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.
Economic growth was likely robust year on year in Q4. Inflation cooled sharply in the quarter, returning to its pre-pandemic average. Moreover, retail sales were stable in October–November and consumer confidence strengthened in December. Additionally, the downturn in the industrial sector softened on average in October–November compared to Q3. Nevertheless, external demand likely remained weak: Merchandise exports contracted heavily in October–November. In other news, Estonia, Latvia and Lithuania signed an agreement in January to reinforce defense infrastructure along the border with Belarus and Russia. Moreover, Lithuania will hold joint military exercises with Poland along their shared border and recently approved plans to restructure the army and acquire Leopard 2 tanks. These developments bode well for the country’s defense capacity and will likely boost public spending ahead.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 16 expert analysts.

Want to get insight on the economic outlook for Lithuania in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Lithuania from a panel of 16 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

2018 2019 2020 2021 2022
Population (million) 2.8 2.8 2.8 2.8 2.8
GDP (USD bn) 53.7 54.8 56.9 66.8 70.8
GDP per capita (USD) 19,165 19,614 20,342 23,836 25,149
GDP (EUR bn) 45.5 49.0 49.9 56.5 67.4
GDP per capita (EUR) 16,244 17,523 17,844 20,164 23,926
Economic Growth (Nominal GDP, ann. var. %) 7.8 7.5 1.7 13.4 19.4
Economic Growth (GDP, ann. var. %) 4.0 4.6 0.1 6.2 2.4
Domestic Demand (ann. var. %) 3.4 1.4 -3.8 7.7 1.9
Private Consumption (ann. var. %) 3.8 2.7 -3.1 7.9 2.0
Government Consumption (ann. var. %) 0.3 -0.3 -1.6 1.4 0.4
Fixed Investment (ann. var. %) 10.4 7.1 -0.5 9.4 3.6
Exports (G&S, ann. var. %) 7.2 10.2 -0.2 17.4 12.2
Imports (G&S, ann. var. %) 6.1 6.3 -4.5 20.0 12.4
Industrial Production (ann. var. %) 5.2 3.6 0.2 20.4 9.8
Retail Sales (ann. var. %) 6.6 5.4 2.5 13.0 0.8
Wages (ann. var. %) 9.9 40.2 10.1 10.5 13.3
Unemployment (% of active population, eop) 5.9 6.9 8.4 6.4 6.3
Unemployment (% of active population, aop) 6.2 6.3 8.5 7.1 6.0
Fiscal Balance (% of GDP) 0.5 0.5 -6.5 -1.1 -0.7
Public Debt (% of GDP) 33.7 35.8 46.2 43.4 38.1
Money (ann. var. of M2 %) 11.4 10.4 32.1 13.5 11.7
Inflation (CPI, ann. var. %, eop) 1.9 2.7 0.2 10.6 21.7
Inflation (HICP, ann. var. %, eop) 1.8 2.7 -0.1 10.7 20.0
Inflation (HICP, ann. var. %, aop) 2.5 2.2 1.1 4.6 18.9
Inflation (PPI, ann. var. %, aop) 5.6 -0.1 -8.9 9.5 25.9
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
10-Year Bond Yield (%, eop) 0.31 0.31 0.16 0.16 2.88
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 0.1 1.7 3.6 0.6 -3.7
Current Account Balance (% of GDP) 0.3 3.5 7.3 1.1 -5.5
Merchandise Trade Balance (EUR bn) -2.8 -2.3 -0.4 -2.9 -7.3
Merchandise Exports (EUR bn) 24.6 26.0 25.5 31.6 41.1
Merchandise Imports (EUR bn) 27.4 28.3 25.9 34.5 48.5
Merchandise Exports (ann. var. %) 7.9 5.7 -1.6 23.9 29.9
Merchandise Imports (ann. var. %) 10.4 3.3 -8.3 33.2 40.3
Foreign Direct Investment (EUR bn) 0.9 2.7 2.9 2.5 2.0

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