Lithuania

Lithuania is the largest of the Baltic States and borders Poland, Latvia, Belarus and Russia. The population of Lithuania is 3.2 million, of which over 0.5 million live in the capital, Vilnius. The population is expected to decrease to 3 million by 2030, with the proportion of people over 65 increasing from 23% to 35% over the same period. More than 80% of the population speak Lithuanian as their first language and almost 80% of the population cite Catholic as their religion. The official currency is the Litas, worth approximately €0.29. The standard rate of VAT is 21%.

Lithuania has a GDP per capita of €8,400, compared to the EU average of €24,400 in 2010. According to the European Bank of Reconstruction & Development, the Lithuanian economy grew by 6.2% in 2011, and is expected to grow by 2.3% in 2012 (compared to the Eurozone average growth of 1.6% and 0.2% respectively). The inflation rate was 3.5% in 2011, compared to 3% in the EU. The unemployment rate was 15.3%, compared to 9.8% in the EU as a whole in 2011.

Lithuanians prefer face to face meetings and like to turn business relationships into friendships. Although they are impressed by titles, they tend to be modest. Meetings can be quite bureaucratic and will not be rushed into making a decision.