Lithuanian
Economy At a Glance
Overview of the main economic
indicators in Lithuania
|
Indicator |
2006 |
2007 |
| GDP growth |
7,5 % |
8,7 % |
| GDP per capita |
6996 EUR |
8292 EUR |
| Export |
11,2 bn EUR |
12,5 bn EUR
|
| Export growth |
18,3 % |
11,2 % |
| Import |
15,4 bn EUR |
17,6 bn EUR
|
| Import growth |
22,9 % |
14,5 % |
| Annual average inflation
|
3,7 % |
5,7% |
| Unemployment |
5,6 % |
3,9% |
| Fiscal deficit |
0,3 % |
0,9% (forecast) |
| Cumulative foreign direct investment |
8,3 bn EUR
(01/01/2007) |
9,9 bn EUR
(01/10/2007) |
| Public debt |
18,3 % of GDP |
20,7% of GDP |
GDP
The expansion of Lithuanian economy is very dynamic with growth
rates being among the highest ones in the Europe. In 2007 GDP went up by
8,7 % as compared to the year 2006, and amounted to EUR 28 bn. Main
contributors to such growth rates were investment flows, domestic demand
and export growth. Real GDP per capita amounted to EUR 8292 in 2007.
Trade
In 2007 the total turnover of foreign trade amounted to EUR 30,1
bn; exports totaled EUR 12,5 bn and imports – EUR 17,6 bn.
The major Lithuanian export partners were Russia (15,0 %), Latvia (12,8
%), Germany (10,5 %), Poland (6,3 %). The major import partners were
Russia (18,2 %), Germany (14,9 %), Poland (10,6 %), Latvia (5,5 %).
Major export goods: mineral fuels (13,8 %), machinery and mechanical,
electrical appliances (12,9 %), vehicles and their equipment (10,5 %),
chemical products (8,0 %), textiles and textile articles (7,5 %). Major
import goods: machinery and mechanical, electrical appliances (17,5 %),
mineral fuels (17,3 %), vehicles and their equipment (16,4 %), chemical
products (9,7 %).
Inflation
Annual average inflation for the year 2007 was 5,7 %.
Unemployment
Unemployment rate from 17,4 % in 2001 decreased to 3.9 % in
2007.
Debt
In 2007 public debt comprised 20,7 % of GDP and remain on of the lowest
in the EU.
Investment
On1 October 2007 cumulative foreign direct investment (FDI) was
EUR 9,9 bn or EUR 2943 per capita. The main investors were Poland (19,5
% of total FDI), Denmark (13,1 %), Sweden (10,9 %). 80,7 % of foreign
direct investment to Lithuania came from the EU countries.
On 1 October 2007 Lithuanian foreign direct investment abroad made up
EUR 1 bn. The biggest amount was invested in Latvia (29,1 % of total
investments of Lithuania), Russia (13,4 %), Estonia (10,2 %).
Ratings
Lithuanian economy’s achievements are highly evaluated by
international rating agencies, such as Standard & Poor’s, Moody’s and
Fitch. Lithuania’s ratings for long-term lending in foreign currency are
the following: A with negative tendency (Standard & Poor’s), A2 with
neutral tendency (Moody’s) and A with neutral tendency (Fitch).
[*] Average annual inflation shows
relative changes of the average price rate between the average of the
latest twelve months and the average of the corresponding previous
twelve months.
More information on ratings
More information on the Lithuanian
economy:
http://www.stat.gov.lt/en/,
http://www.finmin.lt
http://www.lb.lt |
