List of Banks in Lithuania

In 2003, before joining the European Union, Lithuania had the highest economic growth rate amongst all candidate and member countries, reaching 8.8% in the third quarter. In 2004 – 7.4%; 2005 – 7.8%; 2006 – 7.8%; 2007 – 8.9%, 2008 Q1 – 7.0% growth in GDP reflects the impressive economic development.[41] Most of the trade Lithuania conducts is within the European Union.

Vilnius Financial Centre
By UN classification, Lithuania is a country with high average income. The country boasts a well-developed modern infrastructure of railways, airports and four-lane highways. As of October 2008, the unemployment rate is 4.7%. Less than 2% of the population live beneath the poverty line.[42] According to officially published figures, EU membership fueled a booming economy, increased outsourcing into the country, and boosted the tourism sector. The litas, the national currency, has been pegged to the euro since 2 February 2002 at the rate of EUR 1.00 = LTL 3.4528,[43] and Lithuania is expecting to switch to the euro on 1 January 2014.

Lithuania is part the EU single market.Structurally, there is gradual but consistent shift towards a knowledge-based economy with special emphasis on biotechnology (industrial and diagnostic) – major biotechnology producers in the Baltic countries are concentrated in Lithuania – as well as laser equipment. Also mechatronics and information technology (IT) are seen as prospective knowledge-based economy directions in Lithuania. In 2009 appeared "Barclays" bank IT centre in Lithuania. In 2010 IBM company with the Lithuanian government decided to set up a research center in here. Also Lithuanians opened the first solar cell plant in Lithuania. In 2010 "Western Union" here decided to establish money transfer centre. Lithuanian government strategy is as follows: Lithuanian economy is the production of high added value products and services.

Lithuania has a flat tax rate rather than a progressive scheme. Lithuanian income levels are lower than in the older EU Member States. According to Eurostat data, Lithuanian PPS GDP per capita stood at 61 per cent of the EU average in 2008.[44] Lower wages have been a factor that in 2004 fueled emigration to wealthier EU countries, something that has been made legally possible as a result of accession to the European Union. In 2007, personal income tax was reduced to 24% and a reduction to 21% was made in January 2009.

Corporate tax rate in Lithuania is 15% and 5% for small businesses. The government offers special incentives for investments into the high-technology sectors and high value-added products. Lithuania has the highest rating of Baltic states in the Economist Intelligence Unit’s quality of life index.

 

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