An Overview of the Economy
A member of the WTO and the EU, Lithuania has been defined by
the UN as a country with a high average income. It has sustained
steady GDP growth, especially since joining the EU in 2004 within
which Lithuania conducts most of its trading. Its healthy economy,
fuelled by EU membership, is sustained by a variety of sectors,
with tourism contributing a constant 6% to the GDP, whilst there is
a gradual move towards a emphasis on the biotechnology industry. It
has a well developed infrastructure and low unemployment of
5.7%.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
59.6 |
| GDP (PPP) (CIA) (US$Billions) |
59.6 |
| GDP Growth (IMF) (%) |
8.8% |
| GDP Growth (CIA) (%) |
8.8% |
| GDP Per Capita (PPP) (IMF) (US$) |
17,661 |
| GDP Per Capita (PPP) (CIA) (US$) |
17,700 |
| GDP by Sector (%) |
Agriculture: 5.2%
Services: 60.6
Industry: 34.2% |
| Inflation (%) |
5.8% |
| Population Below the Poverty Line (%) |
4% |
| Labour Force (Millions) |
1.587 |
| Labour Force by Occupation (%) |
Agriculture: 15.8%
Services: 56%
Industry: 28.2 |
| Unemployment (%) |
3.5% |
| Main Industries |
Metal cutting machine tools, electric motors,
television sets, refrigerators and freezers,
petroleum refining, shipbuilding, furniture making,
textiles, food processing, fertilisers, agricultural
machinery, optical equipment, electronic components.
computers, amber jewellery. |
Sources: CIA World Factbook, IMF
GDP
Lithuania has been maintaining an average GDP growth of 7.8% and
although 2007 growth was forecasted to be around 7.5% it actually
surpassed this prediction and was recorded at just over 8%.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
18.6 |
22.5 |
25.7 |
29.8 |
38.4 |
| GDP Growth (%) |
10.0% |
6.7% |
6.8% |
6.5% |
8.8% |
| GDP Per Capita (US$) |
5,372 |
6,551 |
7,536 |
8,768 |
11,354 |
| GDP Per Capita (PPP) (US$) |
11,820 |
12,980 |
14,337 |
15,656 |
17,700 |
| Inflation (%) |
-1% |
1% |
1.1% |
2.7% |
5.4% |
| Unemployment (%) |
12.5% |
10.3% |
8.0% |
4.8% |
5.7% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
3.5 |
4.6 |
3.8 |
5.2 |
6.3 |
| Mobile Phone Users |
867,000 |
1,235,000 |
1,510,000 |
4,353,000 |
4,718,000 |
| Internet Users |
201,000 |
282,000 |
358,000 |
1,083,000 |
1,083,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Lithuania offers highly skilled and efficient production at
a fraction of western European costs. The export and import
industries are constantly growing, with trade increasingly
orientating towards the west. Since rebounding from the 1998
Russian financial crisis, Lithuania is the Baltic state that has
conducted the most trade with Russia.
Major exports 2007
Mineral products, textiles and clothing, machinery and
equipment, chemicals, wood and wood products, foodstuffs.
major imports 2007
Mineral products, machinery and equipment, transport equipment,
chemicals, textiles and clothing, metals.
| export partners |
% of total |
| Russia |
12.8% |
| Latvia |
11.1% |
| Germany |
8.6% |
| Estonia |
6.5% |
| Poland |
6.1% |
| Netherlands |
4.8% |
| Sweden |
4.5% |
| UK |
4.4% |
| US |
4.3% |
| Denmark |
4.2% |
| France |
4.2% |
| import partners |
% of total |
| Russia |
24.3% |
| Germany |
14.9% |
| Poland |
9.5% |
| Latvia |
4.8% |
Source: CIA World Factbook
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