Market Research In Lithuania

Lithuania Profile:

  • Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of northern-eastern Europe.
  • Lithuania is a member of the European Union, the Council of Europe, a full member of the Eurozone, Schengen Agreement and NATO. It is also a member of the Nordic Investment Bank, and part of Nordic-Baltic cooperation of Northern European countries.
  • Russia was Lithuania’s largest trading partner, followed by Poland, Germany, and Latvia. And the country exports to exports go to Russia (13.6%), Latvia (10.0%), Poland (9.7%), Germany (8.2%), Estonia (5.4%) and Belarus (4.9%).
  • The United Nations Human Development Index lists Lithuania as a “very high human development” country.
  • World Economic Forum’s Global Competitiveness Report ranks Lithuania 41st (of 137 ranked countries).

Lithuania Economy:

  • The three largest sectors in Lithuanian economy are industry (23.6% of GDP), real estate construction (14%) and transportation (12.9%).
  • The Lithuanian economy was severely hit by the 2008-09 global financial crisis, but it has rebounded and become one of the fastest growing in the EU.
  • 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.
  • Mass emigration from the country had been going on since 1992 – Lithuania’s population has been decreasing every year and every quarter since 1992.
  • Lithuania’s ongoing recovery hinges on improving the business environment, especially by liberalizing labor laws, and improving competitiveness and export growth, the latter of which has been hampered by economic slowdowns in the EU and Russia.

Lithuania Facts:

  • Population: 2.8 million
  • Capital: Vilnius
  • Largest city: Vilnius
  • Area:65,300 sq km
  • Major language: Lithuanian (official) 82%, Russian 8%, Polish 5.6%, other 0.9%
  • Major religion: Roman Catholic 77.2%, Russian Orthodox 4.1%, Old Believer 0.8%, Evangelical Lutheran 0.6%, Evangelical Reformist 0.2%, other 0.8%
  • Life expectancy: 69.7 years (Male), 80.7 years (Female)
  • Monetary unit: 1 Euro(EUR) = 100 Cents
  • Main exports: Refined fuel, machinery, and equipment, chemicals, textiles, foodstuffs, plastics
  • GNI per Capita: $28,810

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