Lithuania - Economy
How is the economy of Lithuania? Based on the information we have, Lithuania has a high-income EU and eurozone member, largest Baltic economy; growth stalled due to Ukraine war impact on energy, exports, and fiscal spending for defense and refugee support; rebound supported by EU fund-driven investments and reduced inflation; structural challenges include pension reform, labor market inefficiencies, health care, and education spending. Key agricultural products in this country include: wheat, milk, rapeseed, sugar beets, barley, potatoes, beans, triticale, oats, peas (2022).
More about the economy of Lithuania
| Labor force | 1.51 million (2023 est.) |
|---|---|
| Industrial production growth rate | -2.17% (2023 est.) |
| Industries | metal-cutting machine tools, electric motors, televisions, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizer, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, app/software development, biotechnology |
| Population below poverty line | 20.9% (2021 est.) |
| Taxes and other revenues | 21.1% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $6.168 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $5.365 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $5.58 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $1.506 billion (2023 est.) |
| Current account balance 2022 | -$3.874 billion (2022 est.) |
| Current account balance 2021 | $766.788 million (2021 est.) |
| Public debt | |
| Public debt 2022 | 36.05% of GDP (2022 est.) |
| Budget | |
| Revenues | $24.347 billion (2022 est.) |
| Expenditures | $24.219 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.25% of GDP (2023 est.) |
| Remittances 2022 | 1.04% of GDP (2022 est.) |
| Remittances 2021 | 1.16% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.6% (2021 est.) |
| Highest 10% | 29.1% (2021 est.) |
| Average household expenditures | |
| On food | 19.8% of household expenditures (2022 est.) |
| On alcohol and tobacco | 5.8% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $58.104 billion (2023 est.) |
| Imports 2022 | $62.853 billion (2022 est.) |
| Imports 2021 | $50.377 billion (2021 est.) |
| Imports (partners) | Poland 12%, Germany 11%, Latvia 8%, US 6%, Russia 5% (2022) |
| Comodities Imports force | crude petroleum, natural gas, electricity, cars, plastic products (2022) |
| Exports | |
| Imports 2023 | $58.104 billion (2023 est.) |
| Imports 2022 | $62.853 billion (2022 est.) |
| Imports 2021 | $50.377 billion (2021 est.) |
| Exports (partners) | Latvia 13%, Poland 8%, Germany 8%, Russia 6%, US 6% (2022) |
| Comodities Exports force | refined petroleum, furniture, plastic products, natural gas, wheat (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $132.712 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $133.159 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $129.987 billion (2021 est.) |
| GDP (official exchange rate) | $77.836 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $46,200 (2023 est.) |
| Real GDP per capita 2022 | $47,000 (2022 est.) |
| Real GDP per capita 2021 | $46,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3% (2023 est.) |
| Industry | 24.1% (2023 est.) |
| Services | 63.1% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 58.8% (2023 est.) |
| Government consumption | 17.7% (2023 est.) |
| Investment in fixed capital | 23.3% (2023 est.) |
| Investment in inventories | -3.6% (2023 est.) |
| Exports of goods and services | 78.5% (2023 est.) |
| Imports of goods and services | -74.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.96% (2023 est.) |
| Unemployment rate 2022 | 5.96% (2022 est.) |
| Unemployment rate 2021 | 7.11% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.9% (2023 est.) |
| Male | 16.3% (2023 est.) |
| Female | 11.3% (2023 est.) |
All Important Facts about Lithuania
Want to know more about Lithuania? Check all different factbooks for Lithuania below.
