Statistics Lithuania informs that based on provisional data, in 2020, gross domestic product (GDP) amounted to EUR 48.7 billion at current prices.

In 2020, due to the pandemic, the economy shrank: compared to 2019, the real GDP change, seasonally and calendar adjusted, was negative and stood at minus 1.3 per cent. The largest negative influence on the GDP change in 2019 was made by the performance results of enterprises engaged in food service activities, transport and storage.

In 2020, the real quarterly GDP changes (seasonally and calendar adjusted and compared to the previous period) were uneven: in I quarter – 0.0 per cent, in II quarter – minus 5.9 per cent, in III quarter – 3.8 per cent, in IV quarter – 1.2 per cent.

In 2020, annual (December 2020, against December 2019) inflation of 0.2 per cent was recorded in Lithuania. In 2020, overall annual price change was mainly conditioned by an increase in prices for healthcare goods and services – 7.1 per cent (dentist services went up in price by 13.9, medical services – 10.9, pharmaceuticals – 4.7 per cent), alcoholic beverages and tobacco products – 3 per cent, services of hotels, cafés and restaurants – 3.6 per cent (price change in this group of services was determined by an increase in prices for catering – 4.1 per cent).

Despite COVID-19, the number of economic entities operating in the country in 2020 grew by 0.7 per cent. The number of registered economic entities exceeded that of unregistered ones by 9,801.

In 2020, there were 13,342 economic entities registered in Lithuania, or by 5 per cent more than in 2019.

Almost a quarter (22.5 per cent) of economic entities were engaged in wholesale or retail trade, repair of motor vehicles and motorcycles. The majority (82.6 per cent) of economic entities in operation had less than 10 employees. Such economic entities employed 16.2 per cent of all the persons employed in the country.

The average annual income of most (78.5 per cent) economic entities operating in the country does not exceed EUR 0.3 million. The economic entities earning more than EUR 40 million a year make up 0.3 per cent of all economic entities in operation.

In the first nine months of 2019, the country’s enterprises earned EUR 5.1 billion of pre-tax profit, which is by 6.4 per cent more than in the same period of 2019.

The largest increase in pre-tax profit was observed in energy (EUR 90 million, or 43 per cent), decrease – accommodation and food service activities (EUR 89 million, or more than 5 times) sectors.

The average profitability of enterprises stood at 5.7 per cent, i.e. 1 euro of profit earned 5.7 euro cents. Compared to the respective period of 2019, profitability remained unchanged. The most profitable enterprises were those engaged in business services (except for head offices) and accommodation and food service – their profitability made up 19.4 and 12.7 per cent respectively.

The least profitable were social service enterprises – their profitability stood at 2.7 per cent.

In 2020, the employed population totalled 1 million 364.5 thousand, the unemployed – 124.6 thousand, economically inactive population aged 15 and older – 883.9 thousand. In 2020, compared to 2019, the employed population decreased by 13.9 thousand (1 per cent), the number of the unemployed increased by 32.6 thousand (35.4 per cent), while the number of economically inactive population decreased by 14 thousand (1.6 per cent).

In 2020, work carried out by construction enterprises in the country amounted to EUR 3.3 billion, which is by 3 per cent (at constant prices) less than in 2019. Against 2019, the volume of building construction work decreased by 8.4 per cent, civil engineering structures – increased by 3.5 per cent (at constant prices).

The construction of civil engineering structures accounted for the major part (47 per cent) of all construction work carried out within the country. The construction of non-residential and residential buildings accounted for 34 and 19 per cent respectively.

Work carried out by the country’s construction enterprises abroad amounted to EUR 396 million, which is by 0.8 per cent (at constant prices) more than in 2019.

Read more: https://osp.stat.gov.lt/informaciniai-pranesimai?articleId=8417190