LITHUANIA

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Lithuania Economy

Country Name: Republic of Lithuania

Capital City: Vilnius

Population: 3,585,906 (2006)

Population Growth: -0.3% (2006)

Currency: Litas (LTL)

Languages: Lithuanian

Area: 65,200 sq km

Inflation Rate: 3.8% (2006 est.)

Unemployment Rate: 4.8% (2005)

Domain extension: .lt .eu

ECONOMIC DETAILS OF 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 - real growth rate:

7.5% (2006 est.)

GDP - per capita:

$15,300 (2006 est.)

GDP - by sector (agriculture):

agriculture: 5.5%

GDP - by sector (industry):

industry: 33.3%

GDP - by sector (services):

services: 61.2% (2006 est.)

Export 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)

Import Partners:

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

Export Commodities:

mineral products 23%, textiles and clothing 16%, machinery and equipment 11%, chemicals 6%, wood and wood products 5%, foodstuffs 5% (2001)

Import Commodities:

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

Exports Volume:

$14.64 billion f.o.b. (2006 est.)

Imports Volume:

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

Labour Force:

1.617 million (2006 est.)

Unemployment Rate:

0.037

Population below poverty line:

4% (2003)

Inflation Rate:

3.8% (2006 est.)

Investment (gross fixed):

23% of GDP (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:

0 bbl/day (2004)

Oil - imports:

93,000 bbl/day (2004)

Natural gas - production:

0 cu m (2004)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$2.572 billion (2006 est.)

Currency Code:

litas (LTL)