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Economy of Lithuania

Economy of Lithuania
Vilnius CBD
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO, OECD
Country group
Statistics
PopulationIncrease 2,886,515 (2024)[4]
GDP
  • Increase $78.346 billion (nominal, 2023 est.)[5]
  • Increase $137.389 billion (PPP, 2023 est.)[5]
GDP rank
GDP growth
  • 4.94% (2021)
  • 1.84% (2022e)
  • 2.59% (2023e)[5]
GDP per capita
  • Increase $28,094 (nominal, 2023 est.)[5]
  • Increase $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]
  • Positive decrease 26.3% at risk of poverty or social exclusion (AROPE, 2019)[8]
Positive decrease 35.4 medium (2019, Eurostat)[9]
Labour force
  • Decrease 1,439,700 (2019)[12]
  • Increase 77.8% employment rate (Target: 72.8%; 2018)[13]
Labour force by occupation
Unemployment
  • Decrease 6.4% (April 2022)[14]
  • Negative increase 23.1% youth unemployment (15 to 24 year-olds; July 2020)[15]
Average gross salary
€1,989 per month (2023 Q3)[16]
€1,235 per month (2023 Q3)[16]
Main industries
Petroleum refining, food processing, energy supplies, chemicals, furniture, wood products, textile and clothing[17]
External
ExportsIncrease €44.31 billion (2022)[18]
Export goods
Mineral products, furniture, vehicles and their parts, plastics, machinery, electrical machinery and equipment, wood[18]
Main export partners
ImportsIncrease €52.54 billion (2022)[18]
Import goods
Mineral products, vehicles and their parts, machinery, electrical machinery and equipment, plastics, pharmaceutical products, iron and steel[18]
Main import partners
FDI stock
  • Increase €29.74 billion (31 December 2022)[19]
  • Increase Abroad: €10.58 billion (31 December 2022)[19]
Increase $364 million (2017 est.)[3]
Negative increase $34.48 billion (31 March 2016 est.)[3]
Public finances
  • Negative increase 36.3% of GDP (2019)[20]
  • Negative increase €17.524 billion (2019)[20]
  • €129 million surplus (2019)[20]
    • +0.3% of GDP (2019)[20]
Revenues35.2% of GDP (2019)[20]
Expenses34.9% of GDP (2019)[20]
Economic aid
  • Standard & Poor's:[23]
  • A- (Domestic)
  • A- (Foreign)
  • AAA (T&C Assessment)
  • Outlook: Stable
  • Moody's:[24]
  • A3 (long-term)
  • (P)P-2 (short-term)
  • Outlook: Stable
  • Fitch:[25]
  • A- (long-term)
  • F1 (short-term)
  • Outlook: Positive
  • Scope:[26]
  • A (long-term rating)
  • Stable (long-term Outlook)
  • S-1 (short-term rating)
Decrease €3.9 billion (October 2018)[27]
[28][29][30][31][32][33][34]

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

The economy of Lithuania is the largest economy among the three Baltic states.[35][36] 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.

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.[37] 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.[38] GDP growth had resumed in 2010, albeit at a slower pace than before the crisis.[39][40] The success of the crisis taming is attributed to the austerity policy of the Lithuanian government.[41]

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.[42]

Lithuania is ranked 11th in the world in the Ease of Doing Business Index prepared by the World Bank Group,[43] 16th out of 178 countries in the Index of Economic Freedom, measured by The Heritage Foundation[44] and 8th out of 165 countries in the Economic Freedom of the World 2021[45] 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.[46] 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.[47]

Based on OECD data, Lithuania is among the top 5 countries in the world by postsecondary (tertiary) education attainment.[48] 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.[49] positioning the country as one of the most attractive for the financial technology initiatives in the EU.

  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. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
  11. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 12 October 2022.
  12. ^ "Labor force, total – Lithuania". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  13. ^ "Employment rate by sex, age group 20–64". ec.europa.eu/eurostat. Eurostat. Retrieved 18 June 2019.
  14. ^ "Unemployment by sex and age – monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  15. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
  16. ^ a b Mykolaitytė, Kornelija (5 December 2023). "Vidutinis atlyginimas „į rankas" Lietuvoje pasiekė 1235 eurus: išskirta, kam pajamos didėjo labiausiai". Delfi (in Lithuanian). Retrieved 5 December 2023.
  17. ^ "Pramonės produkcija, be PVM ir akcizo". Statistics Lithuania. Archived from the original on 8 February 2017. Retrieved 7 February 2017.
  18. ^ a b c d e f "Exports, imports by country and territory". State Data Agency. Retrieved 30 November 2023.
  19. ^ a b "Export, investments and tourism promotion". Ministry of Foreign Affairs. Retrieved 30 November 2023.
  20. ^ 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.
  21. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  22. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  23. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 15 May 2015.
  24. ^ 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.
  25. ^ "Fitch Ratings Upgraded Lithuania's Credit Rating Outlook To "Positive"". 10 August 2018. Retrieved 12 August 2018.
  26. ^ "Scope affirms Lithuania's credit ratings at A and revises the Outlook to Stable from Positive". 28 April 2023. Retrieved 29 April 2023.
  27. ^ "Official reserve assets". lb.lt. Archived from the original on 31 March 2019. Retrieved 24 November 2018.
  28. ^ "Latest economic indicators". Bank of Lithuania. Retrieved 19 February 2024.
  29. ^ "Lithuanian Economic Review". Bank of Lithuania. 10 October 2023. Retrieved 19 February 2024.
  30. ^ "Ekonominės raidos scenarijus". Lietuvos Respublikos finansų ministerija (in Lithuanian). 4 January 2024. Retrieved 19 February 2024.
  31. ^ "Makroekonomikos prognozės". SEB (in Lithuanian). Retrieved 19 February 2024.
  32. ^ "Naujausi Lietuvos ekonomikos ir finansų rodikliai". SEB (in Lithuanian). Retrieved 19 February 2024.
  33. ^ "Pagrindiniai šalies rodikliai". Oficialiosios statistikos portalas (in Lithuanian). 25 April 2011. Retrieved 19 February 2024.
  34. ^ "Oficialiosios statistikos portalas – pradžia". OSP.stat.gov.lt (in Lithuanian). 25 April 2011. Retrieved 19 February 2024.
  35. ^ "Gross domestic product (GDP)". OECD. Retrieved 27 June 2020.
  36. ^ "World Economic Outlook Database". International Monetary Fund. Retrieved 27 June 2020.
  37. ^ "Lithuania. GDP (current US$)". data.worldbank.org. Retrieved 24 November 2018.
  38. ^ "Lithuanias Year 2012 Budget Deficit Set Bellow 3 per cent GDP". bns.lt. Retrieved 18 November 2018.
  39. ^ "Statistics Lithuania". Stat.gov.lt. 28 December 2009. Archived from the original on 23 July 2011. Retrieved 3 April 2010.
  40. ^ "Lietuvos makroekonomikos apzvalga" (PDF). SEB Bankas. April 2015. Archived (PDF) from the original on 1 July 2015. Retrieved 1 July 2015.
  41. ^ "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.
  42. ^ "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.
  43. ^ "Rankings – Doing Business – The World Bank Group". Doing Business. Retrieved 3 November 2019.
  44. ^ "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.
  45. ^ "Economic Freedom of the World: Annual Report 2021" (PDF). 2021. p. 8. Retrieved 14 September 2021.
  46. ^ "Tiesioginės užsienio investicijos Lietuvoje pagal šalį – Lietuvos bankas". 9 January 2018. Archived from the original on 9 January 2018.
  47. ^ 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.
  48. ^ "Population with tertiary education". data.oecd.org. Retrieved 17 November 2018.
  49. ^ "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.
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