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Lithuania Economy
Lithuania Economy: A summary of information about Lithuania Economy, from government research data as well as independent research and other sources.
Lithuania: Economy
Economy - overview
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 taking the helm in November 1999 underscore a commitment to fiscal restraint, economic stabilization, and accelerated reforms. The austere 2000 budget in based on a 2% GDP growth forecast, 3% inflation, and a 2.8% budget deficit. Lithuania was invited at the Helsinki EU summit in December 1999 to begin EU accession talks in early 2000. Privatization of the large state-owned utilities, particularly in the energy sector, and reducing the high current account deficit remain challenges for the coming year.
GDP
purchasing power parity - $17.3 billion (1999 est.)
GDP - real growth rate
-3% (1999 est.)
GDP - per capita
purchasing power parity - $4,800 (1999 est.)
GDP - composition by sector
agriculture: 10% industry: 32% services: 58% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 3.4% highest 10%: 28% (1993)
Inflation rate (consumer prices)
0.3% (1999 est.)
Labor force
1.8 million
Labor force - by occupation
industry 30%, agriculture 20%, services 50% (1997 est.)
Unemployment rate
10% (1999)
Budget
revenues: $1.5 billion expenditures: $1.7 billion, including capital expenditures of $NA (1997 est.)
Industries
metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber
Industrial production growth rate
-14% (1999 est.)
Electricity - production
15.58 billion kWh (1998)
Electricity - production by source
fossil fuel: 13.09% hydro: 4.3% nuclear: 82.61% other: 0% (1998)
Electricity - consumption
7.829 billion kWh (1998)
Electricity - exports
7 billion kWh (1998)
Electricity - imports
340 million kWh (1998)
Agriculture - products
grain, potatoes, sugar beets, flax, vegetables; beef, milk, eggs; fish
Exports
$3.3 billion (f.o.b., 1999)
Exports - commodities
machinery and equipment 19%, mineral products 19%, textiles and clothing 19%, chemicals 10%, foodstuffs (1998)
Exports - partners
Russia 17.4%, Germany 15.8%, Latvia 12.7%, Denmark 5.9%, Belarus 5.2% (1999)
Imports
$4.5 billion (f.o.b., 1999)
Imports - commodities
machinery and equipment 30%, mineral products 16%, chemicals 9%, textiles and clothing 9%, foodstuffs (1998)
Imports - partners
Russia 20.4%, Germany 16.5%, Denmark 3.8%, Belarus 2.2%, Latvia 2% (1999)
Debt - external
$NA
Economic aid - recipient
$228.5 million (1995)
Currency
1 Lithuanian litas = 100 centas
Exchange rates
litai per US$1 - 4.000 (fixed rate since 1 May 1994)
Fiscal year
calendar year