Economy of Lithuania
Lithuania is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Lithuania is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Lithuania exports around $30.4 billion and imports roughly $32.52 billion. 7.3% of population in the country are unemployed. The total number of unemployed people in Lithuania is 209,983. In Lithuania, 22.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Lithuania is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.7% of GDP. The Gini Index of the country is 30.4. Lithuania is experiencing good equality. The majority of citizens in Lithuania fall within a narrow range of income, although some cases may show significant differences. Lithuania has a Human Development Index (HDI) of 0.834. Lithuania has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Lithuania is 1.674. Due to strong law enforcement presence and high social responsibility, Lithuania is very safe by international standards. The strength of legal rights index for Lithuania is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
The currency of Lithuania is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.
The depth of credit information index for Lithuania is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Lithuania has a credit rating score of A-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Lithuania has a credit rating score of A-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Lithuania has a credit rating score of A3, and the prospects of this rating are stable.
In Lithuania, the institution that manages the state's currency, money supply, and interest rates is called Bank of Lithuania. Locally, the central bank of Lithuania is called Lietuvos Bankas. The average deposit interest rate offered by local banks in Lithuania is 1.22%.
Lithuania has a government debt of 48.6% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Lithuania is set at 15%. Personal income tax ranges from 0% to 15%, depending on your specific situation and income level. VAT in Lithuania is 21%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Lithuania is $79933 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Lithuania was last recorded at $28 million. PPP in Lithuania is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Lithuania is 46,403 billion. Based on this statistic, Lithuania is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Lithuania was last recorded at $16 million. The average citizen in Lithuania has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Lithuania averaged 3% in 2014. According to this percentage, Lithuania is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Lithuania.
Major industries in the country are metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture, textiles, food processing, fertilizers, agricultural machinery, optical equipment, lasers, electronic components, computers, amber jewelry, information technology, video game development, biotechnology. The total labor force of Lithuania is 1,470,710 people, wherein 7.3% of population in the country are unemployed. The total number of unemployed people in Lithuania is 209,983. The Industrial Production growth rate of Lithuania is 2.5%.To read more about industrial information within Lithuania click on industry of Lithuania.
There are 29261 km2 of arable land in Lithuania, and it comprises 45% of the country's total territory. There are 29849 km2 of cultivated land in Lithuania. The country's major agricultural crops and products are grain, potatoes, sugar beets, flax, vegetables, beef, milk, eggs, fish.To read more about agriculture click on agriculture of Lithuania.