Moderate recovery in 2024
A2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in January 2024.
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GDP | USD70bn (World ranking 81, World Bank 2022) |
Population | 2.8mn (World ranking 136, World Bank 2022) |
Form of state | Parliamentary Democracy |
Head of government |
Ingrida SIMONYTE (Prime Minister) |
Next elections | 2024, presidential and legislative |
- Low systemic political risk
- Good international relations (except with Russia), EU and NATO membership
- Eurozone membership provides for low transfer and convertibility risk
- Sound public finances and access to international capital markets
- Strong business environment
- High external debt burden
- The industry is dominated by one large refinery complex, Orlen Lietuva
- Unfavorable export structure, with high export and import dependence on Russia (prior to the war in Ukraine) and a few EU countries
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Latvia
12.8%
|
1 |
11.8%
Germany
|
Poland
9.0%
|
2 |
11.7%
Poland
|
Germany
7.9%
|
3 |
7.8%
Latvia
|
Russian Federation
6.2%
|
4 |
7.5%
United States
|
Estonia
5.7%
|
5 |
5.2%
Sweden
|
Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
12.2%
|
1 |
13.6%
Petroleum, petroleum products and related materials
|
Furniture and parts thereof
6.4%
|
2 |
9.5%
Gas, natural and manufactured
|
Road vehicles
5.9%
|
3 |
7.3%
Road vehicles
|
Chemical materials and products, n.e.s.
3.9%
|
4 |
4.6%
Electric current
|
Cereals and cereal preparations
3.2%
|
5 |
3.7%
Electrical machinery, apparatus and appliances, n.e.s.
|
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