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Country name:

conventional long form: Republic of Lithuania
conventional short form: Lithuania
local long form: Lietuvos Respublika
local short form: Lietuva
former: Lithuanian Soviet Socialist Republic

 

Capital:

Vilnius. Population: 541,300 (census 2005).
 

 

Location:

Eastern Europe, bordering the Baltic Sea, between Latvia and Russia

 

Area:

65,300 sq km (25,212 sq miles).

 

Description:
Lithuania is situated on the eastern Baltic coast and borders Latvia in the north, the Kaliningrad region of the Russian Federation and Poland in the southwest, and Belarus in the southwest and east. The geometrical centre of Europe lies in eastern Lithuania near the village of Bernotai, 25km (16 miles) north of Vilnius. The landscape alternates between lowland plains and hilly uplands and has a dense, intricate network of rivers, including the Nemunas and the Neris. Around 1.5% of the country’s territory is made up of lakes, of which there are over 2,800. The majority of these lie in the east of the country and include Lake Druksiai and Lake Tauragnas.
 

 

Population:

3.6 million (2007 estimate).

 

Languages:

Lithuanian is the official language. Lithuania has a large number of dialects for such a small territory, including High Lithuanian (Aukstaiciai) and Low Lithuanian (Zemaiciai).
 

Economy - overview:
Lithuania has historically been the least developed of the Baltic republics, with a smaller industrial base and greater dependence on agriculture, prior to rapid industrialisation during the Soviet era. Sugar beet, cereals, potatoes and vegetables are the main crops. Electrical, electronic and optical goods and light machinery are the main industrial products.
The government plans to reduce the percentage but faces major problems regarding waste disposal and alternative energy sources. Further privatisations of state assets, principally in the banking and transport sectors, were completed in 2002. Following a 90% endorsement in a national referendum held in May 2003, Lithuania joined the EU on 1 May 2004.
Lithuania's trade patterns have gradually shifted during the 1990s towards the West, and the European Union now accounts for just under half of all Lithuanian trade. Lithuania has recovered from the serious knock-on effects of the 1998 Russian financial crisis, and growth was 8% in 2007.
Inflation was 5.4% last year and unemployment at 5.7%.

Economy:
Lithuania has historically been the least developed of the Baltic republics, with a smaller industrial base and greater dependence on agriculture, prior to rapid industrialisation during the Soviet era. Sugar beet, cereals, potatoes and vegetables are the main crops. Electrical, electronic and optical goods and light machinery are the main industrial products.
The government plans to reduce the percentage but faces major problems regarding waste disposal and alternative energy sources. Further privatisations of state assets, principally in the banking and transport sectors, were completed in 2002. Following a 90% endorsement in a national referendum held in May 2003, Lithuania joined the EU on 1 May 2004.
Lithuania's trade patterns have gradually shifted during the 1990s towards the West, and the European Union now accounts for just under half of all Lithuanian trade. Lithuania has recovered from the serious knock-on effects of the 1998 Russian financial crisis, and growth was 8% in 2007.
Inflation was 5.4% last year and unemployment at 5.7%.
 

 

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

 

Exports:

Mineral products, textiles and clothing, machinery and equipment, chemicals, wood and wood products.

Imports:

Mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing.
• Main trade partners: Russian Federation, Germany, Poland, Latvia and Estonia.

Exchange rates:

Lithuanian Litas (LTL; symbol Lt) = 100 centas. Notes are in denominations of Lt500, 200, 100, 50, 20 and 10. Coins are in denominations of Lt5, 2 and 1, and 50, 20, 10, 5, 2 and 1 centas. The Litas is pegged to the Euro.
http://www.worldtravelguide.net/country/150/money/Europe/Lithuania.html

 



GDP :

US$28.6 billion (2007).

 

 

Useful links:

 

  • Trade Associations & Chamber of Commerce

 

 

 

 

  Copyright By :  Kish Trade Promotion Center  2002