Lithuania: Country and Foreign Investment
Economy and Currency
Like most of the ex-USSR countries, Lithuania has had to cope with privatisation of most of its economy, but has also had to switch many of its eastern-pointing trade relationships towards the West. The country joined the WTO at the same time as joining the EU in 2004.
More than 69% of the economy is composed of services, with the remainder being industrial. Agriculture now accounts for only 4.2% of output. GDP per head was USD15,500 (2009). Growth was -15% in 2009, 3.1% in 2008, 9.5% in 2007.
Unemployment was 13.7% (2009 est.), however, the current account deficit of recent years is expected to have turned into a surplus by the end of 2010.
The currency is the Litas (LTL), which is pegged to the Euro at a rate of 3.4528 to 1. Monetary policy is directed towards a conversion to the Euro, which is expected to happen in or after 2013.