share of total trade. Foreign investment 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 - the three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. In 2009, the government launched a high-profile campaign, led by Prime Minister KUBILIUS, to attract foreign investment and to develop export markets, and the government's steadfast commitment to broad economic reforms has been vital in Lithuania's quick recovery from a deep recession - GDP grew 1.3% in 2010 and jumped 5.8% in 2011, making Lithuania one of the fastest growing economies in the EU. However, unemployment - at 15.6% in 2011 - remains stubbornly high. Lithuania in 2011 also began to unbundle its energy networks in order to reduce its dependence on Russian energy. Gdp (purchasing power parity) World Ranking: 86
$62.39 billion (2011 est.)
$58.93 billion (2010 est.) $58.1 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$42.72 billion (2011 est.)
Gdp - real growth rate World Ranking: 46
5.9% (2011 est.)
1.4% (2010 est.) -14.8% (2009 est.) Gdp - per capita (ppp) World Ranking: 65
$19,100 (2011 est.)
$17,900 (2010 est.) $17,400 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 3.3%
Industry 28.2% Services 68.6% (2011 est.) Labor force World Ranking: 127
1.624 million (2011 est.)
Labor force - by occupation
Agriculture 14%
Industry 29.1% Services 56.9% (2005) Unemployment rate World Ranking: 152
15.4% (2011 est.)
17.8% (2010 est.) Population below poverty line
4% (2008)
Household income or consumption by percentage share
Lowest 10% 2.6%
Highest 10% 29.1% (2008) Distribution of family income - gini index World Ranking: 85
35.5 (2009)
34 (1999) Investment (gross fixed) World Ranking: 119
17.7% of GDP (2011 est.)
Budget
Revenues $14.15 billion
Expenditures $16.26 billion (2011 est.) Taxes and other revenues World Ranking: 75
33.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 157
-4.9% of GDP (2011 est.)
Public debt World Ranking: 88
36.3% of GDP (2011 est.)
38.7% of GDP (2010 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 Inflation rate (consumer prices) World Ranking: 104
4.1% (2011 est.)
1.3% (2010 est.) Central bank discount rate World Ranking: 109
3% (31 December 2010 est.)
2.06% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 141
5.5% (31 December 2011 est.)
5.988% (31 December 2010 est.) Stock of narrow money World Ranking: 73
$11.72 billion (31 December 2011 est.) $10.63 billion (31 December 2010 est.) Stock of broad money World Ranking: 85
$18.91 billion (31 December 2011 est.) $18.51 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 74
$25.71 billion (31 December 2011 est.) $23.7 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 80
$4.075 billion (31 December 2011) $5.661 billion (31 December 2010) $4.477 billion (31 December 2009) 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 World Ranking: 33
7.5% (2011 est.)
Electricity - production World Ranking: 88
12.27 billion kWh (2008 est.)
Electricity - consumption World Ranking: 87
10.3 billion kWh (2008 est.)
Electricity - exports
186 million kWh (2010 est.)
Electricity - imports
1.172 billion kWh (2010 est.)
Oil - production World Ranking: 94
5,732 bbl/day (2010 est.)
Oil - consumption World Ranking: 88
67,000 bbl/day (2010 est.)
Oil - exports World Ranking: 68
76,510 bbl/day (2009 est.)
Oil - imports World Ranking: 50
183,100 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 88
12 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 206
0 cu m (2010 est.)
Natural gas - consumption World Ranking: 72
3.12 billion cu m (2010 est.)
Natural gas - exports World Ranking: 134
0 cu m (2010 est.)
Natural gas - imports World Ranking: 41
3.12 billion cu m (2010 est.)
Natural gas - proved reserves World Ranking: 198
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 78
-$142 million (2011 est.)
$534 million (2010 est.) Exports World Ranking: 65
$28.67 billion (2011 est.)
$20.73 billion (2010 est.) Exports - commodities
Mineral products 22%, machinery and equipment 10%, chemicals 9%, textiles 7%, foodstuffs 7%, plastics 7% Exports - partners
Russia 16.7%, Latvia 10.4%, Germany 9.5%, Poland 7.1%, Estonia 6.8%, Netherlands 6.2%, Belarus 5.2%, UK 4.2%, France 4.2% (2009 est.) Imports World Ranking: 65
$30.83 billion (2011 est.)
$22.41 billion (2010 est.) Imports - commodities
Mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals Imports - partners
Russia 33%, Germany 9.8%, Poland 9.2%, Latvia 6.7%, Netherlands 5% (2009 est.) Reserves of foreign exchange and gold World Ranking: 79
$8.21 billion (31 December 2011 est.) $6.599 billion (31 December 2010 est.) Debt - external World Ranking: 70
$31.03 billion (31 December 2011 est.) $30.15 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 77
$15.01 billion (31 December 2011 est.) $13.61 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 67
$2.317 billion (31 December 2011 est.) $2.117 billion (31 December 2010 est.) Exchange rates
Litai (LTL) per US dollar -
2.4811 (2011 est.) 2.6063 (2010 est.) 2.4787 (2009) 2.3251 (2008) 2.5362 (2007) Fiscal year
Calendar year
Comments
Add a new comment: |
Advertisement
Members area
Lithuania (Vilnius):
 
GPS points from Lithuania (Vilnius)
|
||||||||
Lithuanian lands were united under MINDAUGAS in 1236; over the next century, through alliances and conquest, Lithuania extended its territory to include most of present-day Belarus and Ukraine. By the end of the 14th century Lithuania was the largest state in Europe. An alliance with Poland in 1386 led the two countries into a union through the person of a common ruler. In 1569, Lithuania and Poland formally united into a single dual state, the Polish-Lithuanian Commonwealth. This entity survived until 1795 when its remnants were partitioned by surrounding countries. Lithuania regained its independence following World War I but was annexed by the USSR in 1940 - an action never recognized by the US and many other countries. On 11 March 1990, Lithuania became the first of the Soviet republics to declare its independence, but Moscow did not recognize this proclamation until September of 1991 (following the abortive coup in Moscow). The last Russian troops withdrew in 1993. Lithuania subsequently restructured its economy for integration into Western European institutions; it joined both NATO and the EU in the spring of 2004.