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Economic Data [Compare Countries]Economy Overview
Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.2% in 2007 while wages continued to grow at double digit rates, contributing to rising inflation. Exports and imports also grew strongly, and the current account deficit rose to nearly 15% of GDP in 2007. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy.
Debt and Aid
Debt: $27.19 billion (31 December 2007)
Aid Given: N/A
Aid Received: $249.7 million (2004)
Labour Force
Number in labour force: 1.587 million (2007 est.)
Sectors: agriculture: 15.8% industry: 28.2% services: 56% (2004)
Unemployment: 3.5% note: based on survey data, official registered unemployment of 5.7% (2007 est.)
GDP Facts and Figures
Currency: litas (LTL)
GDP: $59.64 billion (2007 est.)
GDP Per Capita: $17,700 (2007 est.)
GDP Real Growth: 8.8% (2007 est.)
GDP Composition: agriculture: 5.3% industry: 33.3% services: 61.4% (2007 est.)
Production Growth Rate: 7.4% (2007 est.)
Industries, Land Use and Resource Consumption
Industries: metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber jewelry
Land use: arable land: 44.81% permanent crops: 0.9% other: 54.29% (2005)
Exports: mineral products 23%, textiles and clothing 16%, machinery and equipment 11%, chemicals 6%, wood and wood products 5%, foodstuffs 5% (2001)
Electricity Consumption: 9.296 billion kWh (2005)
Natural Gas Consumption: 2.916 billion cu m (2005 est.)
Oil Consumption: 57,000 bbl/day (2005 est.)
