Economy - overview:
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Lithuania gained membership in the World Trade Organization joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. Lithuania's GDP plunged nearly 15% in 2009. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU. Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015. Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in 2012 nearly 25% over 2011. Despite government efforts, unemployment - at 13.2% in 2012 - remains high.
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GDP (purchasing power parity):
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$64.8 billion (2012 est.)
country comparison to the world: 87
$62.61 billion (2011 est.)
$59.13 billion (2010 est.)
note:
data are in 2012 US dollars
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GDP (official exchange rate):
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$43.5 billion (2012 est.)
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GDP - real growth rate:
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3.5% (2012 est.)
country comparison to the world: 99
5.9% (2011 est.)
1.4% (2010 est.)
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GDP - per capita (PPP):
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$20,100 (2012 est.)
country comparison to the world: 70
$19,400 (2011 est.)
$18,000 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 3.3%
industry:
28.4%
services:
68.4% (2012 est.)
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Labor force:
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1.587 million (2012 est.)
country comparison to the world: 129
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Labor force - by occupation:
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agriculture: 7.9%
industry:
19.6%
services:
72.5% (2012 est.)
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Unemployment rate:
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13.2% (2012 est.)
country comparison to the world: 136
15.4% (2011 est.)
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Population below poverty line:
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4% (2008)
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Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%:
29.1% (2008)
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Distribution of family income - Gini index:
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35.5 (2009)
country comparison to the world: 86
34 (1999)
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Investment (gross fixed):
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33.6% of GDP (2012 est.)
country comparison to the world: 16
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Budget:
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revenues: $9.8 billion
expenditures:
$10.1 billion (2012 est.)
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Taxes and other revenues:
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22.5% of GDP (2012 est.)
country comparison to the world: 137
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Budget surplus (+) or deficit (-):
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-0.7% of GDP (2012 est.)
country comparison to the world: 54
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Public debt:
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38.5% of GDP (2012 est.)
country comparison to the world: 96
36.8% of GDP (2011 est.)
note:
official data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities, debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
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Inflation rate (consumer prices):
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3.4% (2012 est.)
country comparison to the world: 93
4.1% (2011 est.)
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Central bank discount rate:
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3% (31 December 2010 est.)
country comparison to the world: 112
2.06% (31 December 2009 est.)
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Commercial bank prime lending rate:
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5.8% (31 December 2012 est.)
country comparison to the world: 144
5.78% (31 December 2011 est.)
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Stock of narrow money:
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$12.24 billion (31 December 2012 est.)
country comparison to the world: 74
$11.72 billion (31 December 2011 est.)
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Stock of broad money:
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$19.32 billion (31 December 2012 est.)
country comparison to the world: 88
$18.74 billion (31 December 2011 est.)
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Stock of domestic credit:
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$22.49 billion (31 December 2012 est.)
country comparison to the world: 79
$22.84 billion (31 December 2011 est.)
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Market value of publicly traded shares:
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$4.075 billion (31 December 2011)
country comparison to the world: 82
$5.661 billion (31 December 2010)
$4.477 billion (31 December 2009)
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Agriculture - products:
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grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish
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Industries:
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metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber jewelry
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Industrial production growth rate:
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7.5% (2011 est.)
country comparison to the world: 32
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Current account balance:
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-$1.053 billion (2012 est.)
country comparison to the world: 114
-$670 million (2011 est.)
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Exports:
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$29.01 billion (2012 est.)
country comparison to the world: 65
$28.06 billion (2011 est.)
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Exports - commodities:
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mineral products, machinery and equipment, chemicals, textiles , foodstuffs, plastics
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Exports - partners:
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Russia 15.6%, Latvia 9.7%, Germany 8.9%, Poland 6.7%, Estonia 6.3%, Netherlands 5.8%, Belarus 4.8% (2011)
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Imports:
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$31.41 billion (2012 est.)
country comparison to the world: 64
$30.17 billion (2011 est.)
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Imports - commodities:
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mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals
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Imports - partners:
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Russia 32.1%, Germany 9.6%, Poland 9%, Latvia 6.5%, Netherlands 4.8% (2011)
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Reserves of foreign exchange and gold:
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$8.821 billion (31 December 2012 est.)
country comparison to the world: 77
$8.21 billion (31 December 2011 est.)
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Debt - external:
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$31.37 billion (31 December 2012 est.)
country comparison to the world: 69
$31.03 billion (31 December 2011 est.)
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Stock of direct foreign investment - at home:
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$15.75 billion (31 December 2012 est.)
country comparison to the world: 76
$14.85 billion (31 December 2011 est.)
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Stock of direct foreign investment - abroad:
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$2.612 billion (31 December 2012 est.)
country comparison to the world: 68
$2.312 billion (31 December 2011 est.)
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Exchange rates:
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litai (LTL) per US dollar -
2.711 (2012 est.)
2.481 (2011 est.)
2.6063 (2010 est.)
2.4787 (2009)
2.3251 (2008)
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Fiscal year:
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calendar year
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