Lithuania Business, Taxation and Offshore Information
Lithuania is the southernmost and largest of the three Baltic States, lying to the south of Latvia and also bordering on Belarus, Poland and Russia's Kaliningrad enclave. The population of about 2.8 million is mostly of Lithuanian descent. Lithuanian is the official language, and 80% of the population are Roman Catholic.
The president is elected for a five-year term and appoints the ministerial team. The current president is Gitanas Nausėda, who was elected in July 2019.
Like most of the ex-USSR countries, Lithuania has had to cope with privatisation of most of its economy. The country joined the WTO at the same time as joining the EU in 2004. About 68% of the economy is composed of services, with the remainder being industrial. Annual GDP growth rate was at 3.8% in January 2020; growth has been stable since late in 2015. GDP per capita at PPP was US$31,065 in 2018. On 1 January 2015, Lithuania joined the Eurozone, adopting the euro as its sole currency. More »