Lithuania boasts high economic growth but has a sizeable current account balance affecting its economic landscape.
Economic Structure
- Rapid growth following 1998 Russian financial crisis
- GDP: $28.57 billion
- Real GDP Growth: 8%
- Unemployment: 3.2%
- Rapid Real Wage Growth
- Inflation: 2.4% (2007 CPI est.)
- Current Account Balance: -9.2%
Demographic:
- Median Age
- Male: 36.4 years
- Female: 41.6 years
- Sex Ratio
- Under 15 years: 1.05 male(s)/female
- 15-64 years: 0.96 male(s)/female
- 65 years and over: 0.53 male(s)/female
- Income per Capita: $16,700
- 2008 population growth estimate is -.284%
- Literacy rate: 99.6% (for men and women)
Lithuania By Sector:
- Agriculture
- Changes from collectivization to private to capital-scaled farms
- Construction
- 15% annual growth
- Almost completely privatized
- Shift from Russian to domestic contracts
- Manufacturing
- Leather and Textiles are biggest manufacturing sectors
- Wood and Furniture growing the fastest
- Export to UK and Sweden (60% of exports to Sweden are for IKEA)
- Financial Services
- Consolidation: 9 commercial banks, 90% foreign capital
- Falling interest rates fuel strong growth