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Economy
Lithuania
Economy - overview:
Lithuania, the Baltic state that has conducted the most trade with Russia, has grown rapidly since rebounding from the 1998 Russian financial crisis. Unemployment fell to 3.2% in 2007 while wages continued to grow at double digit rates, contributing to rising inflation. Exports and imports also grew strongly, and the current account deficit rose to nearly 15% of GDP in 2007. Trade has been increasingly oriented toward the West. Lithuania has gained membership in the World Trade Organization and joined the EU in May 2004. Privatization of the large, state-owned utilities is nearly complete. Foreign government and business support have helped in the transition from the old command economy to a market economy.
GDP (purchasing power parity):
$59.98 billion (2007 est.)
GDP (official exchange rate):
$38.35 billion (2007 est.)
GDP - real growth rate:
8.8% (2007 est.)