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Economic overview
Lithuania — 34 years of data
Historical Values
| Year | Value |
|---|---|
| 1992 | Lithuania is striving to become a small, independent, largely privatized economy rather than a segment of a huge, centrally planned economy. Although substantially above average in living standards and technology in the old USSR, Lithuania historically lagged behind Latvia and Estonia in economic development. It is ahead of its Baltic neighbors, however, in implementing market reform. The country has no important natural resources aside from its arable land and strategic location. Industry depen |
| 1993 | Lithuania is striving to become an independent privatized economy. Although it was substantially above average in living standards and technology in the old USSR, Lithuania historically lagged behind Latvia and Estonia in economic development. The country has no important natural resources aside from its arable land and strategic location. Industry depends entirely on imported materials that have come from the republics of the former USSR. Lithuania benefits from its ice-free port at Klaipeda on |
| 1994 | Since independence in September 1991, Lithuania has made steady progress in developing a market economy. Over 40% of state property has been privatized and trade is diversifying with a gradual shift away from the former Soviet Union to Western markets. Nevertheless, the process has been painful with industrial output in 1993 less than half the 1991 level. Inflation, while lower than in most ex-Soviet states, has exceeded rates in the other Baltic states. Full monetary stability and economic reco |
| 1995 | Since independence in September 1991, Lithuania has made steady progress in developing a market economy. Almost 50% of state property has been privatized and trade is diversifying with a gradual shift away from the former Soviet Union to Western markets. In addition, the Lithuanian government has adhered to a disciplined budgetary and financial policy which has brought inflation down from a monthly average of around 14% in first half 1993 to an average of 3.1% in 1994. Nevertheless, the process |
| 1996 | Since declaring independence in 1990, Lithuania has implemented reforms aimed at eliminating the vestiges of the former socialist system. With the help of the IMF and other international institutions, the government has adopted a disciplined program to restrain inflation, reduce price controls, lower the budget deficit and privatize the economy. Lithuania has embarked on a series of price liberalizations; most price controls have been abolished. More than two-thirds of its industrial facilities |
| 1997 | Since declaring independence in 1990, Lithuania has implemented reforms aimed at eliminating the vestiges of the former socialist system. With the help of the IMF and other international institutions, the government has adopted a disciplined program to restrain inflation, abolish most price controls, lower the budget deficit, and privatize the economy. More than two-thirds of its industrial facilities as well as most housing and agricultural enterprises have been privatized. Although some import |
| 1998 | 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 milesto |
| 1999 | 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 5.1%, and support GDP growth of 6% in 1997 and 4.5% in 1998. Foreign direct investment and the privatization program maintained their momentum in 1998. However, the current account deficit has hovered around 8% to 10% of GDP annually since 1995--the result of grea |
| 2000 | Lithuania, the Baltic state that has conducted the most trade with Russia, faced its own economic and financial crisis in 1999 as a result of the government's wrongfooted economic policies and its inadequate response to the August 1998 Russian financial crisis. Preliminary figures indicate 3% negative GDP growth, 10% unemployment - the highest level since independence in 1991 - and a budget deficit estimated at between 8 and 9% of GDP. The policies that Prime Minister KUBILIUS implemented upon t |
| 2001 | Lithuania, the Baltic state that has conducted the most trade with Russia, has been slowly rebounding from the 1998 Russian financial crisis. High unemployment and weak consumption have held back recovery. GDP growth for 2000 - estimated at 2.9% - fell behind that of Estonia and Latvia, and unemployment is estimated at 10.8%, the country's highest since regaining independence in 1990. For 2001, Lithuanians forecast 3.2% growth, 1.8% inflation, and a fiscal deficit of 3.3%. In early 2001, the Lit |
| 2002 | Lithuania, the Baltic state that has conducted the most trade with Russia, has been slowly rebounding from the 1998 Russian financial crisis. High unemployment, still 12% in 2002, and weak consumption have held back recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and has moved ahead with plans to join the EU. Privatization of the large, state-owned utilities, particularly in the energy sector, is underway. Overall, m |
| 2003 | Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Unemployment remains high, still 10.7% in 2003, but is improving. Growing domestic consumption and increased investment have furthered recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and has moved ahead with plans to join the EU. Privatization of the large, state-owned utilities, par |
| 2004 | Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Unemployment remains high, still 10.7% in 2003, but is improving. Growing domestic consumption and increased investment have furthered recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and has moved ahead with plans to join the EU. Privatization of the large, state-owned utilities, par |
| 2005 | Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Unemployment dropped from 11% in 2003 to 8% in 2004. Growing domestic consumption and increased investment have furthered recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Privatization of the large, state-owned utilities, particularly in the energy secto |
| 2006 | Lithuania, the Baltic state that has conducted the most trade with Russia, has slowly rebounded from the 1998 Russian financial crisis. Unemployment dropped from 11% in 2003 to about 8% in 2005. Growing domestic consumption and increased investment have furthered recovery. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Privatization of the large, state-owned utilities, particularly in the energy |
| 2007 | Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.7% in 2006, while wages grew 17.6%, contributing to rising inflation. Exports and imports continue to grow strongly, and the current account deficit rose to nearly 10% of GDP in 2006. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May |
| 2008 | Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.2% in 2007 while wages continued to grow at double digit rates, contributing to rising inflation. Exports and imports also grew strongly, and the current account deficit rose to nearly 15% of GDP in 2007. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and |
| 2009 | Lithuania's economy grew on average 8% per year for the four years prior to 2008, driven by exports and domestic consumer demand. Unemployment stood at 4.8% in 2008, while wages grew at double digit rates. The current account deficit rose to roughly 15% of GDP in 2007-08. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accou |
| 2010 | Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a growing percentage of total trade. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per |
| 2011 | Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a growing percentage of total trade. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per |
| 2012 | Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite Lithuania's EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic d |
| 2013 | Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. L |
| 2014 | Lithuania gained membership in the World Trade Organization and joined the EU in May 2004. Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade. Foreign investment and business support have helped in the transition from the old command economy to a market economy. The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's eff |
| 2015 | 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. Lithu |
| 2016 | Lithuania gained membership in the WTO 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 recove |
| 2017 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2018 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2019 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2020 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2021 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2022 | After the country declared independence from the Soviet Union in 1990, Lithuania faced an initial dislocation that is typical during transitions from a planned economy to a free-market economy. Macroeconomic stabilization policies, including privatization of most state-owned enterprises, and a strong commitment to a currency board arrangement led to an open and rapidly growing economy and rising consumer demand. Foreign investment and EU funding aided in the transition. Lithuania joined the WTO |
| 2023 | high-income, EU-member, largest Baltic economy; privatized most state-owned enterprises; unmoved youth emigration; systemic corruption; issued Europe s first bank-backed digital coin (LBCOIN); highly educated workforce; lowest EU household debt |
| 2024 | 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 |
| 2025 | high-income EU and eurozone member, largest Baltic economy; recovery supported by private consumption and EU fund-driven investments; structural challenges include pension reform, aging workforce, and high energy-import costs |