About Lithuania & Key Financial Statistics

About Lithuania and Key Financial Statistics

Overview of Economy:

Lithuania gained membership in the World Trade Organization in May 2001 and joined the EU in May 2004. Lithuania's trade with the EU and CIS countries accounts for approximately 87.3% of total trade. Foreign investment and EU funding have aided in the transition from the former planned economy to a market economy. The three former Soviet Baltic republics were severely hit by the 2008-09 financial crisis, but Lithuania has rebounded and become one of the fastest growing economies in the EU. Lithuania’s ongoing recovery hinges on export growth, which is being hampered by economic slowdowns in the EU and Russia. Lithuania joined the euro zone on 1 January 2015.

Gross Domestic Product (In USD):

$79.93 billion (2014 est.)

$77.64 billion (2013 est.)

$75.19 billion (2012 est.)

Exports:

$31.55 billion (2014 est.)

$31.88 billion (2013 est.)

Key Export Commodities:

refined fuel, machinery and equipment, chemicals, textiles, foodstuffs, plastics

Export Partners:

Russia 20.9%, Latvia 9.2%, Poland 8.3%, Germany 7.3%, Belarus 4.7%, Netherlands 4.5%, Estonia 4.3% (2014)

Imports:

$33.54 billion (2014 est.)

$33.11 billion (2013 est.)

Key Import Commodities:

oil, natural gas, machinery and equipment, transport equipment, chemicals, textiles and clothing, metals

Import Partners:

Russia 21.7%, Germany 11%, Poland 9.5%, Latvia 6.9%, Italy 4.9%, Netherlands 4.8%, UK 4.1% (2014)

Inflation Rate (Consumer Price Index):

0.2% (2014 est.)

1.2% (2013 est.)

Exchange Rate to USD:

litai (LTL) per US dollar -

0.7525 (2014 est.)

0.7525 (2013 est.)

2.69 (2012 est.)

2.481 (2011 est.)

2.6063 (2010 est.)

Unemployment Rate:

10.7% (2014 est.)

11.8% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings