Lithuania Economy, Economy Of Lithuania

The affluent economy of Lithuania follows the principles of the capitalist free markets. Moreover, with Lithuania?s inclusion as the member-state of the European Union, the sectoral growth rates have hiked extensively, offering remarkable solution to the unemployment problem of the nation.
In reality, the actual growth of Lithuanian GDP started in 1996, more or less after the end of the Soviet Russian regime in the country. The Lithuania economy is driven by the standards of capitalist free market, based on which, the country has made considerable improvements in different sectors like agriculture, industry and foreign trade.

In fact, the overall performance of all these sectors accounts for the economic prosperity of Lithuania. The Gross Domestic Product of Lithuania in 2005 increased to 7.5%, with the rate of inflation only 3%.The agricultural activities in Lithuania contribute 24% to the GDP.

The mode and standard of cultivation in Lithuania displays strong influences of former Soviet Russia. Following the Russian principles, the agricultural yields are surplus in nature, beyond the consumption power of the population.
Food crops are cultivated in 48% of the total arable lands of Lithuania, while the remaining land areas are devoted to the farming of forages. About 19% of the labor population in Lithuania is engaged in this particular sector. The Lithuanian industries contributed 51.3% to the national GDP in 1991.The growth of the Lithuanian industrial sector undergoes occasional fluctuations. Yet its standard remains relatively steady in different stages of development. About 38% of the total population derives employment in the following industries:

Manufacturing of textile
Metal works
Chemical plants
Machinery building
Production of electronic appliances and goods
Processing of varied forest products
Materials facilitating building and construction
Food processing
Generation of electric power
Production of cement

Foreign trade in Lithuania comprises export items like food, textile, machinery, products from light industries and electronic commodities and import items like:
Chemicals
Diverse products from light industries
Coal
Oil
Natural gas
Machineries
Lithuanian imports rose from US $ 805,776 to about US $ 1.3 billion in 1992, while the export figures were US $1 billion in 1994; obviously more than US$ 805,014 in 1992. The main import partners of Lithuania are Ukraine, Central Asia, Russia, Estonia, Latvia and other EU nations.

 

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Last Updated on : 25th June 2013