Lithuania is a country in the Baltic region of Northern Europe. One of the three Baltic states, it is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, and Kaliningrad Oblast (a Russian exclave) to the southwest. Lithuania has an estimated population of 2.8 million people as of 2017, and its capital and largest city are Vilnius. Lithuanians are a Baltic people. The official language, Lithuanian, along with Latvian, is one of only two living languages in the Baltic branch of the Indo-European language family.
For centuries, the southeastern shores of the Baltic Sea were inhabited by various Baltic tribes. In the 1230s, the Lithuanian lands were united by Mindaugas, the King of Lithuania, and the first unified Lithuanian state, the Kingdom of Lithuania, was created on 6 July 1253. During the 14th century, the Grand Duchy of Lithuania was the largest country in Europe; present-day Lithuania, Belarus, Ukraine, and parts of Poland and Russia were the territories of the Grand Duchy. With the Lublin Union of 1569, Lithuania and Poland formed a voluntary two-state union, the Polish–Lithuanian Commonwealth. The Commonwealth lasted more than two centuries until neighboring countries systematically dismantled it from 1772–95, with the Russian Empire annexing most of Lithuania's territory.
The financial sector concentrates mostly on the domestic market. There are nine commercial banks that hold a license from the Bank of Lithuania and eight foreign bank branches. Most of the banks belong to international corporations, mainly Scandinavian. The financial sector has demonstrated incredible growth in the last decade (1998–2008). Bank assets were only €3.2 billion or 25.5% from GDP in 2000, half of which consisted of a loan portfolio. By the beginning of the year 2009, bank assets grew to €26.0 billion or 80.8% to GDP, the loan portfolio reached €20.7 billion. The loan-to-GDP ratio was 64%. The growth of deposits was not as fast as that of loans. At the end of 2008, the loan portfolio was almost twice as big as that of deposits. It demonstrated a high dependence on external financing. The contraction in the loan portfolio has been recorded over the past year, so the loans to deposits ratio are slowly getting back to healthy levels.
|Agriculture||Grains, potatoes, sugar beets, flax, cereals, wheat.|
|Manufacture||Petroleum, chemicals, foodstuff, furniture, clothing.|
|Services (Including financial)||66.4% (2016 EST.)|
|Baltija Shipbuilding Yard||Industrials|
The NASDAQ OMX Vilnius Stock Exchange is a stock exchange established in 1993 (Vilnius Stock Exchange, VSE) operating in Vilnius, Lithuania. It is owned by NASDAQ OMX Group, which also operates Helsinki Stock Exchange and Stockholm Stock Exchange. VSE, together with Riga Stock Exchange and Tallinn Stock Exchange is part of the joint Baltic market that was established to minimize investing barriers between Estonian, Latvian and Lithuanian markets. It has a pre-market session from 08:45am to 10:00am, a normal trading session from 10:00am to 04:00pm and post-market session from 04:00pm to 04:30pm. As of August 8, 2013, Market capitalization of Vilnius stock exchange equities was 2.8 billion euro, and 1.9 billion euro of bonds list.
The main Reasons of Economic crisis in Lithuania were the negative tendencies: Real estate markets, ?responsible economic policy of the government,adverse situation in the international markets. ?n 2004-2007 were the years of the fast economic growth in Lithuania as well as other Baltic countries also decreasing unemployment, increasing income, hard currency and financial support of the EU where it was the main factors of growth. Also, both enterprises and households began borrowing for consumption and business evermore, the largest share of loans received by the household aimed at the real estate markets. The bank of Lithuania volume of loans to acquire lodging has grown from 50million in 2004 to 720 million in 2007. The government undertook to apply the measure of restrictive fiscal policy: to decrease expenditure and increase taxes in order to stabilize state finances. At the end of 2008, a decision was made to increase the rate of value-added tax up to 19 %, income-tax, excise duty on fuel, cigarettes, and alcohol, as well as to eliminate the majority of reduced tariffs of the value-added tax. The so-called ‘night’ tax reform came into effect on 7 January 2009. The tax reform was aimed more at collecting more budget revenues and stabilizing the budget deficit.
The history of Lithuania dates back to settlements founded many thousands of years ago but the first written record of the name for the country dates back to 1009 AD. Lithuanians, one of the Baltic peoples, later conquered neighboring lands and established the Grand Duchy of Lithuania in the 13th century. The Grand Duchy was a successful and lasting warrior state. It remained fiercely independent and was one of the last areas of Europe to adopt Christianity (beginning in the 14th century). A formidable power, it became the largest state in Europe in the 15th century through the conquest of large groups of East Slavs who resided in Ruthenia. In 1385, the Grand Duchy formed a dynastic union with Poland through the Union of Krewo. Later, the Union of Lublin (1569) created the Polish–Lithuanian Commonwealth that lasted until 1795, when the last of the Partitions of Poland erased both Lithuania and Poland from the political map. Afterward, the Lithuanians lived under the rule of the Russian Empire until the 20th century.
On February 16, 1918, Lithuania was re-established as a democratic state. It remained independent until the outset of World War II, when it was occupied by the Soviet Union under the terms of the Molotov–Ribbentrop Pact. Following a brief occupation by Nazi Germany after the Nazis waged war on the Soviet Union, Lithuania was again absorbed into the Soviet Union for nearly 50 years. In 1990–91, Lithuania restored its sovereignty with the Act of the Re-Establishment of the State of Lithuania. Lithuania joined the NATO alliance in 2004 and the European Union as part of its enlargement in 2004.
(Bishiop, Histsorian & writer)
The modern banknotes of Lithuania are denominated in litas. All banknotes were of the same size except for the 500 lit? banknote. They bore signatures of Minister of Finance and/or of Chairperson of the Bank of Lithuania Board. 10, 20, and 50 lit? banknotes had 4 releases. This was mainly due to security reasons: the number of security features was gradually increased from virtually 0 to 9, 14 and eventually to 17. The first release bore the date "1991" but was actually released to the public in 1993 for a very brief time (June–October). Since they were replaced in the same year, the first release is dated to 1991 and the second to 1993. The banknotes were not printed in Lithuania.
Coins were introduced in 1925 in denominations of 1 centas, 2 centai, 5 centai, 10, 20, 50 cent?, and 1 litas, 2 litu, 5 litai, with the litas coins in silver. 10 lit? coins were introduced in 1936. All these coins were designed by the sculptor Juozas Zikaras (1881–1944). The litas coins displayed Jonas Basanavi?ius and Vytautas the Great, which was replaced by a portrait of President Antanas Smetona. The 1 centas, 2, 5 centai pieces were minted in aluminum, the 10, 20, 50 cents? in bronze and the litas coins were of cupro-nickel. In 1997, nickel-brass 10, 20, 50 cent? coins were introduced, followed by cupro-nickel 1 litas, bimetallic 2 and 5 litai in 1998.
All had the obverse designs showing the coat of arms in the center and the name of the state "Lietuva" in capital letters.
The first coins were minted in the United Kingdom and arrived in Lithuania on 31 October 1990. Later, all coins were minted in the state-owned enterprise "Lithuanian Mint", which started its operations in September 1992 and helped to cut the costs of introducing the litas.
|National Song||"Tautiška giesmė"|
|GDP / GDP Rank||86.051 Billion USD|
|GDP Growth Rate||1.6 Percent|
|GDP Per Captial||$29972.331 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
President – Dalia Grybauskaitė
Prime Minister – Saulius Skvernelis
|Website||Go to the web|
|Public Debt||40.014 Percent|
|Unemployment Rate||9.185 Percent|
|Labor Force (Occupation)||-|