Lithuania : economy statistics and industry reports

Foreign government and business support have helped in the transition from the old command economy to a market economy.

Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand.

However, GDP plunged nearly 15% in 2009 - during the 2008-09 crisis the three former Soviet Baltic republics had the world's worst economic declines.

In 2009, the government launched a high-profile campaign, led by Prime Minister KUBILIUS, to attract foreign investment and to develop export markets.

The current account deficit, which had risen to roughly 15% of GDP in 2007-08, recovered to a surplus of 4% 2009 and 3.

5% in 2010 in the wake of a cutback in imports to almost half the 2008 level.

Nevertheless, economic growth was flat and unemployment continued upward to 17.

9% in 2010.