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 | October 2024, legislative |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Lithuania/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- 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
![Weaknesses](/en_global/economic-research/country-reports/Lithuania/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- 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
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Latvia
12.8%
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1 |
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Poland
9.0%
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2 |
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Germany
7.9%
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3 |
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Russian Federation
6.2%
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4 |
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Estonia
5.7%
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5 |
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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
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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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