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Having regained its independence in 1991, Lithuania started implementing economic reforms, seeking to liberalize the economy and adapt it to market conditions. Analyzing the macroeconomic indicators of 1996, it is possible to claim that the reforms have brought good results and that the economy has entered a period of growth. Inflation has been curbed, thanks to strict fiscal and monetary policies: in 1996 it dropped to 13.1%, and is expected to continue, reaching 11.5% in 1997. Unemployment stood at 7.1% in 1996. The country's GDP dropped by almost 55% in 1990-93. However, it rose by 1% in 1994 and by 3% in 1995. According to preliminary data, it increased by 3.7-4% in 1996, and is expected to grow even faster in 1997, reaching 5%. The proportions of GDP arising in the private and state sectors have changed recently. In 1995, 65% of GDP was generated in the private sector with the corresponding figure for 1992 being only 37%. The National debt at the end of 1996 amounted to LTL 2,509,000,000, or 8.5% of expected GDP, and foreign debt amounted to LTL 4,811,700,000, or 16.3% of expected GDP (USD 1,202,920,000). The budget deficit in 1996 amounted to LTL 813,000,000, but this is expected to drop below LTL 7,000,000,000 in 1997. Investments also picked up in 1995: investment from the national budget was LTL 889,530,000, or 3.7% of GDP, which represented a growth of 38.6% over the figure for 1994. Foreign investment in Lithuania in 1995 amounted to LTL 2,580,050,000. Direct foreign investment has been growing fast. At the end of 1995 it stood at LTL 1,406,400,000, and in 1996 it grew by 30%. Industrial enterprises have always been the basis of Lithuania's economy. In 1996, growth in industrial production amounted to 13%. According to annual reports from industrial enterprises, quite a number of them are involved in profitable and stable business, and it comes as no surprise that the stock exchange has become much more active. At the end of 1994, capitalization of the securities stock exchange amounted to LTL 246,000,000. In 1995 it was LTL 630,000,000 and in 1996 LTL 3,600,000,000, which was equivalent to 12.2% of GDP. The stock exchange index rose by 64% during 1996. There are now 460 enterprises listed on the securities stock exchange. In 1996, foreign currency reserves amounted to USD 772,200,000 (excluding gold). This represents a growth of 47% compared with 1994. The official reserves fully cover the Litas that are in currency and ensures 2.1 months of imports. |
 Mr Algirdas Semeta Minister of Finances. |
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