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Lithuania may occupy the 17th position in the World Bank’s Doing Business ranking. In the list to be released in about a month, Lithuania might find itself in a group of strong economies, alongside Germany, Japan, the Nordic countries, and Saudi Arabia. Lithuania has made an advance in 7 out of 10 indicators, including starting a business, dealing with construction permits, registering property, getting credit, trading across borders, and resolving insolvency. Last year, Lithuania ranked 27th among 183 countries in the Doing Business ranking.

Lithuania’s shared services and outsourcing market has made great advances in the latest A.T. Kearney Global Services Location Index 2011, climbing up by seven places to rank 14th globally, and ranking higher than the UK (16) and the US (18), as well as higher than neighboring Poland (24), Hungary (31), and the Czech Republic (35).

Considering the whole crisis period of 2008 - 2011, Lithuania has demonstrated the best result of export growth in the Baltic States. In 2011, the growth rate of real GDP was 5.8 per cent, also one of the highest results among other member states of the EU.

In 2011 the national budget revenues amounted to LTL 19,658.2 million (excluding budget revenues from the European Union and other foreign state funding). Budget revenues from the EU and other foreign state funding amounted to LTL 5,838.5 million (1/5 of total budget revenues). In 2011, the European Union funding comprised 5.5 per cent of the national GDP.

It is estimated that in 2012 national budget revenues could amount to LTL 21,073 million (excluding budget revenues from the European Union and other foreign state funding), which is by 5.9 per cent more than in 2011. Total budget revenues (including revenues from the European Union and other foreign state funding) could amount to LTL 28,204 million, which is 5.1 per cent more than in 2011.

In 2011 the national GDP amounted to LTL 105.7 billion (EUR 30.6 billion) and, in comparison to the same period in 2010, increased by 11.3 per cent. GDP per capita amounted to LTL 32,789 (EUR 9,496).

In the first half-year 2012 the national GDP amounted to LTL 53.9 billion (EUR 15.6 billion), which is 3 per cent more than in the same period in 2011.

In 2011 the increase of exports from Lithuania was one of the fastest in the European Union. In 2011 exports amounted to LTL 69.6 billion (EUR 20.2 billion) and, ain comparison to the same period in 2010, increased by 28.9 per cent. Most goods were exported to Russia, Latvia, Germany and Poland.

In January-June 2012 exports amounted to LTL 33.2 billion (EUR 9.6 billion) and, in comparison to the same period in 2011, increased by 7.3 per cent. During this period most goods were exported to Russia, Latvia, Germany, and Estonia.

In 2011 imports amounted to LTL 78.2 billion (EUR 22.6 billion) and, in comparison to the same period in 2010, increased by 28.2 per cent. Most goods were imported from Russia (32.8 per cent), Germany, Poland, and Latvia.

In January-June 2012 imports amounted to LTL 38.1 billion (EUR 11 billion) and, in comparison to the same period in 2011, increased by 4.6 per cent. During this period most goods were imported from Russia, Germany, Poland, and Latvia.

As of 31 March 2012, cumulative foreign direct investment (FDI) in Lithuania amounted to LTL 42.9 billion (EUR 12.4 billion). During the first quarter of 2012 it increased by 15.4 per cent. FDI per capita amounted to LTL 13,443 (EUR 3,893) on average. The largest investment was made by Swedish, Polish, and German investors. Cumulative FDI in Lithuania from EU-27 countries amounted to LTL 32.3 billion (75.4 per cent of total FDI), from CIS countries – LTL 2.9 billion (6.8 per cent).

Major investors in Lithuania are the following: “PKN Orlen”, “Western Union”, “Barclays”, “Thermo Fisher Scientific”, “Philip Morris”, “SEB”, and “Danske Bank”.

As of 31 March 2012, Lithuanian cumulative direct investment abroad amounted to LTL 5.7 billion (EUR 1.7 billion). During the first quarter of 2012, it increased by 6.6 per cent. The largest Lithuanian investment was made in the Netherlands, Latvia and Cyprus.

In 2011, in comparison to 2010, monthly gross earnings (before taxes) in the whole economy grew by 2.9 per cent and amounted to LTL 2,045; net (after taxes) earnings – grew by 2.7 per cent and amounted to LTL 1,594. Yet real earnings dropped by 1.3 per cent, which means that in 2011 consumer prices grew faster than net earnings.

In 2011 Lithuania was visited by 1.75 million tourists, which is by 20.3 per cent more than in the same period of 2010. That is the largest amount of tourists since Lithuania joined the Schengen Area.

In January–June 2012 accommodation establishments received 853.9 thousand tourists, or 12.2 per cent more than in the same period of 2011.

More economic information and links to various institutions in Lithuania can be found here.

Lithuanian Department of Statistics and Eurostat