Lithuania banking
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Information
Economy—overview: Lithuania has benefited from its disciplined approach to market reform and its adherence to strict fiscal and monetary policies imposed by the IMF measures that have helped constrain the growth of the money supply reduce inflation to 8.6% and support GDP growth of 6% in 1997. Inflation is expected to fall in 1998 to 6% and GDP to grow at close to 7%. Foreign direct investment in 1997 of some $430 million pushed the country over the $1 billion mark the first Baltic state to reach this milestone. However the current account deficit has hovered around 8% to 10% of GDP annually since 1995—the result of greater demand for consumer goods and falling growth in exports.
GDP: purchasing power parity—$15.4 billion (1997 est.)
GDP—real growth rate: 6% (1997 est.)
GDP—per capita: purchasing power parity—$4 230 (1997 est.)
GDP—composition by sector:
agriculture: 9%
industry: 28%
services: 63% (1995 est.)
Inflation rate—consumer price index: 8.6% (1997 est.
Labor force:
total: 1.8 million
by occupation: industry and construction 42% agriculture and forestry 20% other 38% (1997)
Unemployment rate: 6.7% (January 1998)
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: 3.7% (1996)
Electricity—capacity: 5.463 million kW (1995)
Electricity—production: 14.33 billion kWh (1997 est.)
Electricity—consumption per capita: 2 398 kWh (1995)
Agriculture—products: grain potatoes sugar beets vegetables; meat milk eggs; fish; flax fiber
Exports:
total value: $3.3 billion (1996)
commodities: agricultural products 16.9% mineral products 15.7% textiles 15.2% machinery 11.4% live animals 7.7% (1996)
partners: Russia Germany Belarus Latvia Ukraine (1996)
Imports:
total value: $4.4 billion (1996)
commodities: mineral production 20% machinery 16% transport equipment 10% chemicals 10% textiles 8% foodstuff 6% (1996)
partners: Russia Germany Poland Italy Denmark (1996)
Debt—external: $895 million
Economic aid:
recipient: ODA $144 million (1993)
note: commitments from the West and international financial institutions $765 million (1992-95)
Currency: 1 Lithuanian litas = 100 centas
Exchange rates: litai per US$1—4.000 (fixed rate since 1 May 1994) 3.978 (1994) 4.344 (1993) 1.773 (1992)
Fiscal year: calendar year
Source - world66.com
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