Lithuania

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Lithuania - In Short.

Overview of Lithuania

Lithuanian lands were united under MINDAUGAS in 1236; over the next century, through alliances and conquest, Lithuania extended its territory to include most of present-day Belarus and Ukraine. By the end of the 14th century Lithuania was the largest state in Europe. An alliance with Poland in 1386 led the two countries into a union through the person of a common ruler. In 1569, Lithuania and Poland formally united into a single dual state, the Polish-Lithuanian Commonwealth. This entity survived until 1795 when its remnants were partitioned by surrounding countries. Lithuania regained its independence following World War I but was annexed by the USSR in 1940 – an action never recognized by the US and many other countries. On 11 March 1990, Lithuania became the first of the Soviet republics to declare its independence, but Moscow did not recognize this proclamation until September of 1991 (following the abortive coup in Moscow). The last Russian troops withdrew in 1993. Lithuania subsequently restructured its economy for integration into Western European institutions; it joined both NATO and the EU in the spring of 2004. In 2015, Lithuania joined the euro zone, and it joined the Organization for Economic Cooperation and Development in 2018.
Value
Country Full Name
Lithuania
Country Code
LTU
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
56546957475
Population
2794885
Land Area
62630
Net National Income Per Capita
17026.26452
GDP per Capita (PPP)
38880.54527

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Lithuania - Economic

Economy of Lithuania

After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO in May 2001, the EU in May 2004, and the euro zone in January 2015, and is now working to complete the OECD accession roadmap it received in July 2015. In 2017, joined the OECD Working Group on Bribery, an important step in the OECD accession process.The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU. Increases in exports, investment, and wage growth that supported consumption helped the economy grow by 3.6% in 2017. In 2015, Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia; goods and services trade between the US and Lithuania totaled $2.2 billion. Lithuania opened a self-financed liquefied natural gas terminal in January 2015, providing the first non-Russian supply of natural gas to the Baltic States and reducing Lithuania’s dependence on Russian gas from 100% to approximately 30% in 2016.Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter hampered by economic slowdowns in the EU and Russia. In addition, a steady outflow of young and highly educated people is causing a shortage of skilled labor, which, combined with a rapidly aging population, could stress public finances and constrain long-term growth.

Unemployment Rate

Inflation Rate

Lithuania - GDP Composition

GDP Composiiton & Value Added of Lithuania

Last Updated: Jan, 2021, Updated For 2020.

Lithuania - GDP, Value Added

Demographics of Lithuania

fairly even population distribution throughout the country, but somewhat greater concentrations in the southern cities of Vilnius and Kaunas, and the western port of Klaipeda
Geographic Location

Eastern Europe, bordering the Baltic Sea, between Latvia and Russia, west of Belarus

Races

Lithuanian 84.1%, Polish 6.6%, Russian 5.8%, Belarusian 1.2%, other 1.1%, unspecified 1.2% (2011 est.)

Languages

Lithuanian (official) 82%, Russian 8%, Polish 5.6%, other 0.9%, unspecified 3.5% (2011 est.)major-language

Religion

Roman Catholic 77.2%, Russian Orthodox 4.1%, Old Believer 0.8%, Evangelical Lutheran 0.6%, Evangelical Reformist 0.2%, other (including Sunni Muslim, Jewish, Greek Catholic, and Karaite) 0.8%, none 6.1%, unspecified 10.1% (2011 est.)

Dependency & Expectancy of Lithuania

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Lithuania

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

Australia Group, BA, BIS, CBSS, CD, CE, EAPC, EBRD, ECB, EIB, EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITU, ITUC (NGOs), MIGA, NATO, NIB, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Lithuania

Export of Lithuania

Import Destination

Export Destination