Investment climate
Investment climate, Lithuanian media

25,000 jobs created annually in Lithuania by new companies

March 16, 2015

According to new data, more than 25,000 jobs are created each year by companies newly registered in Lithuania. The data, published by Creditreform Lietuva, also shows that after two years of operations this figure increases by another 60%, with some companies registering a tenfold growth in employee numbers.

According to Jurgita Dambrauskaitė, business analyst at Creditreform Lietuva – a company which specialises in gathering contact and economic information about new businesses – more and more new businesses are setting up in Lithuania each year. “Every year, up to 10,000 different companies come into existence in Lithuania. Lately, the number of new companies has been increasing”, she said.

[quote text=”Every year, up to 10,000 different companies come into existence in Lithuania. Lately, the number of new companies has been increasing” name_surname=”Jurgita Dambrauskaitė” description=”Business analyst at Creditreform Lietuva”]

Ms Dambrauskaitė also pointed out that many newly established firms grow into substantial companies employing hundreds of staff. The most noticeable changes are seen in microcompanies. In their second year, microcompanies tend to either move up into the group of small companies with 10–49 employees or move the other way, having no personnel at all.

Interestingly, companies that were started up in 2010 showed the most sustainable continued growth. The proportion of microcompanies somewhat decreased after the first year to 65.3% of the total. However, the percentage of small companies’ grew to 5.9%. Morever, the percentage of medium companies – with 50–249 employees – and large companies – with more than 250 employees – both grew, rising to 0.53% and 0.13% of the total respectively.

The largest second year growth in personnel was again seen in companies established in 2010. Here, the number of businesses employing from 10 to 49 members of staff increased to 7.2%, whilst those with between 50 and 249 grew to 0.6%, and those with more than 250 employees reached 0.16%.

A number of companies established in 2010 have seen dramatic increases in personnel numbers. UAB Felit, which manages the Vilnius branch of IKEA, has seen staff numbers grow from 2 to 309, whilst furniture manufacturer UAB Lietwood has witnessed an increase of 149. Staff numbers at UAB Baltic Post, a postal service provider, have grown from 1 to 133, whilst UAB SIDC LT, a construction and metal production firm, has seen numbers increase from 2 to 263.

Of those registered in 2011, transport company UAB KLP Transport has seen the largest increase, with employee numbers growing from 2 to 655. Employee numbers at furniture manufacturer Templari have leapt from 1 to 199, whilst at insurance company Compensa Services they have increased from 0 to 134 and at security company Mano Sauga the number of employees has grown from 1 to 126.

Ergo Insurance SE, the Lithuanian affiliate of the international insurance company, has had the largest employee growth out of the companies established in 2012. Its staff numbers have soared from 0 up to 625. Baltic Champs, which grows mushrooms, has increased its staff from 0 to 509, whilst chocolate producer Mondelez Lietuva Production has seen its employee numbers rise to 412 and H & M Hennes & Mauritz, the clothing retailer, has increased numbers from 0 up to 232.

“In total, companies that were registered in 2010–2012 now employ more than 130,000 people. 2,058 companies have between 10 and 49 employees, 180 companies employ from 50 to 249 people, and 33 companies have more than 250 employees”, reported Creditreform Lietuva’s analyst.

Read full article in Lithuanian at lrytas.lt

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Aistė Žebrauskienė
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    Aistė Žebrauskienė Press Officer
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