Lithuania's Macroeconomic Analysis:
Nominal GDP of USD 79.8 billion in 2023.
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.
GDP per capita of USD 27,674 compared to the global average of USD 10,589.
Average real GDP growth of 3.4% over the last decade.
Average real GDP growth of 3.4% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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 situation in Lithuania
A flash release showed that GDP growth surged to 2.3% year on year in Q3, up from Q2’s 1.5%. According to early estimates, the manufacturing, wholesale and retail trade, and information and communication sectors made the largest contributions to Q3’s improvement. As a result, the economy has expanded by about 2.2% so far in 2024—the strongest performance in the Baltic region. Turning to Q4, economic momentum is likely remaining robust. In October, inflation fell to a near four-year low, and economic sentiment rose above Q3’s average thanks to improvements in the industrial and services sectors plus stronger consumer confidence. In politics, the Social Democrats’ newly formed coalition recently came under fire from President Nauseda due to the inclusion of the Nemunas Dawn party, whose leader is accused of antisemitism; this could delay government formation.Lithuania Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 18 expert analysts.
Want to get insight on the economic outlook for Lithuania in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Lithuania from a panel of 18 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.