Lithuania Economy
Lithuania Economy and Business is dependent on and is influenced by the country’s trade relations with other countries of the world. Lithuania economy has been greatly shaped by its trade and also its economic and foreign policies.
Previously, Lithuania had a centralized economy that was governed by the state. But that was later changed into a free market system to bring mobility and flexibility into Lithuania Economy and Business.
Privatization of state run enterprises, trade with western countries, international aid etc feature as important aspects in the field of economy and business in Lithuania.
Agriculture in Lithuania
Agriculture in Lithuania formed the basis of the Lithuania’s economy in 1940. More than half of the labor force of Lithuania was engaged in agricultural work. Fifty years later, agriculture of Lithuania still continued to play a crucial role in the economy of the country. The agricultural sector in Lithuania provided a large number of jobs and about fifty percent of the country’s national product. By the end of the communist rule, the agricultural production costs in Lithuania were almost 3 times more than that of the western countries.
Lithuanian agriculture includes family farms and farms owned by corporate houses. Approximately 3.37 million hectares of land in Lithuania are used for agricultural production. Agricultural exports included fish, milk, butter, cheese etc. Almost 80% of the total agricultural products are exported to Russia. EU is the major supplier of agricultural products. Agricultural imports include food and fruits. The most important crops produced in Lithuania are potatoes, sugar beets and wheat.
Industry in Lithuania
Lithuania Industry is an extensive term that includes a variety of fields. Industry is Lithuania does not hold a major position in the country’s economy as agriculture. One of the most profitable Lithuanian industries is the chemical industry which produces nitrogen and phosphate fertilizers. The products of this industry were mainly exported to Russia and the former communist countries of Europe. Another profitable industry in Lithuania is the textile industry. The electronics industry, though has declined, contributed a large share to the country’s revenues. Electronic products include televisions, semiconductors, computer equipments, electronic equipments etc.
Wood and paper processing industry is a significant industry of Lithuania. The goods produced by this industry includes furniture, cardboards etc. These are mainly exported to Denmark, France and Germany. Livestock products are also part of Lithuania industry.
Export in Lithuania
Lithuania export plays a significant role in Lithuania’s trade and economy. Trade forms an important basis of the country’s foreign relations. Lithuania has well-developed and bilateral trade relations with a number of countries especially Western European nations and U.S.A. Other countries with which Lithuania carries on trade include the other Baltic states, Denmark, Poland, France, Germany, Russia, Iceland etc.
Exports form a major aspect of the country’s foreign trade. The major exports of Lithuania include food, live animals and manufactures. Agricultural products like fish, milk, butter, cheese etc are exported to other countries. About 80% of the agricultural exports go to Russia.
Among the export products of Lithuania are various industrial products. These include electronic goods, chemical products, wood and paper products etc. The main export partners of Lithuania are North America and South African Custom Union. In the year 2000 the exports forms 44.9% of the country’s GDP. In 2003 they formed 51.4% of the GDP and in 2004 they formed 54.3% of the GDP. Thus, it is clearly noticed that the exports in Lithuania have been increasing over the recent years.
Companies in Lithuania
The companies of Lithuania serve as a chief indicator of the progress of the country in terms of economy and business. Lithuania is on its way to progressive and rapid economic development.
Its trade relations with other countries has led to a rise in the number of companies in Lithuania. Western countries are finding Lithuania quite profitable in terms of business and therefore foreign investments are pouring in.
Some of the major Lithuania companies are Achema Group, Acura, Adventus, Alfanova, Aron Group, Aurida Group, Baltic Linen, Baltic Mills, Baltic Parts, Baltic Textile, Barta, BE Steel Lithuania, Bervis, Carl Bro, Cera, Citma, Colonnade, Constructus, Cosmica Servisas, Creos, Dakona, Dalaida, Dalca, Darim, DDF, Douglas Abrahams, Ebonitas, Ekrano Irengimai, Ekovalis, Electronic Technologies, Elinta, Eurotrucks, Fedora, Fermentas, Filter, FoodTec, Galvanta, Hefestas, Heilit etc.
Lithuania Economy and Business is dependent on and is influenced by the country’s trade relations with other countries of the world. Lithuania economy has been greatly shaped by its trade and also its economic and foreign policies.
Previously, Lithuania had a centralized economy that was governed by the state. But that was later changed into a free market system to bring mobility and flexibility into Lithuania Economy and Business.
Privatization of state run enterprises, trade with western countries, international aid etc feature as important aspects in the field of economy and business in Lithuania. Economy of Lithuania consists of various aspects like GDP, GDP per capita, inflation rate, labor force, unemployment, budget, industries, exports, imports etc. Business in Lithuania is platformed on the economic set up of the country.
There are a variety of enterprises in Lithuania ranging from real estate to finance, accounting, agriculture, IT etc.
