Lithuania is a country in Northern Europe. It is Situated on the southeastern shore of the Baltic Sea, it shares a border with Latvia, Belarus, Poland, and the Russian enclave of Kaliningrad. Across the Baltic Sea lies Sweden and Denmark. The government system in Lithuania is a parliamentary democracyMajority rule, by which the biggest proportion of members of...; the chief of state is the president and the head of government is the prime minister. Lithuania has transitioned from a command economyThe management of money, currency and trade of a nation. The... to a market economyA situation in which businesses operate in a free market, i.... in which the private sectorThe part of a country's economy which is owned and run for p... accounts for the majority of GDP and government regulation is transparent and efficient. Lithuania is a member of the European UnionEU. Previously called the European Community. An internation... (EU).
The economyThe management of money, currency and trade of a nation. The... of Lithuania was one of the fastest growing in the world during the decade until 2008. Between 2000 and 2008, the Lithuanian GDP grew by 77%. One of the most important factors contributing to Lithuania’s economic growthAn increase in a region's or nation's production of goods an... was its accession to the WTO in 2001 and the EU in 2004, which allows free movement of labourWork, especially manual/physical work, for wages., capitalThe net worth of a business, including assets, cash, propert..., and tradeThe buying and selling or exchange of goods and services. Th... among EU member states. On the other hand, rapid growth caused some imbalances in inflationNormally referring to the economy of a country, inflation is... and balance of payments. The current accountA bank account which can be used to make deposits, withdrawa... deficit to GDP ratio in 2006–2008 was in the doubleIn the film and TV industry, a person who stands in, or is s... digits and reached its peak in the first quarter of 2008 at a threatening 18.8%. This was mostly due to rapid loan portfolioA collection of investments, such as shares, bonds, etc., wh... growth as Scandinavian banks provided cheap creditAn arrangement in which an item for sale is received by the ... in Lithuania. The loans directly related to acquisition and development of real estateAlso called Realty. Property consisting of land with permane... constituted around half of outstanding bank loans to the private sectorThe part of a country's economy which is owned and run for p.... Consumption was affected by creditAn arrangement in which an item for sale is received by the ... expansion as well. This led to high inflationNormally referring to the economy of a country, inflation is... of goods and services, as well as tradeThe buying and selling or exchange of goods and services. Th... deficit.
Lithuania was the last among the Baltic states to be hit by recession because its GDP growth rate in 2008 was still positive, followed by a slump of more than 15% in 2009. In the third quarter of 2009, compared to the previous quarter, GDP again grew by 6.1% after five-quarters with negative numbers. A heavy shock to consumers helped to balance the current accountA bank account which can be used to make deposits, withdrawa... in 2009. Net external assetsAnything of value which is owned by an individual, company, ... of the Bank of Lithuania are at a record height of €5.5 billion. Economic sentiment and confidence of all business activities have rebounded from a record low at the beginning of the year 2009.
Important Details
- Country ISO3 : LTU
- Country Code : 440
- Income Group : High Income
- Lending Category : P2PPeer-to-peer is a model for computer connectivity and file-
- Region : Europe and Central Asia
- Currency Unit: Euro (EUR)
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO, EU
- world rank : 13
- Regional Ranking : 6th in Europe
