Analysis of information sources in references of the Wikipedia article "Economy of Lithuania" in English language version.
The 2017 labor law reform significantly improved Lithuania's position in the Employment Flexibility Index, moving the country from the 27th to 15th position among the EU and OECD countries, according to Employment Flexibility Index 2019 compiled by the Lithuanian Free Market Institute based on the World Bank's Doing Business data.
Google Payment, a company owned by Alphabet Inc., obtained an e-money license in Lithuania, joining a growing number of fintech firms that have secured permission from the Baltic nation to offer financial services across the European Union.
"After long and careful deliberation, we chose Vilnius because of its educated and multilingual talent pool, its highly-developed IT infrastructure and its business-friendly environment", said Duncan Neilson, a Moody's senior vice president. "Given our goals of hiring diverse talent and further developing our automation and cyber security capabilities, choosing Lithuania as our newest EU location makes good business sense".
This year, Lithuania is one of the fastest growing economies in Europe with an annualized growth rate of 6.6 percent during the first half of the year. This high growth is driven by an exports surge of no less than 38 percent. This is an incredible achievement after a vicious financial crisis. Remember that Lithuania's GDP slumped by 14.7 percent in 2009. The explanation is rigorous government policy. Lithuania's attainment is often ignored or belittled because its neighbors Estonia and Latvia have carried out similar miracles, but they are all true heroes, and Lithuania's cure looks remarkable also among this tough competition.
{{cite web}}: CS1 maint: archived copy as title (link){{cite web}}: CS1 maint: archived copy as title (link)But Mr Kubilius, speaking in Brussels ahead of an EU summit, said his government would press ahead with its austerity programme and would not request a relaxation of the terms for joining the euro area that are set out under EU treaty law.
Ireland continues to lead the world for attracting high-value investment, generating substantial inward investment with strengths in key high-value sectors such as ICT, financial and business services and life sciences. But Singapore is now a close second, with Lithuania and Switzerland right behind.
Nowadays, as a member of the NATO, the European Union, and Eurozone, Lithuania's life science sector is growing around 20–25% annually; with special focus on the production and research of biotechnology, pharmaceutical and medical devices. Many of the products developed in Lithuania are geared towards international markets, with 90% of all life science products and services being exported around the world.
Aivaras Čičelis, deputy president at SEB Bank and head of Corporate Banking Division, said that "there were fears before that Lithuanian furniture makers would be pushed out of business by the Chinese and Indians, but this sector benefited from the financial crisis, when everyone was looking for cheap furniture and turned to Ikea, which sells Lithuanian production."
Lithuania's fiscal position is sound. After revenues fell sharply in the wake of the 2008 crisis, the government started consolidating public finances on the spending side by reducing the wage bill, lowering social spending and cutting infrastructure investment. The 2016 budget resulted in a 0.3% surplus, the first for more than a decade (Figure 13). As a result, gross debt is now stabilising at around 50% of GDP (OECD National Accounts definition), which is sustainable under various simulations (Fournier and Bétin, forthcoming). The budget remained positive in 2017 and is expected so in 2018.
The Lithuanian capital Vilnius launched Europe's first international Blockchain Centre on 27 January, making it the EU's only hub for the digital ledger. The new hub will help Europe connect with partner Blockchain Centres in Australia, China, Canada, the UK, Belgium, Denmark, Georgia, Gibraltar, Ukraine, Israel, and Latvia.
Agriculture contributes 3.3% to the GDP and employs 9.1% of the active workforce (CIA World Factbook 2017 estimates). Lithuania's main agricultural products are wheat, wood, barley, potatoes, sugar beets, wine and meat (beef, mutton and pork). The main industrial sectors are electronics, chemical products, machine tools, metal processing, construction material, household appliances, food processing, light industry (including textile), clothing and furniture. The country is also developing oil refineries and shipyards. The industrial sector contributes 28.5% to the GDP employing around 25% of the active population. Lastly, the services sector contributes 68.3% to the GDP and employs 65.8% of the active population. The information technology and communications sectors are the most important contributors to the GDP.
{{cite web}}: CS1 maint: archived copy as title (link){{cite web}}: CS1 maint: archived copy as title (link)In 2017, compared to 2016, the number foreign tourists grew by 4.4 per cent and totaled 1.6 million. The largest number of foreign tourists staying in the accommodation establishments of Lithuania came from Belarus (177 thousand), Germany (176.2 thousand), Russia (168.1 thousand), also from neighbouring countries – Poland (161.4 thousand), and Latvia (152.3 thousand). In 2017, the number of tourists increased from China (33.4 per cent), Greece (27.5 per cent), Luxembourg (24.3 per cent), Iceland (23.6 per cent), Canada (22.3 per cent), USA (21.6 per cent).
{{cite web}}: CS1 maint: archived copy as title (link){{cite web}}: CS1 maint: archived copy as title (link)Ireland continues to lead the world for attracting high-value investment, generating substantial inward investment with strengths in key high-value sectors such as ICT, financial and business services and life sciences. But Singapore is now a close second, with Lithuania and Switzerland right behind.
The Lithuanian capital Vilnius launched Europe's first international Blockchain Centre on 27 January, making it the EU's only hub for the digital ledger. The new hub will help Europe connect with partner Blockchain Centres in Australia, China, Canada, the UK, Belgium, Denmark, Georgia, Gibraltar, Ukraine, Israel, and Latvia.
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