Modest recovery in 2024

A2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP USD41bn (World ranking 98, World Bank 2022)
Population 1.90mn (World ranking 150, World Bank 2022)
Form of state Parliamentary republic
Head of government Evika Silina (Prime Minister)
Next elections 2026, legislative
  • Low systemic political risk
  • Good international relations (except with Russia), EU and NATO membership
  • Competitive business environment
  • Eurozone membership provides for low transfer and convertibility risk
  • Adequate public finances and access to international capital markets
  • Small industrial base
  • Unfavorable export structure, largely dependent on Russia (prior to the war in Ukraine) and other Baltic States
  • Banking sector remains vulnerable due to the high level of (volatile) non-resident deposits
  • Regional inequalities and mismatch in labor markets (between workers and jobs)

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Lithuania 18.9%
1
21.6% Lithuania
Estonia 10.5%
2
10.2% Estonia
Germany 6.3%
3
10.2% Russian Federation
Russian Federation 5.9%
4
9.0% Germany
Sweden 5.6%
5
8.6% Poland

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Cork and wood 11.4%
1
9.3% Gas, natural and manufactured
Cork and wood manufactures (excluding furniture) 5.8%
2
6.6% Petroleum, petroleum products and related materials
Cereals and cereal preparations 5.6%
3
5.6% Electric current
Telecommunication and sound recording apparatus 4.8%
4
5.5% Road vehicles
Gas, natural and manufactured 4.0%
5
4.6% Telecommunication and sound recording apparatus
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