Part 495

Diplomatic representation in the US: chief of mission: Ambassador Alfonsas EIDINTAS chancery: 2622 16th Street NW, Washington, DC 20009 telephone: (202) 234-5860 FAX : (202) 328-0466 consulate(s) general: New York

Diplomatic representation from the US: chief of mission: Ambassador James W. SWIHART, Jr. embassy: Akmenu 6, Vilnius 2600 mailing address: PSC 78, Box V, APO AE 09723 telephone : 670-6083 FAX: 670-6084

Flag description: three equal horizontal bands of yellow (top), green, and red

Economy

Economy - overview: Since declaring independence in 1990, Lithuania has implemented reforms aimed at eliminating the vestiges of the former socialist system. With the help of the IMF and other international institutions, the government has adopted a disciplined program to restrain inflation, abolish most price controls, lower the budget deficit, and privatize the economy. More than two-thirds of its industrial facilities as well as most housing and agricultural enterprises have been privatized. Although some important "strategic" enterprises remain exempt from privatization, the new government has outlined plans to privatize large companies dealing with transport, pipelines, communications, and energy. While Lithuania has reduced its trade dependence on Russia and other republics of the FSU from 85% in 1991 to about 40% in 1995, Russia remains Lithuania's leading trading partner. Lithuania has made great strides in reducing its annual rate of inflation - from over 1,100% in 1992 to about 35% in 1995 and 13.1% in 1996. Although the government tried to stay the course on economic reform and fiscal discipline in 1996, the new government, which took office in 1996 inherited high debts for energy supplies. As for real resources, Lithuania's growth depends largely on its ability to exploit its strategic location - with its ice-free port at Klaipeda and its rail and highway hub in Vilnius connecting it with Eastern Europe, Belarus, Russia, and Ukraine. Lacking important natural resources, it will remain dependent on imports of fuels and raw materials.

GDP: purchasing power parity - $14.1 billion (1996 estimate as extrapolated from World Bank estimate for 1994)

GDP - real growth rate: 3.4% (1996 est.)

GDP - per capita: purchasing power parity - $3,870 (1996 est.)

GDP - composition by sector: agriculture: 13% industry: 32% services: 55% (1996 est.)

Inflation rate - consumer price index: 13.1% (1996 official est.)

Labor force: total : 1.836 million by occupation: industry and construction 42%, agriculture and forestry 18%, other 40% (1990)

Unemployment rate: 8% (January 1997)

Budget: revenues: $1.4 billion expenditures: $1.5 billion, including capital expenditures of $168 million (1995)

Industries: metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers, amber

Industrial production growth rate: 3.7% (1996)

Electricity - capacity: 5.46 million kW (1994)

Electricity - production: 9.57 billion kWh (1994)

Electricity - consumption per capita: 2,151 kWh (1995 est.)

Agriculture - products: grain, potatoes, sugar beets, vegetables; meat, milk, eggs; fish; flax fiber

Exports: total value: $3.3 billion (1996 est.) commodities : textiles 15%, agriculture and food 14%, chemicals 12%, fuels 12%, machinery 11% (1995) partners: Russia, Germany, Belarus, Latvia, Ukraine (1995)

Imports: total value: $4.56 billion (1996 est.) commodities: oil 25%, machinery 17%, textiles 10%, chemicals 9% (1995) partners: Russia, Germany, Ukraine, Poland, Belarus

Debt - external: $895 million

Economic aid: recipient: ODA, $144 million (1993) note : commitments from the West and international financial institutions, $765 million (1992-95)

Currency: 1 Lithuanian litas = 100 centas

Exchange rates: litai per US$1 - 4.000 (January 1997), 4.000 (1996), 4.000 (1995), 3.978 (1994), 4.344 (1993), 1.773 (1992); note - fixed rate since 1 May 1994

Fiscal year: calendar year

@Lithuania:Communications

Telephones: 1.012 million (1995)