Lithuania in the News
14th August 2011
Lithuanian Economy’s Growth One of the Highest in Europe
The busy port of Klaipëda, the northernmost ice-free port on
the Eastern Baltic seaboard. Photo courtesy Wikipedia
The latest export / import figures confirm that Lithuania’s economy is growing at one of the highest growth rates in Europe. Lithuania is now well poised to weather the current stage two financial crisis gripping Europe and the world.
On a year-on-year basis Lithuania’s exports increased by 32.4% and imports by 31.3%. Looking at the first half of 2011 the results are even more impressive. Compared to the same 2010 period, export / import increases were 41.2% / 41.9% respectively. Lithuania’s economy as a whole grew at the rate of 6.1% p.a. in the second quarter of 2011. Its economy is very nearly as large as the combined economies of the other Baltic States of Latvia and Estonia.
After the economic crisis in 2008, the Lithuanian government took very strict steps to reign in the consequences of the recession and now the results are bearing fruit. Its efforts were helped by a highly educated work force. The proportion of the workforce in the 25-34 age group with higher education at 40% is almost twice the EU-15 average; while the proportion of women aged 25-64 with secondary or higher education at 92% is the highest in all of European Union. The ICT infrastructure is highly developed, with the penetration of fibre to the home and mobile phone penetration the highest in Europe. Lithuania boasts the highest internet upload speed in Europe and the second highest in the world, Europe’s densest network of public internet access points, and world leadership in mobile e-signatures.
Transport infrastructure is also highly developed. The road network is the best in Eastern Europe, there are 4 international airports and the port of Klaipëda is strategically situated as the northernmost ice-free port on the Eastern Baltic seaboard.
The international consulting firm Ernst & Young has declared Lithuania as the most attractive country for foreign investment among the Baltic States. International investment in Lithuania is speeding up. The latest major company to announce investment in Lithuanian R&D is China’s telecommunications giant Huawei, It will set up a joint research laboratory with the University of Vilnius and Lithuania’s telecommunications company Omnitel. This will join the network of R&D centres in the three largest cities.

Further information:   www.baltictimes.com10/08/11