Economy - overview Lithuania has benefited from its disciplined approach to market reform and its adherence to strict fiscal and monetary policies imposed by the IMF, measures that have helped constrain the growth of the money supply, reduce inflation to 8.6%, and support GDP growth of 6% in 1997. Inflation is expected to fall in 1998 to 6% and GDP to grow at close to 7%. Foreign direct investment in 1997 of some $430 million pushed the country over the $1 billion mark, the first Baltic state to reach this milestone. However, the current account deficit has hovered around 8% to 10% of GDP annually since 1995 - the result of greater demand for consumer goods and falling growth in exports.

GDP purchasing power parity - $15.4 billion (1997 est.)

GDP - real growth rate 6% (1997 est.)

GDP - per capita purchasing power parity - $4,230 (1997 est.)

GDP - composition by sector
agriculture: 9%
industry: 28%
services: 63% (1995 est.)

Inflation rate - consumer price index 8.6% (1997 est.)

Labor force
total: 1.8 million
by occupation: industry and construction 42%, agriculture and forestry 20%, other 38% (1997)

Unemployment rate 6.7% (January 1998)

Budget
revenues: $1.5 billion
expenditures: $1.7 billion, including capital expenditures of $NA (1997 est.)

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

Industrial production growth rate 3.7% (1996)

Electricity - capacity 5.463 million kW (1995)

Electricity - production 14.33 billion kWh (1997 est.)

Electricity - consumption per capita 2,398 kWh (1995)

Agriculture - products grain, potatoes, sugar beets, vegetables; meat, milk, eggs; fish; flax fiber

Exports
total value: $3.3 billion (1996)
commodities: agricultural products 16.9%, mineral products 15.7%, textiles 15.2%, machinery 11.4%, live animals 7.7% (1996)
partners: Russia, Germany, Belarus, Latvia, Ukraine (1996)

Imports
total value: $4.4 billion (1996)
commodities: mineral production 20%, machinery 16%, transport equipment 10%, chemicals 10%, textiles 8%, foodstuff 6% (1996)
partners: Russia, Germany, Poland, Italy, Denmark (1996)

Debt - external $895 million

Economic aid
recipient: ODA, $144 million (1993)
note: commitments from the West and international financial institutions, $765 million (1992-95)

Currency 1 Lithuanian litas = 100 centas

Exchange rates litai per US$1 - 4.000 (fixed rate since 1 May 1994), 3.978 (1994), 4.344 (1993), 1.773 (1992)

Fiscal year calendar year

NOTE: The information regarding Lithuania on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lithuania Economy 1998 information contained here. All suggestions for corrections of any errors about Lithuania Economy 1998 should be addressed to the CIA.