The good knowledge of the correlates of educational achievement highlights the ways to the efficient use of economic and human capital in raising the efficiency of education. The present paper investigates the correlates and compares the values of the correlates for the Republic of Lithuania with the average international values. The data for the analysis were taken from the TIMSS (Trends in International Mathematics and Science Studies) 2003 mathematics report. The correlation analysis revealed a strong relationship between TIMSS results and the economic development of countries, teacher and parent education, the students' safety in schools, etc. Mathematics instructional time had no correlation with the TIMSS results in international comparison. Students' self-confidence in mathematics was lower in the countries with a higher TIMSS score but in-country comparison revealed a positive relationship between these variables. The Lithuanian students scored 0.46 standard deviations higher the international average TIMSS result. The educational correlates of TIMSS results had higher values in Lithuania than the international average.The economic correlates had lower values in Lithuania, however the Republic of Lithuania has succeeded in using the available economic and human resources very efficiently in education. (Contains 1 table.) [Abstract modified to meet ERIC guidelines.]