fbpx
Wikipedia

Economy of Lithuania

January 01, 1970

The economy of Lithuania is the largest economy among the three Baltic states.[34][35] Lithuania is a member of the European Union and belongs to the group of very high human development countries and is a member of the WTO and OECD.

Economy of Lithuania
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO, OECD
Country group
Statistics
Population 2,886,515 (2024)[4]
GDP
  • $78.346 billion (nominal, 2023 est.)[5]
  • $137.389 billion (PPP, 2023 est.)[5]
GDP rank
GDP growth
  • 4.94% (2021)
  • 1.84% (2022e)
  • 2.59% (2023e)[5]
GDP per capita
  • $28,094 (nominal, 2023 est.)[5]
  • $49,266 (PPP, 2023 est.)[5]
GDP per capita rank
GDP by sector
  • 1.3% (2020 est.)[5]
  • 2.2% (2019)[5]
  • 2.5% (2018)[5]
Population below poverty line
  • 20.9% – monthly income below €510 (2022)[7]
  • 26.3% at risk of poverty or social exclusion (AROPE, 2019)[8]
35.4 medium (2019, Eurostat)[9]
Labour force
  • 1,439,700 (2019)[11]
  • 77.8% employment rate (Target: 72.8%; 2018)[12]
Labour force by occupation
Unemployment
  • 6.4% (April 2022)[13]
  • 23.1% youth unemployment (15 to 24 year-olds; July 2020)[14]
Average gross salary
€2,110 per month (2023 Q4)[15]
€1,304 per month (2023 Q4)[15]
Main industries
Petroleum refining, food processing, energy supplies, chemicals, furniture, wood products, textile and clothing[16]
External
Exports €44.31 billion (2022)[17]
Export goods
Mineral products, furniture, vehicles and their parts, plastics, machinery, electrical machinery and equipment, wood[17]
Main export partners
Imports €52.54 billion (2022)[17]
Import goods
Mineral products, vehicles and their parts, machinery, electrical machinery and equipment, plastics, pharmaceutical products, iron and steel[17]
Main import partners
FDI stock
  • €29.74 billion (31 December 2022)[18]
  • Abroad: €10.58 billion (31 December 2022)[18]
$364 million (2017 est.)[3]
$34.48 billion (31 March 2016 est.)[3]
Public finances
  • 36.3% of GDP (2019)[19]
  • €17.524 billion (2019)[19]
  • €129 million surplus (2019)[19]
    • +0.3% of GDP (2019)[19]
Revenues35.2% of GDP (2019)[19]
Expenses34.9% of GDP (2019)[19]
Economic aid
  • Standard & Poor's:[22]
  • A- (Domestic)
  • A- (Foreign)
  • AAA (T&C Assessment)
  • Outlook: Stable
  • Moody's:[23]
  • A3 (long-term)
  • (P)P-2 (short-term)
  • Outlook: Stable
  • Fitch:[24]
  • A- (long-term)
  • F1 (short-term)
  • Outlook: Positive
  • Scope:[25]
  • A (long-term rating)
  • Stable (long-term Outlook)
  • S-1 (short-term rating)
€3.9 billion (October 2018)[26]
[27][28][29][30][31][32][33]

All values, unless otherwise stated, are in US dollars.
Lithuania's GDP per capita compared to rest of the world (2023)

In the 1990s, Lithuania rapidly moved from a centrally planned economy to a market economy, implementing numerous liberal reforms. It enjoyed high growth rates after joining the European Union along with the other Baltic states, leading to the notion of a Baltic Tiger. Lithuania's economy (GDP) grew more than 500 percent since regaining independence in 1990. The Baltic states have a combined workforce of 3.3 million people, with 1.5 million of these working people living in Lithuania.

GDP growth reached its peak in 2008, and was approaching the same levels again in 2018.[36] Similar to the other Baltic States, the Lithuanian economy suffered a deep recession in 2009, with GDP falling by almost 15%. After this severe recession, the country's economy started to show signs of recovery already in the 3rd quarter of 2009. It returned to growth in 2010, with a positive 1.3 outcome and with 6.6 per cent growth during the first half of 2011. The country is one of the fastest growing economies in the EU.[37] GDP growth had resumed in 2010, albeit at a slower pace than before the crisis.[38][39] The success of the crisis taming is attributed to the austerity policy of the Lithuanian government.[40]

Lithuania has a sound fiscal position. The 2017 budget resulted in a 0.5% surplus, with the gross debt stabilising at around 40% of the GDP. The budget remained positive in 2017, and was expected to continue to do so in 2018.[41]

Lithuania is ranked 11th in the world in the Ease of Doing Business Index prepared by the World Bank Group,[42] 16th out of 178 countries in the Index of Economic Freedom, measured by The Heritage Foundation[43] and 8th out of 165 countries in the Economic Freedom of the World 2021[44] by Fraser Institute. On average, more than 95% of all foreign direct investment in Lithuania comes from European Union countries. Sweden is historically the largest investor with 20% – 30% of all FDI in Lithuania.[45] FDI into Lithuania spiked in 2017, reaching its highest ever recorded number of greenfield investment projects. In 2017, Lithuania was the third country, after the Republic of Ireland and Singapore by the average job value of investment projects.[46]

Based on OECD data, Lithuania is among the top 5 countries in the world by postsecondary (tertiary) education attainment.[47] This educated workforce attracted investments, especially in the ICT sector during the past years. The Lithuanian government and the Bank of Lithuania simplified procedures for obtaining licences for the activities of e-money and payment institutions.[48] positioning the country as one of the most attractive for the financial technology initiatives in the EU.

History of economy edit

The history of Lithuania can be divided into seven major periods. All the periods have some interesting and important facts that affected the economic situation of the country in those times.

History up to the 20th century edit

 
Lithuanian long silver currency, 12th–15th centuries
 
Various types of trade ships in Nemunas near Kaunas, 19th century

The first Lithuanians formed a branch of an ancient ethno-linguistic group known as the Balts. Up to the 4th century, Lithuanian tribes maintained close trade contacts with the Roman Empire[49][self-published source?] via Aquileia processing center and Carnuntum.[50][51] Amber was the main good provided to the Roman Empire from Baltic Sea coast, via a long route called the Amber Road.

Afterwards, the trading ties persisted with the central European tribes, fostering a consistent exchange of goods. Alongside the most prized commodity of amber, items such as leathers, furs, beeswax, and limited algicultural productss were among the other traded commodities.[50] The connections can be seen through the shared name for amber - the Hungarian gyanta, gyantar are closely related to the Lithuanian gintaras. It's still debated which language group could have loaned the word from another.[50]

Consolidation of the Lithuanian lands began in the late 12th century. King Mindaugas was the first Catholic King of Lithuania in 1253. The expansion of the Grand Duchy of Lithuania reached its height in the middle of the 14th century under the Grand Duke Gediminas (reigned 1316–1341), who established a strong central government which later came to dominate the territories from the Baltic Sea to the Black Sea. Grand Duke Gediminas issued letters to the Hanseatic league, offering free access to his domains for men of every order and profession from nobles and knights to tillers of the soil. Economic immigrants and immigrants, seeking religious freedom improved the level of handicrafts. During the reign of Duke Kęstutis (1297–1382), the first cash taxes were introduced, although most taxes were still paid in goods (e.g., wheat, cattle, horses).

In 1569 the Polish–Lithuanian Commonwealth formed through the union of the Kingdom of Poland and the Grand Duchy of Lithuania. The economy of the Commonwealth was dominated by feudal agriculture based on the exploitation of the agricultural workforce (serfs). Poland–Lithuania played a significant role in supplying 16th-century Western Europe with exports of three sorts of goods: grain (rye), cattle (oxen) and fur. These three articles amounted to nearly 90% of the country's exports to western markets by overland and maritime trade.[citation needed] There was even a Lithuanian trading vessel – vytinė, used for four hundred years to transport grain via Nemunas river. Statutes of Lithuania were the main collections of law statements and rules for nearly three centuries since being published in 1529.

The Commonwealth was famous for Europe's first and the world's second modern codified national constitution, the so-called Constitution of 3 May, declared on 3 May 1791 (after the 1788 ratification of the United States Constitution). Economic and commercial reforms, previously shunned as unimportant by the Szlachta, were introduced, and the development of industries was encouraged.[by whom?]

Following the partitions of the Polish–Lithuanian Commonwealth in 1772, 1793 and 1795, the Russian Empire controlled the majority of Lithuania. During the administration of the Lithuanian lands by the Russian Empire from 1772 to 1917, one of the most important events that affected economic relations was the emancipation reform of 1861 in Russia. The reform amounted to the liquidation of serf dependence previously suffered by peasants; it boosted the development of capitalism. However, Lithuania, as did its neighbouring provinces, remained an agricultural supplier for the post Industrial Revolution European markets.

Lithuania in the 20th century edit

Lithuania had stagnant economic growth in the interwar period (1919–1940).[52] Its GDP growth resembled newly established agricultureal states such as Estonia and Poland.[52] Lithuania's economy did not undergo contraction during the Great Depression.[52]

On 16 February 1918, the Council of Lithuania passed a resolution for the re-establishment of the Independent State of Lithuania. Soon, many economic reforms for sustainable economic growth were implemented. A national currency, called the Lithuanian litas, was introduced in 1922. It proved to become one of the strongest and most stable currencies in Europe during the inter-war period.[53] Lithuania had a monometalism system where one litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. Litas remained stable even in the period of Great Depression. During the time of its independence, 1918–1940, Lithuania made substantial progress. For example, Lithuania was the third-ranking flax producer and exporter in the world market (export of flax constituted about 30 percent of all export share[54]), being surpassed only by Soviet Russia and Poland;[55] Lithuanian farm products such as meat, dairy products, many kinds of grain, potatoes, etc. were of superior quality in the world market. Lithuanian farmers were joining into cooperative companies – e.g. Lietūkis, Pienocentras, Linas, which helped farmers to process and sell their products more efficiently and profitably.

Having taken advantage of favorable international developments, and driven by its foreign policy aims directed against Lithuanian statehood, the Union of Soviet Socialist Republics (USSR) occupied Lithuania in 1940.[56] Land and the most important objects for the economy were nationalized, and most of the farms collectivized. Just after one year of occupation, poverty level, unemployment increased dramatically, lack of food products appeared. Later, many inefficient factories and industry companies, highly dependent on other regions of USSR, were established in Lithuania. Despite that, in 1990, GDP per capita of the Lithuanian Soviet Socialist Republic was $8,591, which was above the average for the rest of the Soviet Union of $6,871 but lagging behind developed western countries.

The Soviet era brought Lithuania intensive industrialization and economic integration into the USSR, although the level of technology and state concern for environmental, health, and labor issues lagged far behind Western standards.[57] Urbanization increased from 39% in 1959 to 68% in 1989. From 1949 to 1952 the Soviets abolished private ownership in agriculture, establishing collective and state farms. Production declined and did not reach pre-war levels until the early 1960s. The intensification of agricultural production through intense chemical use and mechanization eventually doubled production but created additional ecological problems. This changed after independence, when farm production dropped due to difficulties in restructuring the agricultural sector.[57]

The overall damage, resulted from the Soviet occupation (including the loss of gross domestic product), estimated according to the UN recognised methodologies amounted to approximately US$800 billion; direct damage (including genocide and deportations of the citizens, property looting) estimation is US$20 billion.[58]

According to a 2019 study by economic historians, Lithuania had above average economic growth from 1937 to 1973 (when compared to other economies), but below average growth from 1973 to 1990.[59]

Development since the 1990s edit

 
Countries with larger GDP PPP per capita than Lithuania in 1995 vs 2022

Reforms since the mid-1990s led to an open and rapidly growing economy. Open to global trade and investment, Lithuania now enjoys high degrees of business, fiscal, and financial freedom. Lithuania is a member of the EU and the WTO, so regulation is relatively transparent and efficient, with foreign and domestic capital subject to the same rules. The financial sector is advanced, regionally integrated, and subject to few intrusive regulations.[43]

One of Lithuania's most important reforms was the privatization of state-owned assets. The first stage of privatization was being implemented between 1991 and 1995. Citizens were given investment vouchers worth €3.1 billion in nominal value, which let them participate in assets selling.[60] By October 1995, they were used as follows: 65% for acquisition of shares; 19% for residential dwellings; 5% for agricultural properties; and 7% remained unused.[60] More than 5,700 enterprises with €2.0 billion worth of state capital in book value were sold using four initial privatization methods: share offerings; auctions; best business plans competitions; and hard currency sales.[60]

The second privatization step began in 1995 by approving a new law that ensured greater diversity of privatization methods and that enabled participation in the selling process without vouchers. Between 1996 and 1998, 526 entities were sold for more than €0.7 billion.[60] Before the reforms, the public sector totally dominated the economy, whereas the share of the private sector in GDP increased to over 70% by the 2000 and 80% in 2011.[61]

Monetary reform was undertaken in the early nineties to improve the stability of the economy. Lithuania chose a currency board system controlled by the Bank of Lithuania independent of any government institution. On 25 June 1993, the Lithuanian litas was introduced as a freely convertible currency, but on 1 April 1994 it was pegged to the United States dollar at a rate of 4 to 1. The mechanism of the currency board system enabled Lithuania to stabilize inflation rates to single digits. The stable currency rate helped to establish foreign economic relations, therefore leading[citation needed] to a constant growth of foreign trade.[62]

By 1998, the economy had survived the early years of uncertainty and several setbacks, including a banking crisis. However, the collapse of the Russian ruble in August 1998 shocked the economy into negative growth and forced the reorientation of trade from Russia towards the West.[57]

 
Share of private sector in GDP

Lithuania was invited to the Helsinki EU summit in December 1999 to begin EU accession talks in early 2000.[63]

After the Russian financial crisis, the focus of Lithuania's export markets shifted from East to West. In 1997, exports to the Soviet Union's successor entity (the Commonwealth of Independent States) made up 45% of total Lithuanian exports. This share of exports dropped to 21% of the total in 2006, while exports to EU members increased to 63% of the total.[57] Exports to the United States made up 4.3% of all Lithuania's exports in 2006, and imports from the United States comprised 2% of total imports. Foreign direct investment (FDI) in 2005 was €0.8 billion.

On 2 February 2002 the litas was pegged to the euro at a rate of 3.4528 to 1, which remained until Lithuania adopted the euro in 2015. Lithuania was very close to introducing the euro in 2007, but the inflation level exceeded the Maastricht requirements.[64] On 1 January 2015, Lithuania became the 19th country to use the euro.[65]

The Vilnius Stock Exchange, now renamed the NASDAQ OMX Vilnius, started its activity in 1993 and was the first stock exchange in the Baltic states. In 2003, the VSE was acquired by OMX. Since 27 February 2008 the Vilnius Stock Exchange has been a member of NASDAQ OMX Group, which is the world's largest exchange company across six continents, with over 3,800 listed companies.[66] The market cap of Vilnius Stock Exchange was €3.4 billion on 27 November 2009.[67]

During the last decade (1998–2008) the structure of Lithuania's economy has changed significantly. The biggest changes were recorded in the agricultural sector as the share of total employment decreased from 19.2% in 1998 to just 7.9% in 2008. The service sector plays an increasingly important role. The share of GDP in financial intermediation and real estate sectors was 17% in 2008 compared to 11% in 1998. The share of total employment in the financial sector in 2008 has doubled compared with 1998.[68][69]

Lithuania in the 21st century edit

 
Real GDP growth in Lithuania, 1996–2019

Between 2000 and 2017, the Lithuanian GDP grew by 308%.[70]

 
Shopping mall in Vilnius with international brandmarks

One of the most important factors contributing to Lithuania's economic growth was its accession to the WTO in 2001 and the EU in 2004, which allows free movement of labour, capital, and trade among EU member states. On the other hand, rapid growth caused some imbalances in inflation and balance of payments. The current account deficit to GDP ratio in 2006–2008 was in the double digits and reached its peak in the first quarter of 2008 at a threatening 18.8%.[71] This was mostly due to rapid loan portfolio growth as Scandinavian banks provided cheap credit under quite lax rules in Lithuania. The volume of loans to acquire lodgings has grown from 50 million LTL in 2004 up to 720 million LTL in 2007.[citation needed] Consumption was affected by credit expansion as well. This led to high inflation of goods and services, as well as trade deficit. A housing bubble was formed.

 
Economic sentiment indicator and its components

The global credit crunch which started in 2008 affected the real estate and retail sectors. The construction sector shrank by 46.8% during the first three-quarters of 2009 and the slump in retail trade was almost 30%.[38][72] GDP plunged by 15.7% in the first nine months of 2009.[38]

 
Balance of payments in Lithuania, quarterly data

Lithuania was the last among the Baltic states to be hit by recession because its GDP growth rate in 2008 was still positive, followed by a slump of more than 15% in 2009. In the third quarter of 2009, compared to the previous quarter, GDP again grew by 6.1% after five-quarters with negative numbers.[38] Austerity policy (four-fifths of the fiscal adjustment consisted of expenditure cuts)[73] introduced by the Kubilius government helped to balance the current account from −15.5 in 2007 to 1.6 in 2009.[74] Economic sentiment and confidence of all business activities have rebounded from a record low at the beginning of the year 2009.

Sectors related to domestic consumption and real estate still suffer from the economic crisis, but exporters have started making profits even with lower levels of revenue. The catalysts of growing profit margins are lower raw material prices and staff expense.

At the end of 2017, investment of Lithuania's enterprises abroad amounted to EUR 2.9 billion. The largest investment was made in Netherlands (24.1 per cent of the total direct investment abroad), Cyprus (19.8 per cent), Latvia (14.9 per cent), Poland (10.5 per cent) and Estonia (10.3 per cent). Lithuania's direct investment in the EU member states totalled EUR 2.6 billion, or 89.3 per cent of the total direct investment abroad.[75]

Based on the Eurostat's data, in 2017, the value of Lithuanian exports recorded the most rapid growth not only in the Baltic countries, but also across Europe, which was 16.9 per cent.[76] Lithuania performs well in few measures of well-being in the Better Life Index by OECD, ranking above the average in education and skills, and work-life balance. It is below the average in income and wealth, jobs and earnings, housing, health status, social connections, civic engagement, environmental quality, personal security, and subjective well-being.[77] Lithuanian people are the happiest people in the Baltic States.[78][79]

Euro adoption edit

 
Real GPD per capita development of Estonia, Latvia and Lithuania

On 1 January 2015, Lithuania became the 19th country to adopt the euro. Joining the euro would relieve the Bank of Lithuania of defending the value of the litas, and "it would give Lithuania a say in the decision-making of the European Central Bank (ECB), as well as access to the ECB single-resolution fund and cheaper borrowing costs".[65]

Business climate edit

Cumulative foreign direct investment (FDI) in 2017 was EUR 14.7 billion, or 35 per cent of GDP, EUR 5215 per capita.[80] The largest FDI flow in Lithuania was into manufacturing (EUR 73.7 million), agriculture, forestry, fishery (EUR 27.4 million), information and communication (EUR 10 million). Sweden, The Netherlands and Germany have remained the largest investors.[80]

Lithuania seeks to become an innovation hub by 2020. To reach this goal, it is putting its efforts into attracting FDI to added-value sectors, especially IT services, software development, consulting, finance, and logistics.[81] Well-known international companies such as Microsoft, IBM, Transcom, Barclays, Siemens, SEB, TeliaSonera, Paroc, Wix.com, Philip Morris, Thermo Fisher Scientific established a presence in Lithuania.

 
Aerial view of the Kaunas Free Economic Zone

Lithuanian FEZs (Free economic zone) offer developed infrastructure, service support, and tax incentives. A company set up in an FEZ is exempt from corporate taxation for its first six years, as well as a tax on dividends and real estate tax.[82] 7 FEZ operate in Lithuania – Marijampolė Free Economic Zone, Kaunas Free Economic Zone, Klaipėda Free Economic Zone, Panevėžys Free Economic Zone, Akmenė Free Economic Zone, Šiauliai Free Economic Zone, Kėdainiai Free Economic Zone. There are nine industrial sites in Lithuania, which can also provide additional advantages by having a well-developed infrastructure, offering consultancy service and tax incentives.[83] Lithuania is ranked third among developed economies by the quantity (16) of Special Economic Zones – after USA (256) and Poland (21).[84]

Lithuanian municipalities provide special incentives to investors who create jobs or invest in infrastructure. Municipalities may tie designation criteria to additional factors, such as the number of jobs created or environmental benefits. Strategic investors' benefits could include favorable tax incentives for up to ten years. Municipalities may grant special incentives to induce investments in municipal infrastructure, manufacturing, and services.[85]

About 40 percent of surveyed investors confirmed that they are carrying out Research and experimental development (R&D) or plan to do it in their Lithuanian branches.[86] In 2018 Lithuania ranked as the second most attractive location for manufacturers in the Manufacturing Risk Index 2018.[87] In 2019, Lithuania was 16th in Top 20 European FDI destination countries list, created by the Ernst & Young.[88]

Regional situation edit

Lithuania is divided into ten counties. There are four cities with a population over 100,000 and two cities of over 50,000 people. The gross regional product is concentrated in the two largest counties – Vilnius and Kaunas. These two counties account for 2/3 of the GDP with just 50% of the population.[89]

In 2023-Q3 Vilnius County was the only one with the average salary above the national average, while Utena County had the lowest with 20% below it.[90]

In order to achieve balanced regional distribution of GDP, nine public industrial parks (Akmene Industrial Park, Alytus Industrial Park, Kedainiai Industrial Park, Marijampolė Industrial Park, Pagegiai Industrial Park, Panevėžys Industrial Park, Radviliskis Industrial Park, Ramygala Industrial Park and Šiauliai Industrial Park) and three private industrial parks (Tauragė Private Industrial Park, Sitkunai Private Industrial Park, Ramučiai Private Logistic and Industrial Park) were established to provide some tax incentives and prepared physical infrastructure.[83]

 
Lithuanian counties by GDP per capita, 2022
County Area
(km2) 		Population (2023)[89] GDP (billion EUR)[91] GDP per capita (EUR)[91] Av. monthly wage (2023 Q3)
Gross (€)[90] Net (€)[90]
Alytus County 5,425 135,367 1.8 13,600 1,646 1,053
Kaunas County 8,089 580,333 13.7 23,900 2,015 1,250
Klaipėda County 5,209 336,104 7.0 21,300 1,873 1,172
Marijampolė County 4,463 135,891 2.0 14,400 1,657 1,059
Panevėžys County 7,881 211,652 3.6 17,100 1,757 1,111
Šiauliai County 8,540 261,764 4.6 17,600 1,720 1,092
Tauragė County 4,411 90,652 1.2 13,200 1,692 1,077
Telšiai County 4,350 131,431 2.2 16,900 1,799 1,133
Utena County 7,201 125,462 1.7 13,800 1,624 1,042
Vilnius County 9,731 851,346 29.4 35,300 2,218 1,365
Lithuania 65,300 2,860,002 67.4 23,800 2,018 1,252

Sectors of economy edit

In 2022, the sector with the highest number of companies registered in Lithuania is Services with 53,386 companies followed by Unknown industry and Wholesale Trade with 50,660 and 26,974 companies respectively.[92]

Services edit

One of the most important sub-sectors is information and communication technologies (ICT). Around 37,000 employees work for more than 2,000 ICT companies. ICT received 9.5% of total FDI. Lithuania hosts 13 of the 20 largest IT companies in the Baltic States.[93] Lithuania exported EUR 128 million worth ICT services in II quarter of 2018.

Development of shared services and business process outsourcing are some of the most promising fields. Companies that have outsourced their business operations to Lithuania include, Danske Bank, CITCO Group, Western Union, Uber, MIRROR, PricewaterhouseCoopers, Anthill, Adform, Booking Holdings (Kayak.com, Booking.com), HomeToGo, Visma, Unity, Yara International, Nasdaq Nordic, Bentley Systems, Ernst & Young and many more.

Financial services edit

 
Lending and saving data

The financial sector concentrates mostly on the domestic market. There are thirteen commercial banks that hold a license from the Bank of Lithuania and eight foreign bank branches.[94] Most of the banks belong to international corporations, mainly Scandinavian. The financial sector has demonstrated incredible growth in the pre-crisis period (1998–2008). Bank assets were only €3.2 billion or 25.5% from GDP in 2000, half of which consisted of loan portfolio.[95]

By the beginning of the year 2009, bank assets grew to €26.0 billion or 80.8% to GDP, the loan portfolio reached €20.7 billion.[96] The loan-to-GDP ratio was 64%. The growth of deposits was not as fast as that of loans. At the end of 2008, the loan portfolio was almost twice as big as that of deposits. It demonstrated high dependence on external financing. Contraction in the loan portfolio has been recorded over the past year, so the loans to deposits ratio are slowly getting back to healthy levels.

Moody's Corporation declared about opening its office in Vilnius.[97]

FinTech edit

The country has increasingly sought to position itself as the EU's main fintech hub, hoping to attract international firms by promising to provide European operational licences within three months, compared to a waiting period of up to a year in countries like Germany or the UK.[98] In 2017 only, 35[99] FinTech companies came to Lithuania – a result of Lithuanian government and Bank of Lithuania simplified procedures for obtaining licences for the activities of e-money and payment institutions.[48] Europe's first international Blockchain Centre launched in Vilnius in 2018.[100] The government of Lithuania also aims to attract financial institutions looking for a new location after Brexit.[101][102] Lithuania has granted a total of 39 e-money licenses, second in the EU only to the U.K. with 128 licenses. In 2018, Google set up a payment company in Lithuania,[103] Vilnius was ranked a seventh FinTech city by foreign direct investment (FDI) performance in 2019.[104]

Bank of Lithuania, the Central Bank of Lithuania established a Regulatory sandbox[105] to test financial innovations in a live environment under the guidance and supervision of the Bank of Lithuania. Bank of Lithuania has also developed LBChain which is the world's first blockchain-based sandbox developed by a financial market regulator, combining technological and regulatory infrastructures.[106]

Manufacturing edit

Lithuania has a much larger manufacturing sector share in the economy's structure than the other Baltic countries. In this regard, Lithuania is closer to some Central European countries like the Czech Republic or Germany.[107]

Manufacturing constitutes the biggest part of gross value added in Lithuania. The food processing sector constitutes 11% of total exports. Dairy products, especially cheese, are well known in neighbouring countries. Another important manufacturing activity is chemical products. The manufacturing of machinery and equipment sector in Lithuania comprises 7.1% of the country's GDP. 80% of production is exported so chemical products constitute 12.5% of total exports. Year 2019 was exemplary – more than 10 new factories were opened in Lithuania, working in the fields in engineering, high precision instruments, furniture and medical products.

Furniture

Furniture production employs more than 50,000 people and has seen double-digit growth over the last three years. The biggest companies in this field work in cooperation with IKEA, which owns one of the biggest wood processing companies in Lithuania. Lithuania is the fourth biggest supplier of furniture for IKEA after Poland, Italy and Germany.[108]

Automotive industry

Continental AG in 2018 started to build a factory for high precision car electronics – the biggest greenfield investment project in Lithuania so far.[109] Another German manufacturer of lighting technology Hella opened a plant in 2018 in Kaunas FEZ, which will produce sensors, actuators and control modules for the automotive industry.[110] Lithuania's automotive cluster experienced significant growth during the past 5 years.

Companies in the automotive and engineering sector are relatively small but offer flexible services for small and non-standard orders at competitive prices. The sector employs about 3% of the working population and receives 5.6% of FDI.[111] Vilnius Gediminas Technical University prepares experts for the sector.

Biotechnology and life sciences

Lithuania's life science sector is growing around 20–25% annually; with special focus on the production and research of biotechnology, pharmaceutical and medical devices.[112]

Laser technology

Lithuanian laser companies were among the first ones in the world to transfer fundamental research into manufacturing. Lithuania's laser producers export laser technologies and devices to nearly 100 countries. Half of all picosecond lasers sold worldwide are produced by Lithuanian companies, while Lithuanian-made femtosecond parametric light amplifiers, used in generating the ultrashort laser pulses, account for as much as 80% of the world market.[113]

Tourism edit

Tourism in Lithuania becoming increasingly important for local economy, constituting around 5.3% of GDP in 2016.[114] Lithuania has 22,000 rivers and rivulets, 3,000 lakes, a well-developed rural tourism network, a unique coastal area of almost 100 km and four UNESCO World Heritage Sites. Lithuania receives more than 1.4 million foreign tourists a year.[115] Germany, Poland, Russia, Latvia, and Belarus supply the most tourists, and a significant number arrive from the UK, Finland, and Italy as well.

Agriculture edit

Main article: Agriculture in Lithuania

Despite a decreased share in GDP, the agricultural sector is still important for Lithuania as it employs almost 8% of the work force and supplies materials for the food processing sector. 44.8% of the land is arable.[116] Total crop area was 1.8 million hectares in 2008.[117] Cereals, wheat, and triticale are the most popular production of farms. The number of livestock and poultry has decreased twofold compared to the 1990s. The number of cattle in Lithuania at the beginning of the year 2009 was 770,000, the number of dairy cows was 395,000, and the number of poultry was 9.1 million.[118]

Lithuanian food consumption has evolved; between 1992 and 2008, consumption of vegetables increased by 30% to 86 kg per capita, and consumption of meat and its products increased by 23% during the same period to 81 kg per capita.[119] On the other hand, consumption of milk and dairy products has decreased to 268 kg per capita by 21%, and the consumption of bread and grain products decreased to 114 kg per capita by 19% as well.[119]

Lithuania produced in 2018:

In addition to smaller productions of other agricultural products, like apple (92 thousand tons), maize (87 thousand tons)and rye (44 thousand tons).[120]

Corporations edit

Lithuania traditionally has strong agricultural, furniture, logistics, textile, biotechnology and laser industries. Maxima is a retail chain operating in Lithuania, Latvia, Estonia, Poland and Bulgaria and it is the largest Lithuanian capital company and the largest employer in the Baltic states. Girteka Logistics is Europe's largest transport company.[121] Biotechpharma [lt] is a biopharmaceutical research and development company with a focus on recombinant protein technology development. The BIOK Laboratory is a startup founded by biochemistry scientists which is the biggest producer of Lithuanian natural cosmetic products. UAB SANITEX is the largest wholesale, distribution and logistics company in Lithuania and Latvia, also active in Estonia and Poland. SoliTek – the largest photovoltaic module and energy storage battery manufacturer in Northern Europe. One of the leaders of cellular IoT gateways producers in Europe – UAB Teltonika.

In the "Baltic Top 50", the biggest Baltic states companies rating created by Coface, more than half – 29 – companies are from Lithuania.[122]

Largest companies edit

Largest companies of Lithuania in 2022, by revenue:[123]

Rank Name Headquarters Revenue
(bil. €)		 Employees Industry
01.   Orlen Lietuva, AB Mažeikiai 7.552   1,437 Oil, petrol
02.   Ignitis, UAB Vilnius 2.929   345 Energy
03.   Maxima LT, UAB Vilnius 1.985   12,035 Retail
04.   Thermo Fisher Scientific Baltics, UAB Vilnius 1.477   1,817 Biotechnology, pharmaceutical
05.   Viada LT, UAB Vilnius 0.982   1,139 Petrol stations
06.   Achema, AB Jonava 0.937   1,207 Fertilizer
07.   Linas Agro, AB Panevėžys 0.882   198 Agribusiness
08.   Circle K Lietuva, UAB Vilnius 0.858 972 Petrol stations
09.   Iki Lietuva, UAB Vilnius 0.819 5,861 Retail
010.   NEO Group [lt], UAB Rimkai [lt] 0.740 211 Plastics
011.   Sanitex, UAB Kaunas 0.719   1,192 General merchandise, logistics

Most valuable companies edit

Largest Lithuanian companies by valuation (EUR € billions) according to 15min (2023).[124] Additionally, two more startup companies have been ranked by comparative values in 2022.[125]

Rank Name Headquarters Valuation
(bil. €)		 Industry
01   Thermo Fisher Scientific Baltics, UAB Vilnius 3.820   Life sciences
0– Vinted, UAB Vilnius 3.500 (2022) E-commerce
02   Maxima Group, UAB Vilnius 2.201   Retail
03   Girteka Group, UAB Vilnius 2.101   Logistics
04   Avia Solutions Group, PLC Vilnius 1.661   Aviation
0– Nord Security, UAB Vilnius 1.600 (2022) Cybersecurity
05   Ignitis grupė, AB Vilnius 1.495   Energy
06   Orlen Lietuva, AB Mažeikiai 1.429   Oil, petrol
07   Lithuanian Railways, AB Vilnius 1.300   Rail transport
08   Bitė Group, AB Vilnius 1.145   Telecommunications
09   Baltic Classifieds Group, PLC Vilnius 1.125   Web portal
010   Swedbank, AB Vilnius 1.080   Banking
011   SEB bankas, AB Vilnius 1.002   Banking
012   Telia Lietuva, AB Vilnius 1.001   Telecommunications

Workforce edit

 
Population with higher education, 2001–2008
 
Salaries and unemployment, 2001–2009

The number of the population aged 15 years and over is 1.45 million, activity rate was 60 percent in 2017.[126]

During the period of 1995–2017 average salary grew more than four times in Lithuania.[127] Despite this, labour costs in Lithuania are among the lowest in the EU. Average monthly net salary in IV quarter 2018 was EUR 800 and increased by 9.5 percent. Unemployment in Lithuania has been volatile. Since the year 2001, the unemployment rate has decreased from almost 20% to less than 4% in 2007 thanks to two main reasons. Firstly, during the time of rapid economic expansion, numerous work places were established. This caused a decrease in the unemployment rate and a rise in staff expenses. Secondly, emigration has also reduced unemployment problems since accession to the EU. However, the economic crisis of year 2008 has lowered the need for workers, so the unemployment rate increased to 13.8% and then stabilized in the third quarter of 2009. Unemployment rate in I quarter of 2018 was 6.3 percent.[128]

Lithuania is among the top 5 countries in the world by postsecondary (tertiary) education attainment.[47]As of 2016, 54.9% of the population aged 25 to 34, and 30.7% of the population aged 55 to 64 had completed tertiary education.[129] The share of tertiary-educated 25–64-year-olds in STEM (Science, technology, engineering, and mathematics) fields in Lithuania were above the OECD average (29% and 26% respectively), similarly to business, administration and law (25% and 23% respectively).[130]

The level of labour productivity in Lithuania today is about one-third below the OECD average.[131] Lithuania is ranked 15th in Employment Flexibility Index.[132]

Income and wealth distribution edit

See also: List of Lithuanians by net worth

Lithuania belongs to high income group according to Credit Suisse Global Wealth Report 2019.[133] As of 2019, Lithuanian average wealth per adult was $50,254 (an increase of 82% from $27,507 in the year 2017) [134] Household debt is among the lowest among EU countries – 49 percent of net disposable income in 2015.[135]

Municipalities by median home value edit

 
Lithuanian municipalities by median home value (government estimate), 2021
 
Neringa Municipality has highest home prices in Lithuania surpassing capital city by almost two times
 
Didžiasalis, Ignalina District. In 1989 it had population of 2,600 while in 2021 it was only around 1,000.
Municipality Median home value (government estimate), Eur[136]
Neringa
111,000
Vilnius
60,100
Klaipėda
47,400
Palanga
44,100
Kaunas (district)
43,900
Kaunas
40,700
Klaipėda (district)
39,800
Šiauliai
36,400
Vilnius (district)
35,100
Druskininkai
30,200
Panevėžys
29,200
Birštonas
25,500
Trakai
25,100
Kretinga
24,000
Tauragė
23,500
Marijampolė
23,300
Alytus
20,800
Elektrėnai
20,600
Utena
17,300
Jonava
17,000
Mažeikiai
15,000
Plungė
13,700
Telšiai
13,700
Šiauliai (district)
13,100
Raseiniai
12,600
Jurbarkas
12,500
Šilutė
11,900
Širvintos
11,800
Ukmergė
11,100
Vilkaviškis
10,700
Kazlų Rūda
10,300
Visaginas
10,000
Šakiai
9,900
Kėdainiai
9,600
Kalvarija
8,800
Kaišiadorys
8,200
Radviliškis
7,900
Rietavas
7,800
Joniškis
7,800
Šialė
7,600
Skuodas
7,400
Švenčionys
7,300
Panevėžys (district)
6,800
Šalčininkai
6,400
Lazdijai
6,400
Prienai
6,300
Biržai
6,200
Alytus (district)
6,200
Molėtai
6,200
Pagėgiai
6,000
Akmenė
5,700
Kelmė
5,700
Pakruojis
5,600
Rokiškis
5,300
Varėna
5,100
Kupiškis
5,000
Anykščiai
4,800
Pasvalys
4,700
Zarasai
4,200
Ignalina
3,700

Infrastructure edit

The transport, storage, and communication sector has increased its importance to the economy of Lithuania. In 2008, it accounted for 12.1% of GDP compared to 9.1% in 1996.[137]

Communications edit

Main article: Telecommunications in Lithuania

Lithuania has a broadly developed radio, television, landline and mobile phone, as well as broadband internet networks.

Lithuanian National Radio and Television, the public broadcaster in Lithuania operates 3 television channels, including a satellite channel, as well as 3 radio stations. Privately owned commercial TV and Radio broadcasters operate a multitude national, regional and local channels.[138]

There are four TIER III datacenters in Lithuania.[139] Lithuania is 44th globally ranked country on data center density according to Cloudscene.[140]

The fixed landline network connects 625 thousand households and businesses (down from the record 845 thousand in 2005).[141] The decline in subscription and utilization of the landline network has been driven by increased availability of mobile phone services. The mobile telephony penetration rate in Lithuania (of 151 per 100 population in 2013) has been one of the highest in the world.[142] In 2013, there were 13 providers of mobile phone services, with the three largest ones – BITĖ Lietuva, Omnitel, and Tele2 – operating their own cellular networks.

Lithuanian retail internet sector is competitive, with more than 100 service providers. Retail internet connectivity in Lithuania was among the cheapest in Europe; however, the internet penetration rate (64% of households using internet in 2013) was lower than in other EU countries in the region – Estonia (79%), Latvia (70%) and Poland (69%). Lithuanian internet connection speeds have been claimed to be among the fastest in the world[143] based on user-initiated tests at Speedtest.net.

Energy edit

Main article: Energy in Lithuania
 
Heating energy data

The utilities sector accounts for more than 3% of gross value added in Lithuania. Electricity production exceeded 12 billion kWh in 2007, and consumption exceeded 9.6 billion kWh. Surplus electricity is exported.

Lithuania operated a nuclear power plant in Visaginas, which produced 72% of electricity in Lithuania.[144] The plant was shut down on 31 December 2009 in line with the commitments made when Lithuania joined EU in 2004. A new nuclear power plant in Visaginas has been proposed but the status of the project is uncertain after it was rejected by the voters in a referendum in 2012.

The supply of heating energy was modernized during the decade (1998–2008). Technological loss in the heat energy system has decreased significantly from 26.2% in the year 2000 to 16.7% in 2008. The amount of air pollution was reduced by one-third. The share of renewable energy resources in the total fuel balance for heat production increased to almost 20%.

In order to break down Gazprom's monopoly[145][146] in the natural gas market of Lithuania, the first large scale LNG import terminal (Klaipėda LNG FSRU) in the Baltic region was built in the port of Klaipėda in 2014. The Klaipėda LNG terminal was called Independence, thus emphasising the aim to diversify the energy market of Lithuania. Norvegian company Equinor supplies 540 million cubic metres (19 billion cubic feet) of natural gas annually from 2015 until 2020.[147] The terminal is able to cover 100% of Lithuania's demand and 90% of Latvia's and Estonia's national demand in the future.[148]

Kruonis Pumped Storage Plant operates as pumped-storage providing a spinning reserve of the power system, in order to regulate the load curve of the power system 24 hours a day. In 2015 Kruonis Industrial Park was established as a place for data centers.[149]

In 2018 synchronising the Baltic States' electricity grid with the Synchronous grid of Continental Europe has started.[150]

Transport edit

Main article: Transport in Lithuania
 
Volume of goods transported, million tonne-kilometers
 
Funding of roads

Lithuania forms part of the transport corridor between the East and the West. The volume of goods transported by road transport has increased fivefold since 1996. The total length of roadways is more than 80,000 km, and 90% of them are paved.[116] The government spending on road infrastructure exceeded €0.5 billion in 2008. Via Baltica highway passes through Kaunas, while membership in the Schengen Agreement allows for smooth border crossing to Poland and Latvia.

Rail transport in Lithuania provides long-distance passenger and cargo services. Railways carry approximately 50 million tons of cargo and 7 million passengers a year.[151] Direct rail routes link Lithuania with Russia, Belarus, Latvia, Poland, and Germany. Also, the main transit route between Russia and Russia's Kaliningrad Region passes through Lithuania. Lithuanian Railways AB transports about 44% of the freight carried through Lithuania.[152] This is a very high indicator compared to other EU countries, where freight transportation by rail amounts to only 10% of the total.[153]

An ice-free seaport of Klaipeda is located in the western part of Lithuania. The port is an important regional transport hub connecting the sea, land and railway routes from east and west. It handles roughly 7,000 ships and 30 million tons of cargo every year, and accepts large-tonnage vessels (dry-cargo vessels up to 70,000 DWT, tankers up to 100,000 DWT and cruise ships up to 270 meters long). The seaport of Klaipėda is able to receive Panamax-type vessels.[151] One of the fastest growing segments of sea transport is passenger traffic, which has increased fourfold since 2002. The inland river cargo port in Marvelė, linking Kaunas and Klaipėda, received first cargo in 2019.[154]

Lithuania has four international airports – Vilnius Airport (VNO), Kaunas Airport (KUN), Šiauliai Airport (SQQ) and Palanga Airport (PLQ). More than 30 domestic airports being used by aeroclubs and amateur pilots.

Storage edit

There are more than 600,000 m2 of modern logistics and warehousing facilities in Lithuania.[155] The biggest supply of new, modern warehousing facilities is in the capital city Vilnius (after the completion of several new projects in the third quarter of 2009, the supply of modern warehousing premises has increased by nearly 12% in Vilnius and currently reaches 334,400 m2 of the rentable area). Kaunas is in the second place (around 200,000 m2), and Klaipėda in the third (122,500 m2).[151] Since the beginning of the year 2009, prices for warehousing premises have dropped by 20–25% in Vilnius, Kaunas, and Klaipėda, and the current level of rents has reached the level of 2003.[155] The costs for renting new warehouses in Vilnius, Kaunas, and Klaipėda are similar and reach 0.75 to 1.42 EUR/m2, while the rents of old warehouses are 0.35 to 0.67 EUR/m2.

International trade edit

Lithuanian economy is highly open and International trade is crucial. As a result, the ratio of foreign trade to GDP for Lithuania has often exceeded 100%.

The EU is the biggest trade partner of Lithuania with a 67% of total imports and 61.3% of total exports during 2015.[156] The Commonwealth of Independent States is the second economic union that Lithuania trades the most with, with a share of imports of 25% and a share of exports of 23.9% during the same period.[156] The vast majority of commodities, including oil, gas, and metals have to be imported, mainly from Russia, however in the recent years Lithuania's energy dependence has shifted towards other countries such as Norway and the US. Mineral products constitute 25% of imports and 18% of exports, mainly driven by the presence of ORLEN Lietuva oil refinery with a refining capacity of 9 million tons a year, owned by Polish concern PKN Orlen.[157] Orlen Lietuva sold over €3.5 billion worth of products outside Lithuania,[157] compared to the total Lithuanian exports of €24 billion in 2014.

Some sectors are directed mainly at export markets. Transport and logistics export ⅔ of their products and/or services; the biotechnology industry exports 80%; plastics export 52%; laser technologies export 86%; metal processing, machinery and electric equipment export 64%; furniture and wood processing export 55%; textile and clothing export 76%; and the food industry exports 36%.[158]

Foreign trade partners, January–December 2022[17] (structure of the statistics is highly affected by oil refinery ORLEN Lietuva importing and exporting big amounts of oil products)
Rank Country Combined
share 		Country Import Country Share of goods
of Lithuanian origin
in export 		Export
–   EU 62.7951%   EU 63.27%   EU 65.72% 62.23%
1   Poland 10.46%   Poland 11.67%   Latvia 41.86% 12.86%
2   Latvia 10.16%   Germany 11.62%   Poland 61.42% 9.04%
3   Germany 9.93%   Latvia 7.87%   Germany 75.47% 7.93%
4   United States 6.52%   United States 7.56%   Russia 7.38% 6.16%
5   Russia 5.50%   Sweden 5.26%   Estonia 52.23% 5.72%
6   Netherlands 4.93%   Russia 4.93%   Netherlands 84.46% 5.44%
7   Sweden 4.73%   Norway 4.84%   United States 91.10% 5.28%
8   Estonia 4.39%   Netherlands 4.50%   Sweden 87.66% 4.11%
9   Norway 3.74%   Saudi Arabia 4.15%   United Kingdom 86.66% 3.48%
10   United Kingdom 3.08%   China 3.78%   Belarus 5.39% 3.27%
11   Italy 2.94%   Italy 3.66%   Ukraine 70.47% 2.58%
12   France 2.45%   Estonia 3.26%   Norway 84.71% 2.44%
13   Saudi Arabia 2.42%   United Kingdom 2.73%   France 73.77% 2.29%
14   Belarus 2.29%   France 2.58%   Denmark 84.41% 2.27%
15   China 2.15%   Finland 2.42%   Italy 79.83% 2.08%
16   Finland 2.13%   Belgium 2.04%   Kazakhstan 8.34% 1.96%
17   Belgium 1.80%   Czechia 1.83%   Finland 71.15% 1.79%
18   Denmark 1.70%   Belarus 1.46%   Belgium 80.10% 1.51%
19   Ukraine 1.69%   Spain 1.34%   Spain 81.84% 1.44%
20   Czechia 1.52%   Denmark 1.23%   Turkey 63.63% 1.42%

Foreign corporate taxpayers edit

Largest share of foreign corporate taxpayers, January–June 2023[159]
Country Companies Share
  Germany 70,667 30.0%
  Poland 19,509 8.3%
  Netherlands 17,027 7.2%
  Italy 15,903 6.7%
  United Kingdom 15,754 6.7%
  France 11,017 4.7%
  Spain 9,623 4.1%
  Austria 7,171 3.0%
  Latvia 6,961 3.0%
  Sweden 6,632 2.8%
  Estonia 6,502 2.8%
  United States 5,100 2.2%
Total 235,902 100%

Natural resources edit

The total value of natural resources in Lithuania is around €17 billion, or around one third of Lithuania's GDP. The most valuable natural resource in the country is subterranean water, which constitutes more than half of the total value of natural resources.

In 1990 Lithuania started petroleum production from onshore oil wells as a response to the Soviet economic blockade.[160][161][162] Since 2001 the yearly production declined as Lithuanian government no longer supports development of new oil wells and banned any development of offshore oil rigs.[163][164]

Macro-economic edit

The following table shows the main economic indicators in 2000–2020.[165]

Year GDP

(in bil. US$ PPP)

GDP per capita

(in US$ PPP)

GDP

(in bil. US$ nominal)

GDP growth
(real) 		Inflation
(in percent) 		Unemployment rate
(in percent) 		Government debt
(percentage of GDP)
2000 33.7 9,618 11.5 3.8% 1.0% 16.4% 23%
2005  54.6  16,422  26.1  7.7%  2.7%  8.3%  18%
2006  60.4  18,472  30.2  7.4%  3.8%  5.8%  17%
2007  68.9  21,319  39.8  11.1%  5.8%  4.2%  16%
2008  72.1  22,539  48.0  2.6%  11.2%  5.8%  15%
2009  61.9  19,562  37.5  −14.8%  4.2%  13.8%  29%
2010  63.7  20,552  37.2  1.6%  1.2%  17.8%  36%
2011  68.9  22,752  43.6  6.0%  4.1%  15.4%  37%
2012  72.9  24,382  43.0  3.8%  3.2%  13.4%  40%
2013  76.7  25,904  46.5  3.5%  1.2%  11.8%  39%
2014  80.8  27,537  48.6  3.5%  0.2%  10.7%  41%
2015  83.3  28,671  41.4  2.0%  −0.7%  9.1%  43%
2016  86.3  30,097  43.0  2.3%  0.7%  7.9%  40%
2017  91.2  32,298  47.7  3.8%  3.7%  7.1%  39%
2018  101.1  36,239  53.8  3.6%  2.5%  6.1%  34%
2019  107.4  38,587  54.8  3.9%  2.2%  6.3%  38%
2020  106.9  38,605  56.9  −1.8%  1.2%  8.2%  48%

See also edit

References edit

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d "Lithuania". CIA.gov. Central Intelligence Agency. Retrieved 7 June 2023.
  4. ^ "Population on 1 January". osp.stat.gov.lt/. State Data Agency. Retrieved 23 January 2024.
  5. ^ a b c d e f g h "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. April 2023. Retrieved 19 April 2022.
  6. ^ "The economic context of Lithuania". /www.nordeatrade.com. Retrieved 24 November 2018. Agriculture contributes 3.3% to the GDP and employs 9.1% of the active workforce (CIA World Factbook 2017 estimates). Lithuania's main agricultural products are wheat, wood, barley, potatoes, sugar beets, wine and meat (beef, mutton and pork). The main industrial sectors are electronics, chemical products, machine tools, metal processing, construction material, household appliances, food processing, light industry (including textile), clothing and furniture. The country is also developing oil refineries and shipyards. The industrial sector contributes 28.5% to the GDP employing around 25% of the active population. Lastly, the services sector contributes 68.3% to the GDP and employs 65.8% of the active population. The information technology and communications sectors are the most important contributors to the GDP.
  7. ^ "Prognozė: skurdo rizikos lygis šiemet turėtų smukti 1 punktu iki 19,9 proc".
  8. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 14 September 2020.
  9. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 14 September 2020.
  10. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. (PDF) from the original on 13 March 2024. Retrieved 4 May 2024.
  11. ^ "Labor force, total – Lithuania". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  12. ^ "Employment rate by sex, age group 20–64". ec.europa.eu/eurostat. Eurostat. Retrieved 18 June 2019.
  13. ^ "Unemployment by sex and age – monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  14. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
  15. ^ a b "Main Lithuanian indicators", osp.stat.gov.lt
  16. ^ "Pramonės produkcija, be PVM ir akcizo". Statistics Lithuania. from the original on 8 February 2017. Retrieved 7 February 2017.
  17. ^ a b c d e f g "Exports, imports by country and territory". State Data Agency. Retrieved 30 November 2023.
  18. ^ a b "Export, investments and tourism promotion". Ministry of Foreign Affairs. Retrieved 30 November 2023.
  19. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  20. ^ "Archived copy" (PDF). (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  21. ^ "Archived copy" (PDF). (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  22. ^ "Sovereigns rating list". Standard & Poor's. from the original on 28 September 2011. Retrieved 15 May 2015.
  23. ^ Moody's (8 September 2017). "Rating Action: Moody's affirms Lithuania's A3 rating, outlook remains stable". moodys.com. Moody's. Retrieved 11 December 2018.
  24. ^ "Fitch Ratings Upgraded Lithuania's Credit Rating Outlook To "Positive"". 10 August 2018. Retrieved 12 August 2018.
  25. ^ "Scope affirms Lithuania's credit ratings at A and revises the Outlook to Stable from Positive". 28 April 2023. Retrieved 29 April 2023.
  26. ^ . lb.lt. Archived from the original on 31 March 2019. Retrieved 24 November 2018.
  27. ^ "Latest economic indicators". Bank of Lithuania. Retrieved 19 February 2024.
  28. ^ "Lithuanian Economic Review". Bank of Lithuania. 10 October 2023. Retrieved 19 February 2024.
  29. ^ "Ekonominės raidos scenarijus". Lietuvos Respublikos finansų ministerija (in Lithuanian). 4 January 2024. Retrieved 19 February 2024.
  30. ^ "Makroekonomikos prognozės". SEB (in Lithuanian). Retrieved 19 February 2024.
  31. ^ "Naujausi Lietuvos ekonomikos ir finansų rodikliai". SEB (in Lithuanian). Retrieved 19 February 2024.
  32. ^ "Pagrindiniai šalies rodikliai". Oficialiosios statistikos portalas (in Lithuanian). 25 April 2011. Retrieved 19 February 2024.
  33. ^ "Oficialiosios statistikos portalas – pradžia". OSP.stat.gov.lt (in Lithuanian). 25 April 2011. Retrieved 19 February 2024.
  34. ^ "Gross domestic product (GDP)". OECD. Retrieved 27 June 2020.
  35. ^ "World Economic Outlook Database". International Monetary Fund. Retrieved 27 June 2020.
  36. ^ "Lithuania. GDP (current US$)". data.worldbank.org. Retrieved 24 November 2018.
  37. ^ "Lithuanias Year 2012 Budget Deficit Set Bellow 3 per cent GDP". bns.lt. Retrieved 18 November 2018.
  38. ^ a b c d . Stat.gov.lt. 28 December 2009. Archived from the original on 23 July 2011. Retrieved 3 April 2010.
  39. ^ "Lietuvos makroekonomikos apzvalga" (PDF). SEB Bankas. April 2015. (PDF) from the original on 1 July 2015. Retrieved 1 July 2015.
  40. ^ "Lithuania rules out devaluation". Financial Times. 18 June 2009. Retrieved 18 November 2018. But Mr Kubilius, speaking in Brussels ahead of an EU summit, said his government would press ahead with its austerity programme and would not request a relaxation of the terms for joining the euro area that are set out under EU treaty law.
  41. ^ "OECD Economic Surveys. LITHUANIA" (PDF). OECD. July 2018. Retrieved 17 November 2018. Lithuania's fiscal position is sound. After revenues fell sharply in the wake of the 2008 crisis, the government started consolidating public finances on the spending side by reducing the wage bill, lowering social spending and cutting infrastructure investment. The 2016 budget resulted in a 0.3% surplus, the first for more than a decade (Figure 13). As a result, gross debt is now stabilising at around 50% of GDP (OECD National Accounts definition), which is sustainable under various simulations (Fournier and Bétin, forthcoming). The budget remained positive in 2017 and is expected so in 2018.
  42. ^ "Rankings – Doing Business – The World Bank Group". Doing Business. Retrieved 3 November 2019.
  43. ^ a b "Lithuania information on economic freedom | Facts, data, analysis, charts and more". Heritage Foundation. from the original on 24 May 2015. Retrieved 20 May 2015.
  44. ^ "Economic Freedom of the World: Annual Report 2021" (PDF). 2021. p. 8. Retrieved 14 September 2021.
  45. ^ . 9 January 2018. Archived from the original on 9 January 2018.
  46. ^ Dencik, Jacob; Spee, Roel (July 2018). (PDF). IBM Institute for Business Value. p. 7. Archived from the original (PDF) on 10 April 2019. Retrieved 15 September 2018. Ireland continues to lead the world for attracting high-value investment, generating substantial inward investment with strengths in key high-value sectors such as ICT, financial and business services and life sciences. But Singapore is now a close second, with Lithuania and Switzerland right behind.
  47. ^ a b "Population with tertiary education". data.oecd.org. Retrieved 17 November 2018.
  48. ^ a b . finmin.lrv.lt. Archived from the original on 14 July 2018. Retrieved 18 March 2018.
  49. ^ IBP, Inc. Lithuania Country Study Guide Volume 1 Strategic Information and Developments. Ed. Lulu.com 2015. Vol. 1. p. 175 Google Books. Lulu.com, 30 January 2015. Web. 3 March 2017. https://books.google.com/books?id=-Tr_CwAAQBAJ&pg=PA175 ISBN 0739779109, 9780739779101[self-published source]
  50. ^ a b c Kolevinskienė, Žydronė (2023). Lietuva pasaulyje – pasaulis Lietuvoje. Vytauto Didžiojo universitetas. doi:10.7220/9786094675645. ISBN 978-609-467-564-5.
  51. ^ "A shocking exhibition about amber: not all roads lead to Rome". MadeinVilnius.lt (in Lithuanian). 27 October 2022. Retrieved 30 March 2024.
  52. ^ a b c Klimantas, Adomas (2023). "Lithuanian economy, 1919–1940: stagnant but resilient. The first inter-war GDP time-series estimates and their implications". Scandinavian Economic History Review: 1–29. doi:10.1080/03585522.2023.2259909. ISSN 0358-5522. S2CID 263170101.
  53. ^ "Monument made of coins in central Vilnius to memorialise the litas and pay tribute to first Governor of Bank of Lithuania". lb.lt. Retrieved 30 November 2018.
  54. ^ "Trumpas lino žydėjimas, ilgas lino gyvenimas…". sirvinta.lt (in Lithuanian). Retrieved 19 April 2020.
  55. ^ Valančius, Grigas. "The Economic Development and Foreign Trade of Lithuania". lituanus.org. Retrieved 8 June 2019.
  56. ^ "Lithuania – Official Gateway to Lithuania – History". Lietuva.lt. from the original on 24 January 2009. Retrieved 3 April 2010.
  57. ^ a b c d "Background Note: Lithuania". U.S. Department of State. Retrieved 19 October 2009.
  58. ^ Ziemele, Ineta (31 October 2003). Baltic Yearbook of International Law, 2003. Martinus Nijhoff Publishers. p. 154. ISBN 978-90-04-13746-2. Retrieved 10 December 2018.
  59. ^ Klimantas, Adomas; Zirgulis, Aras (16 July 2019). "A new estimate of Lithuanian GDP for 1937: How does interwar Lithuania compare?". Cliometrica. 14 (2): 227–281. doi:10.1007/s11698-019-00189-8. ISSN 1863-2513. S2CID 199312898.
  60. ^ a b c d Eduardas Vilkas. (PDF). euro.lt. Archived from the original (PDF) on 22 September 2014.
  61. ^ . Db1.stat.gov.lt. 4 March 2010. Archived from the original on 20 July 2011. Retrieved 3 April 2010.
  62. ^ . Stat.gov.lt. Archived from the original on 23 July 2011. Retrieved 3 April 2010.
  63. ^ . Archived from the original on 31 December 2007.
  64. ^ "Pradžia". Infolex.Lt. from the original on 22 July 2011. Retrieved 3 April 2010.
  65. ^ a b Giovanna Maria Dora Dore (28 January 2015). "Hopping on a Sinking Ship?". The American Interest. from the original on 14 February 2015.
  66. ^ . NASDAQ OMX Baltic. Archived from the original on 13 January 2010. Retrieved 3 April 2010.
  67. ^ "Turukapitalisatsioon". Aktsiad, Vabaturg, Vilniuse börs. 26 November 2009.
  68. ^ Structure of gross value added by kind of economic activity and year 20 July 2011 at the Wayback Machine
  69. ^ . Db1.stat.gov.lt. Archived from the original on 2 April 2010. Retrieved 3 April 2010.
  70. ^ "Lithuania. GDP (current US$)". data.worldbank.org. Retrieved 24 November 2018.
  71. ^ . Lb.lt. Archived from the original on 21 November 2008. Retrieved 3 April 2010.
  72. ^ . Stat.gov.lt. Archived from the original on 23 July 2011. Retrieved 3 April 2010.
  73. ^ Åslund, Anders (28 November 2011). "Lithuania's remarkable recovery". euobserver.com. Retrieved 24 November 2018. This year, Lithuania is one of the fastest growing economies in Europe with an annualized growth rate of 6.6 percent during the first half of the year. This high growth is driven by an exports surge of no less than 38 percent. This is an incredible achievement after a vicious financial crisis. Remember that Lithuania's GDP slumped by 14.7 percent in 2009. The explanation is rigorous government policy. Lithuania's attainment is often ignored or belittled because its neighbors Estonia and Latvia have carried out similar miracles, but they are all true heroes, and Lithuania's cure looks remarkable also among this tough competition.
  74. ^ "Lithuania.Current account balance (% of GDP)". data.worldbank.org. The World Bank. Retrieved 24 November 2018.
  75. ^ "Statistical yearbook of Lithuania. 2018". osp.stat.gov.lt. p. 324. Retrieved 24 November 2018.
  76. ^ "Lithuanian exports which grew most across Europe last year will beat value records this year". verslilietuva.lt. Retrieved 24 November 2018.
  77. ^ "OECD Better Life. Lithuania". Retrieved 2 July 2019.
  78. ^ . lb.lt. Archived from the original on 2 July 2019. Retrieved 2 July 2019.
  79. ^ "World Happiness Report" (PDF). pp. 20–21. Retrieved 2 July 2019.
  80. ^ a b "FOREIGN DIRECT INVESTMENT FLOW DOUBLED IN 2017". The Bank of Lithuania and Statistics Lithuania. Retrieved 22 November 2018.
  81. ^ "Lithuania – one of the fastest-growing in EU Innovation area". Retrieved 22 November 2018.
  82. ^ "Free Economic Zones With Tax Benefits And One-Stop-Shop Services". InvestLithuania.com. from the original on 12 September 2010. Retrieved 3 April 2010.
  83. ^ a b "Industrial Parks". InvestLithuania.com. from the original on 8 October 2010. Retrieved 3 April 2010.
  84. ^ "WORLD INVESTMENT REPORT 2019: Special Economic Zones" (PDF). unctad.org. p. 152. Retrieved 20 June 2019.
  85. ^ . Archived from the original on 23 November 2018. Retrieved 22 November 2018.
  86. ^ "Dar 100 gamyklų per ateinančius penkerius metus". vz.lt. Retrieved 22 November 2018.
  87. ^ (PDF). Cushman & Wakefield. Archived from the original (PDF) on 31 December 2018. Retrieved 31 December 2018.
  88. ^ (PDF). p. 11. Archived from the original (PDF) on 1 December 2019. Retrieved 18 June 2019.
  89. ^ a b "Resident population at the beginning of the year".
  90. ^ a b c "Earnings in regions and municipalities", osp.stat.gov.lt
  91. ^ a b "BENDRASIS VIDAUS PRODUKTAS PAGAL APSKRITIS 2022 M." osp.stat.gov.lt.
  92. ^ "Industry Breakdown of Companies in Lithuania". HitHorizons.
  93. ^ "The rise of Lithuania as a force in IT: Why Google and Nasdaq are investing here". zdnet.com. Retrieved 8 December 2018.
  94. ^ . Lb.lt. 18 March 2010. Archived from the original on 12 April 2009. Retrieved 3 April 2010.
  95. ^ . Lb.lt. Archived from the original on 8 March 2008. Retrieved 3 April 2010.
  96. ^ "Bank of Lithuania". Lb.lt. Retrieved 3 April 2010.[permanent dead link]
  97. ^ "Moody's to open Vilnius office". emerging-europe.com. 13 December 2018. Retrieved 23 December 2018. "After long and careful deliberation, we chose Vilnius because of its educated and multilingual talent pool, its highly-developed IT infrastructure and its business-friendly environment", said Duncan Neilson, a Moody's senior vice president. "Given our goals of hiring diverse talent and further developing our automation and cyber security capabilities, choosing Lithuania as our newest EU location makes good business sense".
  98. ^ "This Country Wants a Piece of London's Fintech". Bloomberg.com. 20 December 2017. from the original on 21 December 2017. Retrieved 20 December 2017.
  99. ^ "Lithuania Registered 35 New Fintech Companies in 2017". crowdfundinsider.com. Retrieved 18 March 2018.
  100. ^ Kostaki, Irene (31 January 2018). . neweurope.eu. Archived from the original on 3 July 2021. Retrieved 14 July 2018. The Lithuanian capital Vilnius launched Europe's first international Blockchain Centre on 27 January, making it the EU's only hub for the digital ledger. The new hub will help Europe connect with partner Blockchain Centres in Australia, China, Canada, the UK, Belgium, Denmark, Georgia, Gibraltar, Ukraine, Israel, and Latvia.
  101. ^ "Vilnius Aims To Attract Companies Scared of Brexit". forbes.com. Retrieved 11 December 2018.
  102. ^ "Brexit a boon for Lithuania's 'fintech' drive". businesstimes.com.sg. Retrieved 11 December 2018.
  103. ^ Milda Šeputytė; Jeremy Kahn (21 December 2018). "Google Payment Expands With E-Money License From Lithuania". bloomberg.com. Bloomberg. Retrieved 22 December 2018. Google Payment, a company owned by Alphabet Inc., obtained an e-money license in Lithuania, joining a growing number of fintech firms that have secured permission from the Baltic nation to offer financial services across the European Union.
  104. ^ "Fintech Locations of the Future 2019/20: London tops first ranking". fdiintelligence.com. Retrieved 29 August 2019.
  105. ^ . lb.lt. Archived from the original on 25 March 2019. Retrieved 6 July 2019.
  106. ^ . lb.lt. Archived from the original on 6 July 2019. Retrieved 6 July 2019.
  107. ^ Rimantas Rudzkis; Natalja Titova (24 November 2006). "Manufacturing Industry Trends in Lithuania". Engineering Economics. 50 (5). Retrieved 2 July 2020.
  108. ^ "Lithuanian furniture makers among Ikea's biggest suppliers". lrt.lt. 9 November 2015. Retrieved 21 November 2018. Aivaras Čičelis, deputy president at SEB Bank and head of Corporate Banking Division, said that "there were fears before that Lithuanian furniture makers would be pushed out of business by the Chinese and Indians, but this sector benefited from the financial crisis, when everyone was looking for cheap furniture and turned to Ikea, which sells Lithuanian production."
  109. ^ "Continental Expands its Presence in Europe and Builds First Plant in Lithuania". Retrieved 21 July 2018.
  110. ^ "Hella officially opens its electronics plant in Lithuania". Retrieved 13 September 2018.
  111. ^ (PDF). lepa.lt. Archived from the original (PDF) on 13 May 2018. Retrieved 13 May 2018.
  112. ^ Bancroft, Dani (26 July 2016). "What is Lithuania's role in European Biotech?". labiotech.eu. Retrieved 27 November 2018. Nowadays, as a member of the NATO, the European Union, and Eurozone, Lithuania's life science sector is growing around 20–25% annually; with special focus on the production and research of biotechnology, pharmaceutical and medical devices. Many of the products developed in Lithuania are geared towards international markets, with 90% of all life science products and services being exported around the world.
  113. ^ "Lithuania, a leading light in laser technology". Retrieved 1 December 2018.
  114. ^ "Growing impact of tourism on the Lithuanian economy". tourism.lt. Retrieved 24 November 2018.
  115. ^ "2017 TOURISM IN LITHUANIA". osp.stat.gov.lt. p. 7. Retrieved 24 November 2018. In 2017, compared to 2016, the number foreign tourists grew by 4.4 per cent and totaled 1.6 million. The largest number of foreign tourists staying in the accommodation establishments of Lithuania came from Belarus (177 thousand), Germany (176.2 thousand), Russia (168.1 thousand), also from neighbouring countries – Poland (161.4 thousand), and Latvia (152.3 thousand). In 2017, the number of tourists increased from China (33.4 per cent), Greece (27.5 per cent), Luxembourg (24.3 per cent), Iceland (23.6 per cent), Canada (22.3 per cent), USA (21.6 per cent).
  116. ^ a b "The World Factbook – Central Intelligence Agency". 31 March 2023.
  117. ^ "Farm crops in the country by kind, type of farm – Database of Indicators – data and statistics". Db1.stat.gov.lt. Retrieved 3 April 2010.[permanent dead link]
  118. ^ . Db1.stat.gov.lt. Archived from the original on 13 March 2012. Retrieved 3 April 2010.
  119. ^ a b "Consumption of main foodstuffs per capita by product – Database of Indicators – data and statistics". Db1.stat.gov.lt. Retrieved 3 April 2010.[permanent dead link]
  120. ^ Lithuania production in 2018, by FAO
  121. ^ Ludo Segers; Justinas Šuliokas. "Lithuania's public secret, Europe's biggest transport company is located here". DELFI. The Lithuania Tribune.
  122. ^ "Coface Baltic Top 50 – 2019". Coface Central Europe. Retrieved 8 December 2019.
  123. ^ "Didžiausios Lietuvos bendrovės 2022" [Largest companies of Lithuania 2022]. Verslo Žinios (in Lithuanian). 30 May 2023. Retrieved 4 August 2023.
  124. ^ Šimelevičienė, Jurgita (19 October 2023). "Vertingiausių Lietuvos įmonių šimtukas – milijardo kartelę peržengė jau daugiau nei dešimt". 15min (in Lithuanian). Retrieved 19 October 2023.
  125. ^ Šimelevičienė, Jurgita (24 October 2022). "TOP20 Vertingiausių Lietuvos startuolių". 15min (in Lithuanian). Retrieved 24 October 2022.
  126. ^ "Darbo jėga ir darbo jėgos aktyvumo lygis pagal amžiaus grupes ir lytį". osp.stat.gov.lt. Retrieved 8 December 2018.
  127. ^ "Average wages Total, US dollars, 1990 – 2017". data.oecd.org. OECD. Retrieved 8 December 2018.
  128. ^ "Unemployment rate". osp.stat.gov.lt. Statistics Lithuania. Retrieved 8 December 2018.
  129. ^ "Population with tertiary education". data.oecd.org. Retrieved 25 March 2018.
  130. ^ (PDF). gpseducation.oecd.org. p. 2. Archived from the original (PDF) on 8 August 2019. Retrieved 4 April 2018.
  131. ^ "OECD Economic Surveys LITHUANIA. 2016" (PDF). oecd.org. 24 March 2016. p. 22. Retrieved 24 November 2018.
  132. ^ "2019 Shows Biggest Leap for Lithuania". 11 December 2018. Retrieved 26 December 2018. The 2017 labor law reform significantly improved Lithuania's position in the Employment Flexibility Index, moving the country from the 27th to 15th position among the EU and OECD countries, according to Employment Flexibility Index 2019 compiled by the Lithuanian Free Market Institute based on the World Bank's Doing Business data.
  133. ^ "Global Wealth Report 2019" (PDF). Credit Suisse. p. 21. Retrieved 15 December 2020.
  134. ^ . Credit Suisse. November 2017. p. 24. Archived from the original (PDF) on 24 August 2018. Retrieved 8 December 2018.
  135. ^ "Household debt". data.oecd.org. OECD. Retrieved 8 December 2018.
  136. ^ "Naujasis NT mokestis Vilniuje: kiek tektų sumokėti už būstą?", www.lrt.lt
  137. ^ "Structure of gross value added by kind of economic activity (31), year – Database of Indicators – data and statistics". Db1.stat.gov.lt. Retrieved 3 April 2010.[permanent dead link]
  138. ^ "Communications" , Lithuania, World Factbook, U.S. Central Intelligence Agency, 13 May 2015. Retrieved 20 May 2015.
  139. ^ . Archived from the original on 20 March 2018. Retrieved 19 March 2018.
  140. ^ "Colocation Lithuania – Data Centers". Retrieved 19 March 2018.
  141. ^ (PDF). Communications Regulatory Authority of the Republic of Lithuania. Archived from the original (PDF) on 27 September 2015. Retrieved 20 May 2015.
  142. ^ "Mobile cellular subscriptions (per 100 people)". World Bank. from the original on 16 April 2015. Retrieved 20 May 2015.
  143. ^ . Invest Lithuania. Archived from the original on 4 May 2015. Retrieved 20 May 2015.
  144. ^ . Vae.lt. Archived from the original on 2 March 2010. Retrieved 3 April 2010.
  145. ^ "Lithuania becomes first ex-Soviet state to buy US natural gas". Financial Times (in Lithuanian). Retrieved 26 March 2018.
  146. ^ "Lithuania breaks Gazprom's monopoly by signing first LNG deal". Euractiv.com (in Lithuanian). Retrieved 26 March 2018.
  147. ^ "Klaipėda LNG terminal Factsheet" (PDF). Ministry of Energy of the Republic of Lithuania. 27 October 2014. Retrieved 19 March 2018.
  148. ^ "Klaipėda LNG Terminal one year on – independence or responsibility?". Lrt.lt. 11 November 2015. Retrieved 19 March 2018.
January 01, 1970
economy, lithuania, economy, lithuania, largest, economy, among, three, baltic, states, lithuania, member, european, union, belongs, group, very, high, human, development, countries, member, oecd, vilnius, cbdcurrencyeuro, fiscal, yearcalendar, yeartrade, orga. The economy of Lithuania is the largest economy among the three Baltic states 34 35 Lithuania is a member of the European Union and belongs to the group of very high human development countries and is a member of the WTO and OECD Economy of LithuaniaVilnius CBDCurrencyEuro EUR Fiscal yearCalendar yearTrade organisationsEU WTO OECDCountry groupDeveloped Advanced 1 High income economy 2 Largest Baltic economy 3 StatisticsPopulation2 886 515 2024 4 GDP 78 346 billion nominal 2023 est 5 137 389 billion PPP 2023 est 5 GDP rank78th nominal 2023 88th PPP 2023 GDP growth4 94 2021 1 84 2022e 2 59 2023e 5 GDP per capita 28 094 nominal 2023 est 5 49 266 PPP 2023 est 5 GDP per capita rank40th nominal 2023 39th PPP 2023 GDP by sectoragriculture 3 3 industry 28 5 services 68 3 2017 6 Inflation CPI 1 3 2020 est 5 2 2 2019 5 2 5 2018 5 Population below poverty line20 9 monthly income below 510 2022 7 26 3 at risk of poverty or social exclusion AROPE 2019 8 Gini coefficient35 4 medium 2019 Eurostat 9 Human Development Index0 879 very high 2022 10 37th 0 795 high IHDI 39th 2022 10 Labour force1 439 700 2019 11 77 8 employment rate Target 72 8 2018 12 Labour force by occupationagriculture 9 1 industry 25 2 services 65 8 2015 est 3 Unemployment6 4 April 2022 13 23 1 youth unemployment 15 to 24 year olds July 2020 14 Average gross salary 2 110 per month 2023 Q4 15 Average net salary 1 304 per month 2023 Q4 15 Main industriesPetroleum refining food processing energy supplies chemicals furniture wood products textile and clothing 16 ExternalExports 44 31 billion 2022 17 Export goodsMineral products furniture vehicles and their parts plastics machinery electrical machinery and equipment wood 17 Main export partners Latvia 12 86 Poland 9 04 Germany 7 93 Russia 6 16 Estonia 5 72 Netherlands 5 44 United States 5 28 Sweden 4 11 2022 17 Imports 52 54 billion 2022 17 Import goodsMineral products vehicles and their parts machinery electrical machinery and equipment plastics pharmaceutical products iron and steel 17 Main import partners Poland 11 67 Germany 11 62 Latvia 7 87 United States 7 56 Sweden 5 26 Russia 4 93 Norway 4 84 Netherlands 4 5 Saudi Arabia 4 15 2022 17 FDI stock 29 74 billion 31 December 2022 18 Abroad 10 58 billion 31 December 2022 18 Current account 364 million 2017 est 3 Gross external debt 34 48 billion 31 March 2016 est 3 Public financesGovernment debt36 3 of GDP 2019 19 17 524 billion 2019 19 Budget balance 129 million surplus 2019 19 0 3 of GDP 2019 19 Revenues35 2 of GDP 2019 19 Expenses34 9 of GDP 2019 19 Economic aid 6 8 billion from European Structural and Investment Funds 2007 2013 20 8 39 billion from European Structural and Investment Funds 2014 2020 21 Credit ratingStandard amp Poor s 22 A Domestic A Foreign AAA T amp C Assessment Outlook Stable Moody s 23 A3 long term P P 2 short term Outlook Stable Fitch 24 A long term F1 short term Outlook Positive Scope 25 A long term rating Stable long term Outlook S 1 short term rating Foreign reserves 3 9 billion October 2018 26 27 28 29 30 31 32 33 All values unless otherwise stated are in US dollars Lithuania s GDP per capita compared to rest of the world 2023 In the 1990s Lithuania rapidly moved from a centrally planned economy to a market economy implementing numerous liberal reforms It enjoyed high growth rates after joining the European Union along with the other Baltic states leading to the notion of a Baltic Tiger Lithuania s economy GDP grew more than 500 percent since regaining independence in 1990 The Baltic states have a combined workforce of 3 3 million people with 1 5 million of these working people living in Lithuania GDP growth reached its peak in 2008 and was approaching the same levels again in 2018 36 Similar to the other Baltic States the Lithuanian economy suffered a deep recession in 2009 with GDP falling by almost 15 After this severe recession the country s economy started to show signs of recovery already in the 3rd quarter of 2009 It returned to growth in 2010 with a positive 1 3 outcome and with 6 6 per cent growth during the first half of 2011 The country is one of the fastest growing economies in the EU 37 GDP growth had resumed in 2010 albeit at a slower pace than before the crisis 38 39 The success of the crisis taming is attributed to the austerity policy of the Lithuanian government 40 Lithuania has a sound fiscal position The 2017 budget resulted in a 0 5 surplus with the gross debt stabilising at around 40 of the GDP The budget remained positive in 2017 and was expected to continue to do so in 2018 41 Lithuania is ranked 11th in the world in the Ease of Doing Business Index prepared by the World Bank Group 42 16th out of 178 countries in the Index of Economic Freedom measured by The Heritage Foundation 43 and 8th out of 165 countries in the Economic Freedom of the World 2021 44 by Fraser Institute On average more than 95 of all foreign direct investment in Lithuania comes from European Union countries Sweden is historically the largest investor with 20 30 of all FDI in Lithuania 45 FDI into Lithuania spiked in 2017 reaching its highest ever recorded number of greenfield investment projects In 2017 Lithuania was the third country after the Republic of Ireland and Singapore by the average job value of investment projects 46 Based on OECD data Lithuania is among the top 5 countries in the world by postsecondary tertiary education attainment 47 This educated workforce attracted investments especially in the ICT sector during the past years The Lithuanian government and the Bank of Lithuania simplified procedures for obtaining licences for the activities of e money and payment institutions 48 positioning the country as one of the most attractive for the financial technology initiatives in the EU Contents 1 History of economy 1 1 History up to the 20th century 1 2 Lithuania in the 20th century 1 3 Development since the 1990s 1 4 Lithuania in the 21st century 1 4 1 Euro adoption 2 Business climate 2 1 Regional situation 3 Sectors of economy 3 1 Services 3 1 1 Financial services 3 1 1 1 FinTech 3 2 Manufacturing 3 3 Tourism 3 4 Agriculture 4 Corporations 4 1 Largest companies 4 2 Most valuable companies 5 Workforce 6 Income and wealth distribution 6 1 Municipalities by median home value 7 Infrastructure 7 1 Communications 7 2 Energy 7 3 Transport 7 4 Storage 8 International trade 8 1 Foreign corporate taxpayers 9 Natural resources 10 Macro economic 11 See also 12 References 13 External linksHistory of economy editThe history of Lithuania can be divided into seven major periods All the periods have some interesting and important facts that affected the economic situation of the country in those times Ancient times Baltic tribes until the 13th century Kingdom of Lithuania 1251 1263 Grand Duchy of Lithuania 1263 1569 Polish Lithuanian Commonwealth 1569 1795 Pressure of the Russian Empire 1795 1914 Republic of Lithuania during the interwar period 1918 1940 Lithuanian Soviet Socialist Republic 1944 1990 Republic of Lithuania 1990 History up to the 20th century edit nbsp Lithuanian long silver currency 12th 15th centuries nbsp Various types of trade ships in Nemunas near Kaunas 19th century The first Lithuanians formed a branch of an ancient ethno linguistic group known as the Balts Up to the 4th century Lithuanian tribes maintained close trade contacts with the Roman Empire 49 self published source via Aquileia processing center and Carnuntum 50 51 Amber was the main good provided to the Roman Empire from Baltic Sea coast via a long route called the Amber Road Afterwards the trading ties persisted with the central European tribes fostering a consistent exchange of goods Alongside the most prized commodity of amber items such as leathers furs beeswax and limited algicultural productss were among the other traded commodities 50 The connections can be seen through the shared name for amber the Hungarian gyanta gyantar are closely related to the Lithuanian gintaras It s still debated which language group could have loaned the word from another 50 Consolidation of the Lithuanian lands began in the late 12th century King Mindaugas was the first Catholic King of Lithuania in 1253 The expansion of the Grand Duchy of Lithuania reached its height in the middle of the 14th century under the Grand Duke Gediminas reigned 1316 1341 who established a strong central government which later came to dominate the territories from the Baltic Sea to the Black Sea Grand Duke Gediminas issued letters to the Hanseatic league offering free access to his domains for men of every order and profession from nobles and knights to tillers of the soil Economic immigrants and immigrants seeking religious freedom improved the level of handicrafts During the reign of Duke Kestutis 1297 1382 the first cash taxes were introduced although most taxes were still paid in goods e g wheat cattle horses In 1569 the Polish Lithuanian Commonwealth formed through the union of the Kingdom of Poland and the Grand Duchy of Lithuania The economy of the Commonwealth was dominated by feudal agriculture based on the exploitation of the agricultural workforce serfs Poland Lithuania played a significant role in supplying 16th century Western Europe with exports of three sorts of goods grain rye cattle oxen and fur These three articles amounted to nearly 90 of the country s exports to western markets by overland and maritime trade citation needed There was even a Lithuanian trading vessel vytine used for four hundred years to transport grain via Nemunas river Statutes of Lithuania were the main collections of law statements and rules for nearly three centuries since being published in 1529 The Commonwealth was famous for Europe s first and the world s second modern codified national constitution the so called Constitution of 3 May declared on 3 May 1791 after the 1788 ratification of the United States Constitution Economic and commercial reforms previously shunned as unimportant by the Szlachta were introduced and the development of industries was encouraged by whom Following the partitions of the Polish Lithuanian Commonwealth in 1772 1793 and 1795 the Russian Empire controlled the majority of Lithuania During the administration of the Lithuanian lands by the Russian Empire from 1772 to 1917 one of the most important events that affected economic relations was the emancipation reform of 1861 in Russia The reform amounted to the liquidation of serf dependence previously suffered by peasants it boosted the development of capitalism However Lithuania as did its neighbouring provinces remained an agricultural supplier for the post Industrial Revolution European markets Lithuania in the 20th century edit Lithuania had stagnant economic growth in the interwar period 1919 1940 52 Its GDP growth resembled newly established agricultureal states such as Estonia and Poland 52 Lithuania s economy did not undergo contraction during the Great Depression 52 On 16 February 1918 the Council of Lithuania passed a resolution for the re establishment of the Independent State of Lithuania Soon many economic reforms for sustainable economic growth were implemented A national currency called the Lithuanian litas was introduced in 1922 It proved to become one of the strongest and most stable currencies in Europe during the inter war period 53 Lithuania had a monometalism system where one litas was covered by 0 150462 grams of gold stored by the Bank of Lithuania in foreign countries Litas remained stable even in the period of Great Depression During the time of its independence 1918 1940 Lithuania made substantial progress For example Lithuania was the third ranking flax producer and exporter in the world market export of flax constituted about 30 percent of all export share 54 being surpassed only by Soviet Russia and Poland 55 Lithuanian farm products such as meat dairy products many kinds of grain potatoes etc were of superior quality in the world market Lithuanian farmers were joining into cooperative companies e g Lietukis Pienocentras Linas which helped farmers to process and sell their products more efficiently and profitably Having taken advantage of favorable international developments and driven by its foreign policy aims directed against Lithuanian statehood the Union of Soviet Socialist Republics USSR occupied Lithuania in 1940 56 Land and the most important objects for the economy were nationalized and most of the farms collectivized Just after one year of occupation poverty level unemployment increased dramatically lack of food products appeared Later many inefficient factories and industry companies highly dependent on other regions of USSR were established in Lithuania Despite that in 1990 GDP per capita of the Lithuanian Soviet Socialist Republic was 8 591 which was above the average for the rest of the Soviet Union of 6 871 but lagging behind developed western countries The Soviet era brought Lithuania intensive industrialization and economic integration into the USSR although the level of technology and state concern for environmental health and labor issues lagged far behind Western standards 57 Urbanization increased from 39 in 1959 to 68 in 1989 From 1949 to 1952 the Soviets abolished private ownership in agriculture establishing collective and state farms Production declined and did not reach pre war levels until the early 1960s The intensification of agricultural production through intense chemical use and mechanization eventually doubled production but created additional ecological problems This changed after independence when farm production dropped due to difficulties in restructuring the agricultural sector 57 The overall damage resulted from the Soviet occupation including the loss of gross domestic product estimated according to the UN recognised methodologies amounted to approximately US 800 billion direct damage including genocide and deportations of the citizens property looting estimation is US 20 billion 58 According to a 2019 study by economic historians Lithuania had above average economic growth from 1937 to 1973 when compared to other economies but below average growth from 1973 to 1990 59 Development since the 1990s edit nbsp Countries with larger GDP PPP per capita than Lithuania in 1995 vs 2022 Reforms since the mid 1990s led to an open and rapidly growing economy Open to global trade and investment Lithuania now enjoys high degrees of business fiscal and financial freedom Lithuania is a member of the EU and the WTO so regulation is relatively transparent and efficient with foreign and domestic capital subject to the same rules The financial sector is advanced regionally integrated and subject to few intrusive regulations 43 One of Lithuania s most important reforms was the privatization of state owned assets The first stage of privatization was being implemented between 1991 and 1995 Citizens were given investment vouchers worth 3 1 billion in nominal value which let them participate in assets selling 60 By October 1995 they were used as follows 65 for acquisition of shares 19 for residential dwellings 5 for agricultural properties and 7 remained unused 60 More than 5 700 enterprises with 2 0 billion worth of state capital in book value were sold using four initial privatization methods share offerings auctions best business plans competitions and hard currency sales 60 The second privatization step began in 1995 by approving a new law that ensured greater diversity of privatization methods and that enabled participation in the selling process without vouchers Between 1996 and 1998 526 entities were sold for more than 0 7 billion 60 Before the reforms the public sector totally dominated the economy whereas the share of the private sector in GDP increased to over 70 by the 2000 and 80 in 2011 61 Monetary reform was undertaken in the early nineties to improve the stability of the economy Lithuania chose a currency board system controlled by the Bank of Lithuania independent of any government institution On 25 June 1993 the Lithuanian litas was introduced as a freely convertible currency but on 1 April 1994 it was pegged to the United States dollar at a rate of 4 to 1 The mechanism of the currency board system enabled Lithuania to stabilize inflation rates to single digits The stable currency rate helped to establish foreign economic relations therefore leading citation needed to a constant growth of foreign trade 62 By 1998 the economy had survived the early years of uncertainty and several setbacks including a banking crisis However the collapse of the Russian ruble in August 1998 shocked the economy into negative growth and forced the reorientation of trade from Russia towards the West 57 nbsp Share of private sector in GDP Lithuania was invited to the Helsinki EU summit in December 1999 to begin EU accession talks in early 2000 63 After the Russian financial crisis the focus of Lithuania s export markets shifted from East to West In 1997 exports to the Soviet Union s successor entity the Commonwealth of Independent States made up 45 of total Lithuanian exports This share of exports dropped to 21 of the total in 2006 while exports to EU members increased to 63 of the total 57 Exports to the United States made up 4 3 of all Lithuania s exports in 2006 and imports from the United States comprised 2 of total imports Foreign direct investment FDI in 2005 was 0 8 billion On 2 February 2002 the litas was pegged to the euro at a rate of 3 4528 to 1 which remained until Lithuania adopted the euro in 2015 Lithuania was very close to introducing the euro in 2007 but the inflation level exceeded the Maastricht requirements 64 On 1 January 2015 Lithuania became the 19th country to use the euro 65 The Vilnius Stock Exchange now renamed the NASDAQ OMX Vilnius started its activity in 1993 and was the first stock exchange in the Baltic states In 2003 the VSE was acquired by OMX Since 27 February 2008 the Vilnius Stock Exchange has been a member of NASDAQ OMX Group which is the world s largest exchange company across six continents with over 3 800 listed companies 66 The market cap of Vilnius Stock Exchange was 3 4 billion on 27 November 2009 67 During the last decade 1998 2008 the structure of Lithuania s economy has changed significantly The biggest changes were recorded in the agricultural sector as the share of total employment decreased from 19 2 in 1998 to just 7 9 in 2008 The service sector plays an increasingly important role The share of GDP in financial intermediation and real estate sectors was 17 in 2008 compared to 11 in 1998 The share of total employment in the financial sector in 2008 has doubled compared with 1998 68 69 Lithuania in the 21st century edit nbsp Real GDP growth in Lithuania 1996 2019 Between 2000 and 2017 the Lithuanian GDP grew by 308 70 nbsp Shopping mall in Vilnius with international brandmarks One of the most important factors contributing to Lithuania s economic growth was its accession to the WTO in 2001 and the EU in 2004 which allows free movement of labour capital and trade among EU member states On the other hand rapid growth caused some imbalances in inflation and balance of payments The current account deficit to GDP ratio in 2006 2008 was in the double digits and reached its peak in the first quarter of 2008 at a threatening 18 8 71 This was mostly due to rapid loan portfolio growth as Scandinavian banks provided cheap credit under quite lax rules in Lithuania The volume of loans to acquire lodgings has grown from 50 million LTL in 2004 up to 720 million LTL in 2007 citation needed Consumption was affected by credit expansion as well This led to high inflation of goods and services as well as trade deficit A housing bubble was formed nbsp Economic sentiment indicator and its components The global credit crunch which started in 2008 affected the real estate and retail sectors The construction sector shrank by 46 8 during the first three quarters of 2009 and the slump in retail trade was almost 30 38 72 GDP plunged by 15 7 in the first nine months of 2009 38 nbsp Balance of payments in Lithuania quarterly data Lithuania was the last among the Baltic states to be hit by recession because its GDP growth rate in 2008 was still positive followed by a slump of more than 15 in 2009 In the third quarter of 2009 compared to the previous quarter GDP again grew by 6 1 after five quarters with negative numbers 38 Austerity policy four fifths of the fiscal adjustment consisted of expenditure cuts 73 introduced by the Kubilius government helped to balance the current account from 15 5 in 2007 to 1 6 in 2009 74 Economic sentiment and confidence of all business activities have rebounded from a record low at the beginning of the year 2009 Sectors related to domestic consumption and real estate still suffer from the economic crisis but exporters have started making profits even with lower levels of revenue The catalysts of growing profit margins are lower raw material prices and staff expense At the end of 2017 investment of Lithuania s enterprises abroad amounted to EUR 2 9 billion The largest investment was made in Netherlands 24 1 per cent of the total direct investment abroad Cyprus 19 8 per cent Latvia 14 9 per cent Poland 10 5 per cent and Estonia 10 3 per cent Lithuania s direct investment in the EU member states totalled EUR 2 6 billion or 89 3 per cent of the total direct investment abroad 75 Based on the Eurostat s data in 2017 the value of Lithuanian exports recorded the most rapid growth not only in the Baltic countries but also across Europe which was 16 9 per cent 76 Lithuania performs well in few measures of well being in the Better Life Index by OECD ranking above the average in education and skills and work life balance It is below the average in income and wealth jobs and earnings housing health status social connections civic engagement environmental quality personal security and subjective well being 77 Lithuanian people are the happiest people in the Baltic States 78 79 Euro adoption edit nbsp Real GPD per capita development of Estonia Latvia and Lithuania On 1 January 2015 Lithuania became the 19th country to adopt the euro Joining the euro would relieve the Bank of Lithuania of defending the value of the litas and it would give Lithuania a say in the decision making of the European Central Bank ECB as well as access to the ECB single resolution fund and cheaper borrowing costs 65 Business climate editCumulative foreign direct investment FDI in 2017 was EUR 14 7 billion or 35 per cent of GDP EUR 5215 per capita 80 The largest FDI flow in Lithuania was into manufacturing EUR 73 7 million agriculture forestry fishery EUR 27 4 million information and communication EUR 10 million Sweden The Netherlands and Germany have remained the largest investors 80 Lithuania seeks to become an innovation hub by 2020 To reach this goal it is putting its efforts into attracting FDI to added value sectors especially IT services software development consulting finance and logistics 81 Well known international companies such as Microsoft IBM Transcom Barclays Siemens SEB TeliaSonera Paroc Wix com Philip Morris Thermo Fisher Scientific established a presence in Lithuania nbsp Aerial view of the Kaunas Free Economic Zone Lithuanian FEZs Free economic zone offer developed infrastructure service support and tax incentives A company set up in an FEZ is exempt from corporate taxation for its first six years as well as a tax on dividends and real estate tax 82 7 FEZ operate in Lithuania Marijampole Free Economic Zone Kaunas Free Economic Zone Klaipeda Free Economic Zone Panevezys Free Economic Zone Akmene Free Economic Zone Siauliai Free Economic Zone Kedainiai Free Economic Zone There are nine industrial sites in Lithuania which can also provide additional advantages by having a well developed infrastructure offering consultancy service and tax incentives 83 Lithuania is ranked third among developed economies by the quantity 16 of Special Economic Zones after USA 256 and Poland 21 84 Lithuanian municipalities provide special incentives to investors who create jobs or invest in infrastructure Municipalities may tie designation criteria to additional factors such as the number of jobs created or environmental benefits Strategic investors benefits could include favorable tax incentives for up to ten years Municipalities may grant special incentives to induce investments in municipal infrastructure manufacturing and services 85 About 40 percent of surveyed investors confirmed that they are carrying out Research and experimental development R amp D or plan to do it in their Lithuanian branches 86 In 2018 Lithuania ranked as the second most attractive location for manufacturers in the Manufacturing Risk Index 2018 87 In 2019 Lithuania was 16th in Top 20 European FDI destination countries list created by the Ernst amp Young 88 Regional situation edit Lithuania is divided into ten counties There are four cities with a population over 100 000 and two cities of over 50 000 people The gross regional product is concentrated in the two largest counties Vilnius and Kaunas These two counties account for 2 3 of the GDP with just 50 of the population 89 In 2023 Q3 Vilnius County was the only one with the average salary above the national average while Utena County had the lowest with 20 below it 90 In order to achieve balanced regional distribution of GDP nine public industrial parks Akmene Industrial Park Alytus Industrial Park Kedainiai Industrial Park Marijampole Industrial Park Pagegiai Industrial Park Panevezys Industrial Park Radviliskis Industrial Park Ramygala Industrial Park and Siauliai Industrial Park and three private industrial parks Taurage Private Industrial Park Sitkunai Private Industrial Park Ramuciai Private Logistic and Industrial Park were established to provide some tax incentives and prepared physical infrastructure 83 nbsp Lithuanian counties by GDP per capita 2022 County Area km2 Population 2023 89 GDP billion EUR 91 GDP per capita EUR 91 Av monthly wage 2023 Q3 Gross 90 Net 90 Alytus County 5 425 135 367 1 8 13 600 1 646 1 053 Kaunas County 8 089 580 333 13 7 23 900 2 015 1 250 Klaipeda County 5 209 336 104 7 0 21 300 1 873 1 172 Marijampole County 4 463 135 891 2 0 14 400 1 657 1 059 Panevezys County 7 881 211 652 3 6 17 100 1 757 1 111 Siauliai County 8 540 261 764 4 6 17 600 1 720 1 092 Taurage County 4 411 90 652 1 2 13 200 1 692 1 077 Telsiai County 4 350 131 431 2 2 16 900 1 799 1 133 Utena County 7 201 125 462 1 7 13 800 1 624 1 042 Vilnius County 9 731 851 346 29 4 35 300 2 218 1 365 Lithuania 65 300 2 860 002 67 4 23 800 2 018 1 252Sectors of economy editIn 2022 the sector with the highest number of companies registered in Lithuania is Services with 53 386 companies followed by Unknown industry and Wholesale Trade with 50 660 and 26 974 companies respectively 92 Services edit One of the most important sub sectors is information and communication technologies ICT Around 37 000 employees work for more than 2 000 ICT companies ICT received 9 5 of total FDI Lithuania hosts 13 of the 20 largest IT companies in the Baltic States 93 Lithuania exported EUR 128 million worth ICT services in II quarter of 2018 Development of shared services and business process outsourcing are some of the most promising fields Companies that have outsourced their business operations to Lithuania include Danske Bank CITCO Group Western Union Uber MIRROR PricewaterhouseCoopers Anthill Adform Booking Holdings Kayak com Booking com HomeToGo Visma Unity Yara International Nasdaq Nordic Bentley Systems Ernst amp Young and many more Financial services edit nbsp Lending and saving data The financial sector concentrates mostly on the domestic market There are thirteen commercial banks that hold a license from the Bank of Lithuania and eight foreign bank branches 94 Most of the banks belong to international corporations mainly Scandinavian The financial sector has demonstrated incredible growth in the pre crisis period 1998 2008 Bank assets were only 3 2 billion or 25 5 from GDP in 2000 half of which consisted of loan portfolio 95 By the beginning of the year 2009 bank assets grew to 26 0 billion or 80 8 to GDP the loan portfolio reached 20 7 billion 96 The loan to GDP ratio was 64 The growth of deposits was not as fast as that of loans At the end of 2008 the loan portfolio was almost twice as big as that of deposits It demonstrated high dependence on external financing Contraction in the loan portfolio has been recorded over the past year so the loans to deposits ratio are slowly getting back to healthy levels Moody s Corporation declared about opening its office in Vilnius 97 FinTech edit The country has increasingly sought to position itself as the EU s main fintech hub hoping to attract international firms by promising to provide European operational licences within three months compared to a waiting period of up to a year in countries like Germany or the UK 98 In 2017 only 35 99 FinTech companies came to Lithuania a result of Lithuanian government and Bank of Lithuania simplified procedures for obtaining licences for the activities of e money and payment institutions 48 Europe s first international Blockchain Centre launched in Vilnius in 2018 100 The government of Lithuania also aims to attract financial institutions looking for a new location after Brexit 101 102 Lithuania has granted a total of 39 e money licenses second in the EU only to the U K with 128 licenses In 2018 Google set up a payment company in Lithuania 103 Vilnius was ranked a seventh FinTech city by foreign direct investment FDI performance in 2019 104 Bank of Lithuania the Central Bank of Lithuania established a Regulatory sandbox 105 to test financial innovations in a live environment under the guidance and supervision of the Bank of Lithuania Bank of Lithuania has also developed LBChain which is the world s first blockchain based sandbox developed by a financial market regulator combining technological and regulatory infrastructures 106 Manufacturing edit Lithuania has a much larger manufacturing sector share in the economy s structure than the other Baltic countries In this regard Lithuania is closer to some Central European countries like the Czech Republic or Germany 107 Manufacturing constitutes the biggest part of gross value added in Lithuania The food processing sector constitutes 11 of total exports Dairy products especially cheese are well known in neighbouring countries Another important manufacturing activity is chemical products The manufacturing of machinery and equipment sector in Lithuania comprises 7 1 of the country s GDP 80 of production is exported so chemical products constitute 12 5 of total exports Year 2019 was exemplary more than 10 new factories were opened in Lithuania working in the fields in engineering high precision instruments furniture and medical products Furniture Furniture production employs more than 50 000 people and has seen double digit growth over the last three years The biggest companies in this field work in cooperation with IKEA which owns one of the biggest wood processing companies in Lithuania Lithuania is the fourth biggest supplier of furniture for IKEA after Poland Italy and Germany 108 Automotive industry Continental AG in 2018 started to build a factory for high precision car electronics the biggest greenfield investment project in Lithuania so far 109 Another German manufacturer of lighting technology Hella opened a plant in 2018 in Kaunas FEZ which will produce sensors actuators and control modules for the automotive industry 110 Lithuania s automotive cluster experienced significant growth during the past 5 years Companies in the automotive and engineering sector are relatively small but offer flexible services for small and non standard orders at competitive prices The sector employs about 3 of the working population and receives 5 6 of FDI 111 Vilnius Gediminas Technical University prepares experts for the sector Biotechnology and life sciences Lithuania s life science sector is growing around 20 25 annually with special focus on the production and research of biotechnology pharmaceutical and medical devices 112 Laser technology Lithuanian laser companies were among the first ones in the world to transfer fundamental research into manufacturing Lithuania s laser producers export laser technologies and devices to nearly 100 countries Half of all picosecond lasers sold worldwide are produced by Lithuanian companies while Lithuanian made femtosecond parametric light amplifiers used in generating the ultrashort laser pulses account for as much as 80 of the world market 113 Tourism edit Tourism in Lithuania becoming increasingly important for local economy constituting around 5 3 of GDP in 2016 114 Lithuania has 22 000 rivers and rivulets 3 000 lakes a well developed rural tourism network a unique coastal area of almost 100 km and four UNESCO World Heritage Sites Lithuania receives more than 1 4 million foreign tourists a year 115 Germany Poland Russia Latvia and Belarus supply the most tourists and a significant number arrive from the UK Finland and Italy as well Agriculture edit Main article Agriculture in Lithuania Despite a decreased share in GDP the agricultural sector is still important for Lithuania as it employs almost 8 of the work force and supplies materials for the food processing sector 44 8 of the land is arable 116 Total crop area was 1 8 million hectares in 2008 117 Cereals wheat and triticale are the most popular production of farms The number of livestock and poultry has decreased twofold compared to the 1990s The number of cattle in Lithuania at the beginning of the year 2009 was 770 000 the number of dairy cows was 395 000 and the number of poultry was 9 1 million 118 Lithuanian food consumption has evolved between 1992 and 2008 consumption of vegetables increased by 30 to 86 kg per capita and consumption of meat and its products increased by 23 during the same period to 81 kg per capita 119 On the other hand consumption of milk and dairy products has decreased to 268 kg per capita by 21 and the consumption of bread and grain products decreased to 114 kg per capita by 19 as well 119 Lithuania produced in 2018 2 8 million tons of wheat 888 thousand tons of sugar beet the beet is used to manufacture sugar and ethanol 619 thousand tons of barley 433 thousand tons of rapeseed 296 thousand tons of potato 213 thousand tons of pea 182 thousand tons of oat 153 thousand tons of triticale 149 thousand tons of bean In addition to smaller productions of other agricultural products like apple 92 thousand tons maize 87 thousand tons and rye 44 thousand tons 120 Corporations editLithuania traditionally has strong agricultural furniture logistics textile biotechnology and laser industries Maxima is a retail chain operating in Lithuania Latvia Estonia Poland and Bulgaria and it is the largest Lithuanian capital company and the largest employer in the Baltic states Girteka Logistics is Europe s largest transport company 121 Biotechpharma lt is a biopharmaceutical research and development company with a focus on recombinant protein technology development The BIOK Laboratory is a startup founded by biochemistry scientists which is the biggest producer of Lithuanian natural cosmetic products UAB SANITEX is the largest wholesale distribution and logistics company in Lithuania and Latvia also active in Estonia and Poland SoliTek the largest photovoltaic module and energy storage battery manufacturer in Northern Europe One of the leaders of cellular IoT gateways producers in Europe UAB Teltonika In the Baltic Top 50 the biggest Baltic states companies rating created by Coface more than half 29 companies are from Lithuania 122 Largest companies edit Largest companies of Lithuania in 2022 by revenue 123 Rank Name Headquarters Revenue bil Employees Industry 0 1 nbsp Orlen Lietuva AB Mazeikiai 7 552 nbsp 1 437 Oil petrol 0 2 nbsp Ignitis UAB Vilnius 2 929 nbsp 345 Energy 0 3 nbsp Maxima LT UAB Vilnius 1 985 nbsp 12 035 Retail 0 4 nbsp Thermo Fisher Scientific Baltics UAB Vilnius 1 477 nbsp 1 817 Biotechnology pharmaceutical 0 5 nbsp Viada LT UAB Vilnius 0 982 nbsp 1 139 Petrol stations 0 6 nbsp Achema AB Jonava 0 937 nbsp 1 207 Fertilizer 0 7 nbsp Linas Agro AB Panevezys 0 882 nbsp 198 Agribusiness 0 8 nbsp Circle K Lietuva UAB Vilnius 0 858 972 Petrol stations 0 9 nbsp Iki Lietuva UAB Vilnius 0 819 5 861 Retail 0 10 nbsp NEO Group lt UAB Rimkai lt 0 740 211 Plastics 0 11 nbsp Sanitex UAB Kaunas 0 719 nbsp 1 192 General merchandise logistics Most valuable companies edit Largest Lithuanian companies by valuation EUR billions according to 15min 2023 124 Additionally two more startup companies have been ranked by comparative values in 2022 125 Rank Name Headquarters Valuation bil Industry 0 1 nbsp Thermo Fisher Scientific Baltics UAB Vilnius 3 820 nbsp Life sciences 0 Vinted UAB Vilnius 3 500 2022 E commerce 0 2 nbsp Maxima Group UAB Vilnius 2 201 nbsp Retail 0 3 nbsp Girteka Group UAB Vilnius 2 101 nbsp Logistics 0 4 nbsp Avia Solutions Group PLC Vilnius 1 661 nbsp Aviation 0 Nord Security UAB Vilnius 1 600 2022 Cybersecurity 0 5 nbsp Ignitis grupe AB Vilnius 1 495 nbsp Energy 0 6 nbsp Orlen Lietuva AB Mazeikiai 1 429 nbsp Oil petrol 0 7 nbsp Lithuanian Railways AB Vilnius 1 300 nbsp Rail transport 0 8 nbsp Bite Group AB Vilnius 1 145 nbsp Telecommunications 0 9 nbsp Baltic Classifieds Group PLC Vilnius 1 125 nbsp Web portal 0 10 nbsp Swedbank AB Vilnius 1 080 nbsp Banking 0 11 nbsp SEB bankas AB Vilnius 1 002 nbsp Banking 0 12 nbsp Telia Lietuva AB Vilnius 1 001 nbsp TelecommunicationsWorkforce edit nbsp Population with higher education 2001 2008 nbsp Salaries and unemployment 2001 2009 The number of the population aged 15 years and over is 1 45 million activity rate was 60 percent in 2017 126 During the period of 1995 2017 average salary grew more than four times in Lithuania 127 Despite this labour costs in Lithuania are among the lowest in the EU Average monthly net salary in IV quarter 2018 was EUR 800 and increased by 9 5 percent Unemployment in Lithuania has been volatile Since the year 2001 the unemployment rate has decreased from almost 20 to less than 4 in 2007 thanks to two main reasons Firstly during the time of rapid economic expansion numerous work places were established This caused a decrease in the unemployment rate and a rise in staff expenses Secondly emigration has also reduced unemployment problems since accession to the EU However the economic crisis of year 2008 has lowered the need for workers so the unemployment rate increased to 13 8 and then stabilized in the third quarter of 2009 Unemployment rate in I quarter of 2018 was 6 3 percent 128 Lithuania is among the top 5 countries in the world by postsecondary tertiary education attainment 47 As of 2016 update 54 9 of the population aged 25 to 34 and 30 7 of the population aged 55 to 64 had completed tertiary education 129 The share of tertiary educated 25 64 year olds in STEM Science technology engineering and mathematics fields in Lithuania were above the OECD average 29 and 26 respectively similarly to business administration and law 25 and 23 respectively 130 The level of labour productivity in Lithuania today is about one third below the OECD average 131 Lithuania is ranked 15th in Employment Flexibility Index 132 Income and wealth distribution editSee also List of Lithuanians by net worth Lithuania belongs to high income group according to Credit Suisse Global Wealth Report 2019 133 As of 2019 Lithuanian average wealth per adult was 50 254 an increase of 82 from 27 507 in the year 2017 134 Household debt is among the lowest among EU countries 49 percent of net disposable income in 2015 135 Municipalities by median home value edit nbsp Lithuanian municipalities by median home value government estimate 2021 nbsp Neringa Municipality has highest home prices in Lithuania surpassing capital city by almost two times nbsp Didziasalis Ignalina District In 1989 it had population of 2 600 while in 2021 it was only around 1 000 Municipality Median home value government estimate Eur 136 Neringa 111 000 Vilnius 60 100 Klaipeda 47 400 Palanga 44 100 Kaunas district 43 900 Kaunas 40 700 Klaipeda district 39 800 Siauliai 36 400 Vilnius district 35 100 Druskininkai 30 200 Panevezys 29 200 Birstonas 25 500 Trakai 25 100 Kretinga 24 000 Taurage 23 500 Marijampole 23 300 Alytus 20 800 Elektrenai 20 600 Utena 17 300 Jonava 17 000 Mazeikiai 15 000 Plunge 13 700 Telsiai 13 700 Siauliai district 13 100 Raseiniai 12 600 Jurbarkas 12 500 Silute 11 900 Sirvintos 11 800 Ukmerge 11 100 Vilkaviskis 10 700 Kazlu Ruda 10 300 Visaginas 10 000 Sakiai 9 900 Kedainiai 9 600 Kalvarija 8 800 Kaisiadorys 8 200 Radviliskis 7 900 Rietavas 7 800 Joniskis 7 800 Siale 7 600 Skuodas 7 400 Svencionys 7 300 Panevezys district 6 800 Salcininkai 6 400 Lazdijai 6 400 Prienai 6 300 Birzai 6 200 Alytus district 6 200 Moletai 6 200 Pagegiai 6 000 Akmene 5 700 Kelme 5 700 Pakruojis 5 600 Rokiskis 5 300 Varena 5 100 Kupiskis 5 000 Anyksciai 4 800 Pasvalys 4 700 Zarasai 4 200 Ignalina 3 700Infrastructure editThe transport storage and communication sector has increased its importance to the economy of Lithuania In 2008 it accounted for 12 1 of GDP compared to 9 1 in 1996 137 Communications edit Main article Telecommunications in Lithuania Lithuania has a broadly developed radio television landline and mobile phone as well as broadband internet networks Lithuanian National Radio and Television the public broadcaster in Lithuania operates 3 television channels including a satellite channel as well as 3 radio stations Privately owned commercial TV and Radio broadcasters operate a multitude national regional and local channels 138 There are four TIER III datacenters in Lithuania 139 Lithuania is 44th globally ranked country on data center density according to Cloudscene 140 The fixed landline network connects 625 thousand households and businesses down from the record 845 thousand in 2005 141 The decline in subscription and utilization of the landline network has been driven by increased availability of mobile phone services The mobile telephony penetration rate in Lithuania of 151 per 100 population in 2013 has been one of the highest in the world 142 In 2013 there were 13 providers of mobile phone services with the three largest ones BITĖ Lietuva Omnitel and Tele2 operating their own cellular networks Lithuanian retail internet sector is competitive with more than 100 service providers Retail internet connectivity in Lithuania was among the cheapest in Europe however the internet penetration rate 64 of households using internet in 2013 was lower than in other EU countries in the region Estonia 79 Latvia 70 and Poland 69 Lithuanian internet connection speeds have been claimed to be among the fastest in the world 143 based on user initiated tests at Speedtest net Energy edit Main article Energy in Lithuania nbsp Heating energy data The utilities sector accounts for more than 3 of gross value added in Lithuania Electricity production exceeded 12 billion kWh in 2007 and consumption exceeded 9 6 billion kWh Surplus electricity is exported Lithuania operated a nuclear power plant in Visaginas which produced 72 of electricity in Lithuania 144 The plant was shut down on 31 December 2009 in line with the commitments made when Lithuania joined EU in 2004 A new nuclear power plant in Visaginas has been proposed but the status of the project is uncertain after it was rejected by the voters in a referendum in 2012 The supply of heating energy was modernized during the decade 1998 2008 Technological loss in the heat energy system has decreased significantly from 26 2 in the year 2000 to 16 7 in 2008 The amount of air pollution was reduced by one third The share of renewable energy resources in the total fuel balance for heat production increased to almost 20 In order to break down Gazprom s monopoly 145 146 in the natural gas market of Lithuania the first large scale LNG import terminal Klaipeda LNG FSRU in the Baltic region was built in the port of Klaipeda in 2014 The Klaipeda LNG terminal was called Independence thus emphasising the aim to diversify the energy market of Lithuania Norvegian company Equinor supplies 540 million cubic metres 19 billion cubic feet of natural gas annually from 2015 until 2020 147 The terminal is able to cover 100 of Lithuania s demand and 90 of Latvia s and Estonia s national demand in the future 148 Kruonis Pumped Storage Plant operates as pumped storage providing a spinning reserve of the power system in order to regulate the load curve of the power system 24 hours a day In 2015 Kruonis Industrial Park was established as a place for data centers 149 In 2018 synchronising the Baltic States electricity grid with the Synchronous grid of Continental Europe has started 150 Transport edit Main article Transport in Lithuania nbsp Volume of goods transported million tonne kilometers nbsp Funding of roads Lithuania forms part of the transport corridor between the East and the West The volume of goods transported by road transport has increased fivefold since 1996 The total length of roadways is more than 80 000 km and 90 of them are paved 116 The government spending on road infrastructure exceeded 0 5 billion in 2008 Via Baltica highway passes through Kaunas while membership in the Schengen Agreement allows for smooth border crossing to Poland and Latvia Rail transport in Lithuania provides long distance passenger and cargo services Railways carry approximately 50 million tons of cargo and 7 million passengers a year 151 Direct rail routes link Lithuania with Russia Belarus Latvia Poland and Germany Also the main transit route between Russia and Russia s Kaliningrad Region passes through Lithuania Lithuanian Railways AB transports about 44 of the freight carried through Lithuania 152 This is a very high indicator compared to other EU countries where freight transportation by rail amounts to only 10 of the total 153 An ice free seaport of Klaipeda is located in the western part of Lithuania The port is an important regional transport hub connecting the sea land and railway routes from east and west It handles roughly 7 000 ships and 30 million tons of cargo every year and accepts large tonnage vessels dry cargo vessels up to 70 000 DWT tankers up to 100 000 DWT and cruise ships up to 270 meters long The seaport of Klaipeda is able to receive Panamax type vessels 151 One of the fastest growing segments of sea transport is passenger traffic which has increased fourfold since 2002 The inland river cargo port in Marvele linking Kaunas and Klaipeda received first cargo in 2019 154 Lithuania has four international airports Vilnius Airport VNO Kaunas Airport KUN Siauliai Airport SQQ and Palanga Airport PLQ More than 30 domestic airports being used by aeroclubs and amateur pilots Storage edit There are more than 600 000 m2 of modern logistics and warehousing facilities in Lithuania 155 The biggest supply of new modern warehousing facilities is in the capital city Vilnius after the completion of several new projects in the third quarter of 2009 the supply of modern warehousing premises has increased by nearly 12 in Vilnius and currently reaches 334 400 m2 of the rentable area Kaunas is in the second place around 200 000 m2 and Klaipeda in the third 122 500 m2 151 Since the beginning of the year 2009 prices for warehousing premises have dropped by 20 25 in Vilnius Kaunas and Klaipeda and the current level of rents has reached the level of 2003 155 The costs for renting new warehouses in Vilnius Kaunas and Klaipeda are similar and reach 0 75 to 1 42 EUR m2 while the rents of old warehouses are 0 35 to 0 67 EUR m2 International trade editLithuanian economy is highly open and International trade is crucial As a result the ratio of foreign trade to GDP for Lithuania has often exceeded 100 The EU is the biggest trade partner of Lithuania with a 67 of total imports and 61 3 of total exports during 2015 156 The Commonwealth of Independent States is the second economic union that Lithuania trades the most with with a share of imports of 25 and a share of exports of 23 9 during the same period 156 The vast majority of commodities including oil gas and metals have to be imported mainly from Russia however in the recent years Lithuania s energy dependence has shifted towards other countries such as Norway and the US Mineral products constitute 25 of imports and 18 of exports mainly driven by the presence of ORLEN Lietuva oil refinery with a refining capacity of 9 million tons a year owned by Polish concern PKN Orlen 157 Orlen Lietuva sold over 3 5 billion worth of products outside Lithuania 157 compared to the total Lithuanian exports of 24 billion in 2014 Some sectors are directed mainly at export markets Transport and logistics export of their products and or services the biotechnology industry exports 80 plastics export 52 laser technologies export 86 metal processing machinery and electric equipment export 64 furniture and wood processing export 55 textile and clothing export 76 and the food industry exports 36 158 Foreign trade partners January December 2022 17 structure of the statistics is highly affected by oil refinery ORLEN Lietuva importing and exporting big amounts of oil products Rank Country Combinedshare Country Import Country Share of goodsof Lithuanian originin export Export nbsp EU 62 7951 nbsp EU 63 27 nbsp EU 65 72 62 23 1 nbsp Poland 10 46 nbsp Poland 11 67 nbsp Latvia 41 86 12 86 2 nbsp Latvia 10 16 nbsp Germany 11 62 nbsp Poland 61 42 9 04 3 nbsp Germany 9 93 nbsp Latvia 7 87 nbsp Germany 75 47 7 93 4 nbsp United States 6 52 nbsp United States 7 56 nbsp Russia 7 38 6 16 5 nbsp Russia 5 50 nbsp Sweden 5 26 nbsp Estonia 52 23 5 72 6 nbsp Netherlands 4 93 nbsp Russia 4 93 nbsp Netherlands 84 46 5 44 7 nbsp Sweden 4 73 nbsp Norway 4 84 nbsp United States 91 10 5 28 8 nbsp Estonia 4 39 nbsp Netherlands 4 50 nbsp Sweden 87 66 4 11 9 nbsp Norway 3 74 nbsp Saudi Arabia 4 15 nbsp United Kingdom 86 66 3 48 10 nbsp United Kingdom 3 08 nbsp China 3 78 nbsp Belarus 5 39 3 27 11 nbsp Italy 2 94 nbsp Italy 3 66 nbsp Ukraine 70 47 2 58 12 nbsp France 2 45 nbsp Estonia 3 26 nbsp Norway 84 71 2 44 13 nbsp Saudi Arabia 2 42 nbsp United Kingdom 2 73 nbsp France 73 77 2 29 14 nbsp Belarus 2 29 nbsp France 2 58 nbsp Denmark 84 41 2 27 15 nbsp China 2 15 nbsp Finland 2 42 nbsp Italy 79 83 2 08 16 nbsp Finland 2 13 nbsp Belgium 2 04 nbsp Kazakhstan 8 34 1 96 17 nbsp Belgium 1 80 nbsp Czechia 1 83 nbsp Finland 71 15 1 79 18 nbsp Denmark 1 70 nbsp Belarus 1 46 nbsp Belgium 80 10 1 51 19 nbsp Ukraine 1 69 nbsp Spain 1 34 nbsp Spain 81 84 1 44 20 nbsp Czechia 1 52 nbsp Denmark 1 23 nbsp Turkey 63 63 1 42 Foreign corporate taxpayers edit Largest share of foreign corporate taxpayers January June 2023 159 Country Companies Share nbsp Germany 70 667 30 0 nbsp Poland 19 509 8 3 nbsp Netherlands 17 027 7 2 nbsp Italy 15 903 6 7 nbsp United Kingdom 15 754 6 7 nbsp France 11 017 4 7 nbsp Spain 9 623 4 1 nbsp Austria 7 171 3 0 nbsp Latvia 6 961 3 0 nbsp Sweden 6 632 2 8 nbsp Estonia 6 502 2 8 nbsp United States 5 100 2 2 Total 235 902 100 Natural resources editThe total value of natural resources in Lithuania is around 17 billion or around one third of Lithuania s GDP The most valuable natural resource in the country is subterranean water which constitutes more than half of the total value of natural resources In 1990 Lithuania started petroleum production from onshore oil wells as a response to the Soviet economic blockade 160 161 162 Since 2001 the yearly production declined as Lithuanian government no longer supports development of new oil wells and banned any development of offshore oil rigs 163 164 Macro economic editThe following table shows the main economic indicators in 2000 2020 165 Year GDP in bil US PPP GDP per capita in US PPP GDP in bil US nominal GDP growth real Inflation in percent Unemployment rate in percent Government debt percentage of GDP 2000 33 7 9 618 11 5 3 8 1 0 16 4 23 2005 nbsp 54 6 nbsp 16 422 nbsp 26 1 nbsp 7 7 nbsp 2 7 nbsp 8 3 nbsp 18 2006 nbsp 60 4 nbsp 18 472 nbsp 30 2 nbsp 7 4 nbsp 3 8 nbsp 5 8 nbsp 17 2007 nbsp 68 9 nbsp 21 319 nbsp 39 8 nbsp 11 1 nbsp 5 8 nbsp 4 2 nbsp 16 2008 nbsp 72 1 nbsp 22 539 nbsp 48 0 nbsp 2 6 nbsp 11 2 nbsp 5 8 nbsp 15 2009 nbsp 61 9 nbsp 19 562 nbsp 37 5 nbsp 14 8 nbsp 4 2 nbsp 13 8 nbsp 29 2010 nbsp 63 7 nbsp 20 552 nbsp 37 2 nbsp 1 6 nbsp 1 2 nbsp 17 8 nbsp 36 2011 nbsp 68 9 nbsp 22 752 nbsp 43 6 nbsp 6 0 nbsp 4 1 nbsp 15 4 nbsp 37 2012 nbsp 72 9 nbsp 24 382 nbsp 43 0 nbsp 3 8 nbsp 3 2 nbsp 13 4 nbsp 40 2013 nbsp 76 7 nbsp 25 904 nbsp 46 5 nbsp 3 5 nbsp 1 2 nbsp 11 8 nbsp 39 2014 nbsp 80 8 nbsp 27 537 nbsp 48 6 nbsp 3 5 nbsp 0 2 nbsp 10 7 nbsp 41 2015 nbsp 83 3 nbsp 28 671 nbsp 41 4 nbsp 2 0 nbsp 0 7 nbsp 9 1 nbsp 43 2016 nbsp 86 3 nbsp 30 097 nbsp 43 0 nbsp 2 3 nbsp 0 7 nbsp 7 9 nbsp 40 2017 nbsp 91 2 nbsp 32 298 nbsp 47 7 nbsp 3 8 nbsp 3 7 nbsp 7 1 nbsp 39 2018 nbsp 101 1 nbsp 36 239 nbsp 53 8 nbsp 3 6 nbsp 2 5 nbsp 6 1 nbsp 34 2019 nbsp 107 4 nbsp 38 587 nbsp 54 8 nbsp 3 9 nbsp 2 2 nbsp 6 3 nbsp 38 2020 nbsp 106 9 nbsp 38 605 nbsp 56 9 nbsp 1 8 nbsp 1 2 nbsp 8 2 nbsp 48 See also editEconomy of Europe nbsp Lithuania portalReferences edit World Economic Outlook Database April 2019 IMF org International Monetary Fund Retrieved 29 September 2019 World Bank Country and Lending Groups datahelpdesk worldbank org World Bank Retrieved 29 September 2019 a b c d Lithuania CIA gov Central Intelligence Agency Retrieved 7 June 2023 Population on 1 January osp stat gov lt State Data Agency Retrieved 23 January 2024 a b c d e f g h World Economic Outlook Database April 2023 IMF org International Monetary Fund April 2023 Retrieved 19 April 2022 The economic context of Lithuania www nordeatrade com Retrieved 24 November 2018 Agriculture contributes 3 3 to the GDP and employs 9 1 of the active workforce CIA World Factbook 2017 estimates Lithuania s main agricultural products are wheat wood barley potatoes sugar beets wine and meat beef mutton and pork The main industrial sectors are electronics chemical products machine tools metal processing construction material household appliances food processing light industry including textile clothing and furniture The country is also developing oil refineries and shipyards The industrial sector contributes 28 5 to the GDP employing around 25 of the active population Lastly the services sector contributes 68 3 to the GDP and employs 65 8 of the active population The information technology and communications sectors are the most important contributors to the GDP Prognoze skurdo rizikos lygis siemet turetu smukti 1 punktu iki 19 9 proc People at risk of poverty or social exclusion ec europa eu eurostat Eurostat Retrieved 14 September 2020 Gini coefficient of equivalised disposable income EU SILC survey ec europa eu Eurostat Retrieved 14 September 2020 a b Human Development Report 2023 2024 PDF United Nations Development Programme 13 March 2024 Archived PDF from the original on 13 March 2024 Retrieved 4 May 2024 Labor force total Lithuania data worldbank org World Bank Retrieved 1 November 2019 Employment rate by sex age group 20 64 ec europa eu eurostat Eurostat Retrieved 18 June 2019 Unemployment by sex and age monthly average appsso eurostat ec europa eu Eurostat Retrieved 4 October 2020 Unemployment rate by age group data oecd org OECD Retrieved 8 September 2020 a b Main Lithuanian indicators osp stat gov lt Pramones produkcija be PVM ir akcizo Statistics Lithuania Archived from the original on 8 February 2017 Retrieved 7 February 2017 a b c d e f g Exports imports by country and territory State Data Agency Retrieved 30 November 2023 a b Export investments and tourism promotion Ministry of Foreign Affairs Retrieved 30 November 2023 a b c d e f Euro area and EU27 government deficit both at 0 6 of GDP PDF ec europa eu eurostat Eurostat Retrieved 28 April 2020 Archived copy PDF Archived PDF from the original on 25 December 2017 Retrieved 25 December 2017 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Archived copy PDF Archived PDF from the original on 20 April 2017 Retrieved 25 December 2017 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Sovereigns rating list Standard amp Poor s Archived from the original on 28 September 2011 Retrieved 15 May 2015 Moody s 8 September 2017 Rating Action Moody s affirms Lithuania s A3 rating outlook remains stable moodys com Moody s Retrieved 11 December 2018 Fitch Ratings Upgraded Lithuania s Credit Rating Outlook To Positive 10 August 2018 Retrieved 12 August 2018 Scope affirms Lithuania s credit ratings at A and revises the Outlook to Stable from Positive 28 April 2023 Retrieved 29 April 2023 Official reserve assets lb lt Archived from the original on 31 March 2019 Retrieved 24 November 2018 Latest economic indicators Bank of Lithuania Retrieved 19 February 2024 Lithuanian Economic Review Bank of Lithuania 10 October 2023 Retrieved 19 February 2024 Ekonomines raidos scenarijus Lietuvos Respublikos finansu ministerija in Lithuanian 4 January 2024 Retrieved 19 February 2024 Makroekonomikos prognozes SEB in Lithuanian Retrieved 19 February 2024 Naujausi Lietuvos ekonomikos ir finansu rodikliai SEB in Lithuanian Retrieved 19 February 2024 Pagrindiniai salies rodikliai Oficialiosios statistikos portalas in Lithuanian 25 April 2011 Retrieved 19 February 2024 Oficialiosios statistikos portalas pradzia OSP stat gov lt in Lithuanian 25 April 2011 Retrieved 19 February 2024 Gross domestic product GDP OECD Retrieved 27 June 2020 World Economic Outlook Database International Monetary Fund Retrieved 27 June 2020 Lithuania GDP current US data worldbank org Retrieved 24 November 2018 Lithuanias Year 2012 Budget Deficit Set Bellow 3 per cent GDP bns lt Retrieved 18 November 2018 a b c d Statistics Lithuania Stat gov lt 28 December 2009 Archived from the original on 23 July 2011 Retrieved 3 April 2010 Lietuvos makroekonomikos apzvalga PDF SEB Bankas April 2015 Archived PDF from the original on 1 July 2015 Retrieved 1 July 2015 Lithuania rules out devaluation Financial Times 18 June 2009 Retrieved 18 November 2018 But Mr Kubilius speaking in Brussels ahead of an EU summit said his government would press ahead with its austerity programme and would not request a relaxation of the terms for joining the euro area that are set out under EU treaty law OECD Economic Surveys LITHUANIA PDF OECD July 2018 Retrieved 17 November 2018 Lithuania s fiscal position is sound After revenues fell sharply in the wake of the 2008 crisis the government started consolidating public finances on the spending side by reducing the wage bill lowering social spending and cutting infrastructure investment The 2016 budget resulted in a 0 3 surplus the first for more than a decade Figure 13 As a result gross debt is now stabilising at around 50 of GDP OECD National Accounts definition which is sustainable under various simulations Fournier and Betin forthcoming The budget remained positive in 2017 and is expected so in 2018 Rankings Doing Business The World Bank Group Doing Business Retrieved 3 November 2019 a b Lithuania information on economic freedom Facts data analysis charts and more Heritage Foundation Archived from the original on 24 May 2015 Retrieved 20 May 2015 Economic Freedom of the World Annual Report 2021 PDF 2021 p 8 Retrieved 14 September 2021 Tiesiogines uzsienio investicijos Lietuvoje pagal salį Lietuvos bankas 9 January 2018 Archived from the original on 9 January 2018 Dencik Jacob Spee Roel July 2018 Global Location Trends 2018 Annual Report Getting ready for Globalization 4 0 PDF IBM Institute for Business Value p 7 Archived from the original PDF on 10 April 2019 Retrieved 15 September 2018 Ireland continues to lead the world for attracting high value investment generating substantial inward investment with strengths in key high value sectors such as ICT financial and business services and life sciences But Singapore is now a close second with Lithuania and Switzerland right behind a b Population with tertiary education data oecd org Retrieved 17 November 2018 a b Lithuanian Institutions Enhance Focus on New Financial Technologies and Fintech Sector Development in Lithuania finmin lrv lt Archived from the original on 14 July 2018 Retrieved 18 March 2018 IBP Inc Lithuania Country Study Guide Volume 1 Strategic Information and Developments Ed Lulu com 2015 Vol 1 p 175 Google Books Lulu com 30 January 2015 Web 3 March 2017 https books google com books id Tr CwAAQBAJ amp pg PA175 ISBN 0739779109 9780739779101 self published source a b c Kolevinskiene Zydrone 2023 Lietuva pasaulyje pasaulis Lietuvoje Vytauto Didziojo universitetas doi 10 7220 9786094675645 ISBN 978 609 467 564 5 A shocking exhibition about amber not all roads lead to Rome MadeinVilnius lt in Lithuanian 27 October 2022 Retrieved 30 March 2024 a b c Klimantas Adomas 2023 Lithuanian economy 1919 1940 stagnant but resilient The first inter war GDP time series estimates and their implications Scandinavian Economic History Review 1 29 doi 10 1080 03585522 2023 2259909 ISSN 0358 5522 S2CID 263170101 Monument made of coins in central Vilnius to memorialise the litas and pay tribute to first Governor of Bank of Lithuania lb lt Retrieved 30 November 2018 Trumpas lino zydejimas ilgas lino gyvenimas sirvinta lt in Lithuanian Retrieved 19 April 2020 Valancius Grigas The Economic Development and Foreign Trade of Lithuania lituanus org Retrieved 8 June 2019 Lithuania Official Gateway to Lithuania History Lietuva lt Archived from the original on 24 January 2009 Retrieved 3 April 2010 a b c d Background Note Lithuania U S Department of State Retrieved 19 October 2009 Ziemele Ineta 31 October 2003 Baltic Yearbook of International Law 2003 Martinus Nijhoff Publishers p 154 ISBN 978 90 04 13746 2 Retrieved 10 December 2018 Klimantas Adomas Zirgulis Aras 16 July 2019 A new estimate of Lithuanian GDP for 1937 How does interwar Lithuania compare Cliometrica 14 2 227 281 doi 10 1007 s11698 019 00189 8 ISSN 1863 2513 S2CID 199312898 a b c d Eduardas Vilkas Privatisation in Lithuania PDF euro lt Archived from the original PDF on 22 September 2014 Gross value added share by economic sector year Database of Indicators data and statistics Db1 stat gov lt 4 March 2010 Archived from the original on 20 July 2011 Retrieved 3 April 2010 Foreign trade Statistics Lithuania Stat gov lt Archived from the original on 23 July 2011 Retrieved 3 April 2010 General Report 1999 Chapter V Enlargement Section 4 Accession negotiations 3 3 Archived from the original on 31 December 2007 Pradzia Infolex Lt Archived from the original on 22 July 2011 Retrieved 3 April 2010 a b Giovanna Maria Dora Dore 28 January 2015 Hopping on a Sinking Ship The American Interest Archived from the original on 14 February 2015 NASDAQ OMX Baltic NASDAQ OMX Baltic Archived from the original on 13 January 2010 Retrieved 3 April 2010 Turukapitalisatsioon Aktsiad Vabaturg Vilniuse bors 26 November 2009 Structure of gross value added by kind of economic activity and year Archived 20 July 2011 at the Wayback Machine Rodikliu duomenu baze Db1 stat gov lt Archived from the original on 2 April 2010 Retrieved 3 April 2010 Lithuania GDP current US data worldbank org Retrieved 24 November 2018 Bank of Lithuania Statistics Lb lt Archived from the original on 21 November 2008 Retrieved 3 April 2010 Statistics Lithuania Stat gov lt Archived from the original on 23 July 2011 Retrieved 3 April 2010 Aslund Anders 28 November 2011 Lithuania s remarkable recovery euobserver com Retrieved 24 November 2018 This year Lithuania is one of the fastest growing economies in Europe with an annualized growth rate of 6 6 percent during the first half of the year This high growth is driven by an exports surge of no less than 38 percent This is an incredible achievement after a vicious financial crisis Remember that Lithuania s GDP slumped by 14 7 percent in 2009 The explanation is rigorous government policy Lithuania s attainment is often ignored or belittled because its neighbors Estonia and Latvia have carried out similar miracles but they are all true heroes and Lithuania s cure looks remarkable also among this tough competition Lithuania Current account balance of GDP data worldbank org The World Bank Retrieved 24 November 2018 Statistical yearbook of Lithuania 2018 osp stat gov lt p 324 Retrieved 24 November 2018 Lithuanian exports which grew most across Europe last year will beat value records this year verslilietuva lt Retrieved 24 November 2018 OECD Better Life Lithuania Retrieved 2 July 2019 Are Lithuanian residents happy in their own country lb lt Archived from the original on 2 July 2019 Retrieved 2 July 2019 World Happiness Report PDF pp 20 21 Retrieved 2 July 2019 a b FOREIGN DIRECT INVESTMENT FLOW DOUBLED IN 2017 The Bank of Lithuania and Statistics Lithuania Retrieved 22 November 2018 Lithuania one of the fastest growing in EU Innovation area Retrieved 22 November 2018 Free Economic Zones With Tax Benefits And One Stop Shop Services InvestLithuania com Archived from the original on 12 September 2010 Retrieved 3 April 2010 a b Industrial Parks InvestLithuania com Archived from the original on 8 October 2010 Retrieved 3 April 2010 WORLD INVESTMENT REPORT 2019 Special Economic Zones PDF unctad org p 152 Retrieved 20 June 2019 Lithuania BUREAU OF ECONOMIC AND BUSINESS AFFAIRS 2018 Investment Climate Statements Archived from the original on 23 November 2018 Retrieved 22 November 2018 Dar 100 gamyklu per ateinancius penkerius metus vz lt Retrieved 22 November 2018 Manufacturing Risk Index 2018 PDF Cushman amp Wakefield Archived from the original PDF on 31 December 2018 Retrieved 31 December 2018 EY Attractiveness Survey Europe PDF p 11 Archived from the original PDF on 1 December 2019 Retrieved 18 June 2019 a b Resident population at the beginning of the year a b c Earnings in regions and municipalities osp stat gov lt a b BENDRASIS VIDAUS PRODUKTAS PAGAL APSKRITIS 2022 M osp stat gov lt Industry Breakdown of Companies in Lithuania HitHorizons The rise of Lithuania as a force in IT Why Google and Nasdaq are investing here zdnet com Retrieved 8 December 2018 Bank of Lithuania Lb lt 18 March 2010 Archived from the original on 12 April 2009 Retrieved 3 April 2010 Bank of Lithuania Lb lt Archived from the original on 8 March 2008 Retrieved 3 April 2010 Bank of Lithuania Lb lt Retrieved 3 April 2010 permanent dead link Moody s to open Vilnius office emerging europe com 13 December 2018 Retrieved 23 December 2018 After long and careful deliberation we chose Vilnius because of its educated and multilingual talent pool its highly developed IT infrastructure and its business friendly environment said Duncan Neilson a Moody s senior vice president Given our goals of hiring diverse talent and further developing our automation and cyber security capabilities choosing Lithuania as our newest EU location makes good business sense This Country Wants a Piece of London s Fintech Bloomberg com 20 December 2017 Archived from the original on 21 December 2017 Retrieved 20 December 2017 Lithuania Registered 35 New Fintech Companies in 2017 crowdfundinsider com Retrieved 18 March 2018 Kostaki Irene 31 January 2018 Lithuania debuts as EU gateway for global blockchain industry neweurope eu Archived from the original on 3 July 2021 Retrieved 14 July 2018 The Lithuanian capital Vilnius launched Europe s first international Blockchain Centre on 27 January making it the EU s only hub for the digital ledger The new hub will help Europe connect with partner Blockchain Centres in Australia China Canada the UK Belgium Denmark Georgia Gibraltar Ukraine Israel and Latvia Vilnius Aims To Attract Companies Scared of Brexit forbes com Retrieved 11 December 2018 Brexit a boon for Lithuania s fintech drive businesstimes com sg Retrieved 11 December 2018 Milda Seputyte Jeremy Kahn 21 December 2018 Google Payment Expands With E Money License From Lithuania bloomberg com Bloomberg Retrieved 22 December 2018 Google Payment a company owned by Alphabet Inc obtained an e money license in Lithuania joining a growing number of fintech firms that have secured permission from the Baltic nation to offer financial services across the European Union Fintech Locations of the Future 2019 20 London tops first ranking fdiintelligence com Retrieved 29 August 2019 Regulatory sandbox lb lt Archived from the original on 25 March 2019 Retrieved 6 July 2019 FinTech companies showed avid interest in the LBChain project lb lt Archived from the original on 6 July 2019 Retrieved 6 July 2019 Rimantas Rudzkis Natalja Titova 24 November 2006 Manufacturing Industry Trends in Lithuania Engineering Economics 50 5 Retrieved 2 July 2020 Lithuanian furniture makers among Ikea s biggest suppliers lrt lt 9 November 2015 Retrieved 21 November 2018 Aivaras Cicelis deputy president at SEB Bank and head of Corporate Banking Division said that there were fears before that Lithuanian furniture makers would be pushed out of business by the Chinese and Indians but this sector benefited from the financial crisis when everyone was looking for cheap furniture and turned to Ikea which sells Lithuanian production Continental Expands its Presence in Europe and Builds First Plant in Lithuania Retrieved 21 July 2018 Hella officially opens its electronics plant in Lithuania Retrieved 13 September 2018 lepa lt Domenai domenu registravimas UAB Interneto vizija PDF lepa lt Archived from the original PDF on 13 May 2018 Retrieved 13 May 2018 Bancroft Dani 26 July 2016 What is Lithuania s role in European Biotech labiotech eu Retrieved 27 November 2018 Nowadays as a member of the NATO the European Union and Eurozone Lithuania s life science sector is growing around 20 25 annually with special focus on the production and research of biotechnology pharmaceutical and medical devices Many of the products developed in Lithuania are geared towards international markets with 90 of all life science products and services being exported around the world Lithuania a leading light in laser technology Retrieved 1 December 2018 Growing impact of tourism on the Lithuanian economy tourism lt Retrieved 24 November 2018 2017 TOURISM IN LITHUANIA osp stat gov lt p 7 Retrieved 24 November 2018 In 2017 compared to 2016 the number foreign tourists grew by 4 4 per cent and totaled 1 6 million The largest number of foreign tourists staying in the accommodation establishments of Lithuania came from Belarus 177 thousand Germany 176 2 thousand Russia 168 1 thousand also from neighbouring countries Poland 161 4 thousand and Latvia 152 3 thousand In 2017 the number of tourists increased from China 33 4 per cent Greece 27 5 per cent Luxembourg 24 3 per cent Iceland 23 6 per cent Canada 22 3 per cent USA 21 6 per cent a b The World Factbook Central Intelligence Agency 31 March 2023 Farm crops in the country by kind type of farm Database of Indicators data and statistics Db1 stat gov lt Retrieved 3 April 2010 permanent dead link Number of livestock and poultry by kind period Database of Indicators data and statistics Db1 stat gov lt Archived from the original on 13 March 2012 Retrieved 3 April 2010 a b Consumption of main foodstuffs per capita by product Database of Indicators data and statistics Db1 stat gov lt Retrieved 3 April 2010 permanent dead link Lithuania production in 2018 by FAO Ludo Segers Justinas Suliokas Lithuania s public secret Europe s biggest transport company is located here DELFI The Lithuania Tribune Coface Baltic Top 50 2019 Coface Central Europe Retrieved 8 December 2019 Didziausios Lietuvos bendroves 2022 Largest companies of Lithuania 2022 Verslo Zinios in Lithuanian 30 May 2023 Retrieved 4 August 2023 Simeleviciene Jurgita 19 October 2023 Vertingiausiu Lietuvos įmoniu simtukas milijardo kartele perzenge jau daugiau nei desimt 15min in Lithuanian Retrieved 19 October 2023 Simeleviciene Jurgita 24 October 2022 TOP20 Vertingiausiu Lietuvos startuoliu 15min in Lithuanian Retrieved 24 October 2022 Darbo jega ir darbo jegos aktyvumo lygis pagal amziaus grupes ir lytį osp stat gov lt Retrieved 8 December 2018 Average wages Total US dollars 1990 2017 data oecd org OECD Retrieved 8 December 2018 Unemployment rate osp stat gov lt Statistics Lithuania Retrieved 8 December 2018 Population with tertiary education data oecd org Retrieved 25 March 2018 Education at a glance 2017 Lithuania PDF gpseducation oecd org p 2 Archived from the original PDF on 8 August 2019 Retrieved 4 April 2018 OECD Economic Surveys LITHUANIA 2016 PDF oecd org 24 March 2016 p 22 Retrieved 24 November 2018 2019 Shows Biggest Leap for Lithuania 11 December 2018 Retrieved 26 December 2018 The 2017 labor law reform significantly improved Lithuania s position in the Employment Flexibility Index moving the country from the 27th to 15th position among the EU and OECD countries according to Employment Flexibility Index 2019 compiled by the Lithuanian Free Market Institute based on the World Bank s Doing Business data Global Wealth Report 2019 PDF Credit Suisse p 21 Retrieved 15 December 2020 Global Wealth Databook Credit Suisse November 2017 p 24 Archived from the original PDF on 24 August 2018 Retrieved 8 December 2018 Household debt data oecd org OECD Retrieved 8 December 2018 Naujasis NT mokestis Vilniuje kiek tektu sumoketi uz busta www lrt lt Structure of gross value added by kind of economic activity 31 year Database of Indicators data and statistics Db1 stat gov lt Retrieved 3 April 2010 permanent dead link Communications Lithuania World Factbook U S Central Intelligence Agency 13 May 2015 Retrieved 20 May 2015 Uptime Institute Country Lithuania Tier Level Tier III Archived from the original on 20 March 2018 Retrieved 19 March 2018 Colocation Lithuania Data Centers Retrieved 19 March 2018 Lithuanian Communications Sector 2013 PDF Communications Regulatory Authority of the Republic of Lithuania Archived from the original PDF on 27 September 2015 Retrieved 20 May 2015 Mobile cellular subscriptions per 100 people World Bank Archived from the original on 16 April 2015 Retrieved 20 May 2015 ICT Infrastructure Invest Lithuania Archived from the original on 4 May 2015 Retrieved 20 May 2015 Nuclear energy Visaginas Nuclear Power Plant Project Vae lt Archived from the original on 2 March 2010 Retrieved 3 April 2010 Lithuania becomes first ex Soviet state to buy US natural gas Financial Times in Lithuanian Retrieved 26 March 2018 Lithuania breaks Gazprom s monopoly by signing first LNG deal Euractiv com in Lithuanian Retrieved 26 March 2018 Klaipeda LNG terminal Factsheet PDF Ministry of Energy of the Republic of Lithuania 27 October 2014 Retrieved 19 March 2018 Klaipeda LNG Terminal one year on independence or responsibility Lrt lt 11 November 2015 Retrieved 19 March 2018 span, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.