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LITHUANIA Tenders




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Capital Vilnius
ISO 3166 Code LT
Population 2,921,920
Area, Sq KM 65,201
Currency Euro
Official Language Lithuanian
GDP, Billion USD 45,932
GDP Growth Rate, % 3.0
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 10.8
Exchange Rate, 1 USD Equals .88
International dial code 370
Time Zone GMT+02:00
Internet TLD .lt

Lithuania is officially known as the Republic of Lithuania. It is a country which is located in Northern Europe. Being one of the three Baltic States, it is situated to the east of Denmark and Sweden and along the southeastern shore of the Baltic Sea. The country shares its borders Belarus to the south and east, by Latvia to the north, Poland to the south, and on its southwest, by Kaliningrad Oblast. As of 2013, Lithuania has an estimated population of 3 million. Capital of this country is also its largest city and is called Vilnius. Lithuanians are a Baltic people and the official languages of this country are Lithuanian and Latvian. The southeastern shore of the Baltic Sea was inhabited by various Baltic tribes for centuries.The first unified Lithuanian state known by the name of the Kingdom of Lithuania was formed in 1253. Towards the end of the First World War, Lithuania's Act of Independence was signed in 1918 which declared the establishment of a sovereign State of Lithuania. Starting in 1940, Soviet Union first occupied Lithuania and then it was occupied by Nazi Germany. In 944, when the World War II was nearing neared its end, the Soviet Union reoccupied Lithuania. On 1990, Lithuania became the first Soviet republic that declared itself independent. Lithuania is a member of the Council of Europe, the European Union and NATO along with being a member of the Nordic Investment Bank. This country is ranked as a “very high human development” country by the United Nations Human Development Index and Lithuania has been among the fastest growing economies in the European Union. It was ranked 24th in the Ease of Doing Business Index, in the world. Lithuania adopted the euro as the official currency of the county along with becoming the 19th member of the Eurozone in the year 2015. Before the year 2009, the GDP of this country experienced very high real growth rates in the decade. In the year 2007, it was recorded at its peak of 11.1%. The country was often termed as a Baltic Tiger due to this. However, a dramatic decline in the GDP was seen in 2009 which was recorded at - 14.9% due to overheating of the economy. Driven by exports and domestic demand, in the following few years, the economy slowly resumed its growth at a lower but more sustainable pace. Even the unemployment rate was 9.1% in the third quarter of 2014 which was reported to be 17.8% in 2010.

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