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• GDP: US$28.6 billion (2007).
• Main exports: Mineral products, textiles and clothing, machinery and equipment, chemicals, wood and wood products.
• Main imports: Mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing.
• Main trade partners: Russian Federation, Germany, Poland, Latvia and Estonia.
• Main exports: Mineral products, textiles and clothing, machinery and equipment, chemicals, wood and wood products.
• Main imports: Mineral products, machinery and equipment, transport equipment, chemicals, textiles and clothing.
• Main trade partners: Russian Federation, Germany, Poland, Latvia and Estonia.
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%.
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%.
Business Etiquette
Business is conducted in a fairly formal manner and a smart appearance is important. Appointments should be made in advance. English is used for international commerce. A knowledge of German, Russian or Polish may also be useful.
Office hours: Mon-Fri 0900-1300 and 1400-1800.
Office hours: Mon-Fri 0900-1300 and 1400-1800.
Business Contacts
Association of Lithuanian Chambers of Commerce, Industry and Crafts
J Tumo-Vaizganto 9/1-63A, LT-01108 Vilnius, Lithuania
Tel: (5) 261 2102.
Website: www.chambers.lt
European Committee of the Government of the Republic of Lithuania
Gedimino ave 11, LT-01103 Vilnius, Lithuania
Tel: (5) 266 3827.
Website: www.euro.lt
LITEXPO (Information on Conferences/Conventions)
Laisves pr 5, LT-04215 Vilnius, Lithuania
Tel: (5) 245 1800.
Website: www.litexpo.lt
J Tumo-Vaizganto 9/1-63A, LT-01108 Vilnius, Lithuania
Tel: (5) 261 2102.
Website: www.chambers.lt
European Committee of the Government of the Republic of Lithuania
Gedimino ave 11, LT-01103 Vilnius, Lithuania
Tel: (5) 266 3827.
Website: www.euro.lt
LITEXPO (Information on Conferences/Conventions)
Laisves pr 5, LT-04215 Vilnius, Lithuania
Tel: (5) 245 1800.
Website: www.litexpo.lt
