Lithuania Economy 2008

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 3.2% in 2007, while wages continued to grow at double digit rates, contributing to rising inflation. Exports and imports also grew strongly, and the current account deficit rose to nearly 15% of GDP in 2007. 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.

GDP (purchasing power parity):
$59.59 billion (2007 est.)

GDP (official exchange rate):
$28.57 billion (2007 est.)

GDP - real growth rate:
8% (2007 est.)

GDP - per capita (PPP):
$16,700 (2007 est.)

GDP - composition by sector:
agriculture: 5.2%
industry: 34.2%
services: 60.6% (2007 est.)

Labor force:
1.587 million (2007 est.)

Labor force - by occupation:
agriculture: 15.8%
industry: 28.2%
services: 56% (2004)

Unemployment rate:
3.2%
note: based on survey data, official registered unemployment of 5.7% (2007 est.)

Population below poverty line:
4% (2003)

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 27.7% (2003)

Distribution of family income - Gini index:
36 (2005)

Inflation rate (consumer prices):
5.4% (2007 est.)

Investment (gross fixed):
24% of GDP (2007 est.)

Budget:
revenues: $12.36 billion
expenditures: $12.54 billion (2007 est.)

Public debt:
15.7% of GDP (2007 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:
5.5% (2007 est.)

Electricity - production:
13.48 billion kWh (2005)

Electricity - consumption:
9.296 billion kWh (2005)

Electricity - exports:
8.607 billion kWh (2005)

Electricity - imports:
5.641 billion kWh (2005)

Oil - production:
13,160 bbl/day (2005 est.)

Oil - consumption:
57,000 bbl/day (2005 est.)

Oil - exports:
145,100 bbl/day (2004)

Oil - imports:
187,800 bbl/day (2004)

Oil - proved reserves:
12 million bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005)

natural gas - consumption:
2.916 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
2.916 billion cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$5.32 billion (2007 est.)

Exports:
$17.09 billion f.o.b. (2007 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 8.6%, Estonia 6.5%, Poland 6.1%, Netherlands 4.8%, Sweden 4.5%, UK 4.4%, US 4.3%, Denmark 4.2%, France 4.2% (2006)

Imports:
$22.64 billion f.o.b. (2007 est.)

Imports - partners:
Russia 24.3%, Germany 14.9%, Poland 9.5%, Latvia 4.8% (2006)

Economic aid - recipient:
$249.7 million (2004)

Reserves of foreign exchange and gold:
$6.302 billion (31 December 2007 est.)

Debt - external:
$22.7 billion (30 June 2007)

Stock of direct foreign investment - at home:
$10.94 billion (2006 est.)

Stock of direct foreign investment - abroad:
$1.183 billion (2006 est.)

Market value of publicly traded shares:
$10.19 billion (2006)

Currency (code):
litas (LTL)

Exchange rates:
litai per US dollar - 2.5362 (2007), 2.7498 (2006), 2.774 (2005), 2.7806 (2004), 3.0609 (2003)