Skyline in Lithuania

Lithuania Economy

Lithuania's economy in numbers:

Nominal GDP of USD 70.8 billion in 2022.

GDP per capita of USD 25,149 compared to the global average of USD 10,589.

Average real GDP growth of 3.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 71% of overall GDP, manufacturing 16%, other industrial activity 10%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 59% of GDP in 2021, government consumption 18%, fixed investment 19%, and net exports 4%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 66% of total merchandise exports, mineral fuels 10%, food 16%, ores and metals 3% and agricultural raw materials 3%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 17%, food 11%, ores and metals 3% and agricultural raw materials 3%, with other goods accounting for 2% of the total. Total exports were worth USD 47 billion in 2022, while total imports were USD 55 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.4% in the decade to 2022. To read more about GDP growth in Lithuania, go to our dedicated page.

Fiscal policy:

Lithuania's fiscal deficit averaged 1.2% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 8.6% in the decade to 2022. For more information on Lithuania's unemployment click here.

Inflation:

Inflation averaged 3.4% in the decade to 2022. Go to our Lithuania inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Lithuania monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Annual growth strengthened notably in Q1 from Q4 2023, buoyed by a sharper rise in private consumption and a rebound in exports of goods and services. However, fixed investment growth plunged compared to Q4, and government expenditure swung into contraction. Turning to Q2, our panelists anticipate GDP growth to moderate from Q1. That said, available data is relatively upbeat. Economic sentiment improved to a near two-year high in May on the strongest consumer confidence level in over four years. Moreover, industrial output growth shot up in April on sharper increases in manufacturing and mining production compared to Q1, and goods exports expanded for the first time in 14 months during the same month, hinting at recovering external demand. Meanwhile, retail sales hovered near Q1’s average in April, suggesting resilient private spending.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 18 expert analysts.

Want to get insight on the economic outlook for Lithuania in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for Lithuania from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Lithuania economy. To download a sample report on the Lithuania's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Lithuania Economic Data

2019 2020 2021 2022 2023
Population (million) 2.8 2.8 2.8 2.8 2.9
GDP (USD bn) 54.8 56.9 66.8 70.9 77.8
GDP per capita (USD) 19,614 20,342 23,836 25,100 26,996
GDP (EUR bn) 49.0 49.9 56.5 67.4 72.0
GDP per capita (EUR) 17,523 17,844 20,164 23,880 24,969
Economic Growth (Nominal GDP, ann. var. %) 7.6 1.8 13.4 19.5 6.6
Economic Growth (GDP, ann. var. %) 4.6 0.1 6.2 2.4 -0.3
Domestic Demand (ann. var. %) 1.4 -3.8 7.7 1.9 -1.7
Private Consumption (ann. var. %) 2.7 -3.1 7.9 2.0 -1.0
Government Consumption (ann. var. %) -0.3 -1.6 1.4 0.4 0.2
Fixed Investment (ann. var. %) 7.1 -0.5 9.4 3.6 10.6
Exports (G&S, ann. var. %) 10.2 -0.2 17.4 12.2 -3.3
Imports (G&S, ann. var. %) 6.3 -4.5 20.0 12.4 -4.9
Industrial Production (ann. var. %) 3.6 0.2 20.4 9.8 -6.2
Retail Sales (ann. var. %) 5.3 2.6 12.8 0.5 -1.4
Wages (ann. var. %) 40.2 10.1 10.5 13.3 12.2
Unemployment (% of active population, eop) 6.9 8.4 6.4 6.3 7.0
Unemployment (% of active population, aop) 6.3 8.5 7.1 6.0 6.9
Fiscal Balance (% of GDP) 0.5 -6.5 -1.1 -0.6 -0.8
Public Debt (% of GDP) 35.8 46.2 43.4 38.1 38.3
Money (ann. var. of M2 %) 10.4 32.1 13.5 12.5 0.3
Inflation (CPI, ann. var. %, eop) 2.7 0.2 10.6 21.7 1.2
Inflation (HICP, ann. var. %, eop) 2.7 -0.1 10.7 20.0 1.6
Inflation (HICP, ann. var. %, aop) 2.2 1.1 4.6 18.9 8.7
Inflation (PPI, ann. var. %, aop) -0.1 -8.9 9.5 25.9 -2.2
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 2.50 4.50
ECB Overnight Deposit Rate (%, eop) -0.50 -0.50 -0.50 2.00 4.00
3-Month EURIBOR (%, eop) -0.38 -0.55 -0.57 2.13 3.91
10-Year Bond Yield (%, eop) 0.31 0.16 0.16 2.88 2.88
Exchange Rate (USD per EUR, eop) 1.12 1.22 1.14 1.07 1.10
Exchange Rate (USD per EUR, aop) 1.12 1.14 1.18 1.05 1.08
Current Account Balance (EUR bn) 1.7 3.6 0.6 -3.7 1.4
Current Account Balance (% of GDP) 3.5 7.3 1.1 -5.5 1.9
Merchandise Trade Balance (EUR bn) -2.3 -0.4 -2.9 -7.3 -4.8
Merchandise Exports (EUR bn) 26.0 25.5 31.6 41.1 36.3
Merchandise Imports (EUR bn) 28.3 25.9 34.5 48.5 41.2
Merchandise Exports (ann. var. %) 5.7 -1.6 23.9 29.9 -11.6
Merchandise Imports (ann. var. %) 3.3 -8.3 33.2 40.3 -15.1
Foreign Direct Investment (EUR bn) 1.3 0.3 2.5 2.1 1.7

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