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Lithuania

 
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Lithuania

Economy

Gross National Product (GNP): Estimated at US$4.9 billion in 1993; per capita income US$1,310. Gross domestic product (GDP) estimated at 20 billion litai in 1994; real GDP fell by 13.4 percent in 1991, by 35.0 percent in 1992, and by 16.5 percent in 1993, but grew by 2.0 percent in 1994. Inflation rate in 1994 estimated at 45 percent.

Agriculture: 24.0 percent of GDP in 1992. Significant reforms introduced in 1990s; 83 percent of agricultural privatization program completed by mid-1993. Large farms broken up into small holdings, often too small to be economically viable. Agricultural output fell by 50 percent from 1989 to 1994. Principal crops wheat, feed grains, flax, rye, barley, sugar beets, legumes, potatoes, and vegetables.

Industry: 33.9 percent of GDP in 1992. Industry provided 33 percent of employment in 1994. Industrial production de-clined by more than 50 percent in 1993.

Energy: Receives most of its electricity from Ignalina nuclear power plant, but highly dependent on fuels imported from Russia.

Exports: US$1 billion (1994 estimate). Major commodities machinery, electronics, textiles, light industrial products, and food products.

Imports: US$1.3 billion (1994 estimate). Major commodities natural gas, oil, coal, machinery, chemicals, and light industrial products.

Major Trading Partners: Russia, Germany, Ukraine, Belarus, Latvia, Poland, France, Italy, and United States.

Currency and Exchange Rate: Litas (pl., litai) introduced June 1993 and became sole legal tender August 1993. 1 litas = 100 centas. In October 1992, Russian ruble replaced by provisional coupon currency, the talonas (pl., talonai), pegged at parity with ruble; talonas had been circulating parallel with ruble since May 1992. In March 1996, 4.0 litai = US$1.

Fiscal year: Calendar year.

Data as of January 1995

Lithuania - TABLE OF CONTENTS


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