Lithuania Export Market Research
|Population||2.97 million (2013)|
|Currency||Lithuanian litas (LTL). Committed to adopting the euro|
|Official language||Lithuanian (Russian and English are widely spoken)|
|Real GDP per capita||8,100 EUR per inhabitant (2012)|
|Growth of GDP, %||3.7% (2012). Forecast: 4.3% in 2013, 4.3% in 2014, 4.0% in 2015|
|Average gross salary||667.5 EUR (3Q 2013)|
|VAT rate||21% – general rate; reduced rates: 5% and 9%|
|Company Income Tax||15%|
Lithuania is the largest and the most populated country of the three Baltic States. The country enjoys a favourable geographical location in the centre of Eastern Europe, on the Eastern coast of the Baltic Sea. It borders Latvia, Belarus, Poland and the Kaliningrad region (Russia). The proximity and tight connections with the neighbouring countries makes Lithuania attractive to businesses who wish to get access to these large markets. Russia remains an important trade partner for Lithuania and accounts for a significant share of total trade.
After breaking free from the former USSR in the early 1990’s, the country managed to efficiently restructure and advance its economy. In 2004 Lithuania became a member of the EU and the World Trade Organisation. Prior to 2008, driven by exports and domestic demand the Lithuanian economy grew at 7-9.8% per year. The Baltic States were severely hit by the global financial crisis and in 2009 the Lithuanian GDP dropped dramatically by nearly 15%. The Government’s immediate anti-crisis measures were mainly based on facilitating exports and attraction of FDIs have been vital for Lithuania’s quick recovery from the economic downturn. In 2011 the country’s GDP grew by a remarkable 6% making Lithuania one of the fastest growing EU economies. Domestic demand was the main driving factor for growth in 2013. During 2014-2015 the Lithuanian economy is expected to grow at around 4% per year.
Key opportunity sectors: Mechanical Engineering & Automotive Component Manufacturing, Transport & Logistics, IT & Communications, Life Sciences, Financial Services, Business Process Outsourcing, Near-shoring Services, Biotechnology and many others.
We have conducted various market research and business partner search projects in Lithuania. Please visit Our Experience section to see the specific industries of our expertise.