Liechtenstein Economy:
Despite its small size and limited natural resources, Liechtenstein has developed into a prosperous, highly industrialized, free-enterprise economy with a vital financial service sector and living standards on a par with its large European neighbors. The Liechtenstein economy is widely diversified with a large number of small businesses. Low business taxes - the maximum tax rate is 20% - and easy incorporation rules have induced many holding or so-called letter box companies to establish nominal offices in Liechtenstein, providing 30% of state revenues. The country participates in a customs union with Switzerland and uses the Swiss franc as its national currency. It imports more than 90% of its energy requirements. Liechtenstein has been a member of the European Economic Area (an organization serving as a bridge between the European Free Trade Association (EFTA) and the EU) since May 1995. The government is working to harmonize its economic policies with those of an integrated Europe.
GDP (purchasing power parity):
$825 million (1999 est.)
GDP — real growth rate:
11% (1999 est.)
GDP — per capita:
purchasing power parity: $25,000 (1999 est.)
GDP — composition by sector:
agriculture: NA
industry: 40%
services: NA
(1999)
Labor force:
29,000 of whom 19,000 are foreigners; 13,000 commute from Austria, Switzerland, and Germany to work each day (31 December 2001 est.)
Labor force — by occupation:
agriculture: 1.3%, industry: 47.4%, services: 51.3% (31 December 2001 est.)
Unemployment rate:
1.3% (September 2002 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1% (2001 est.)
Budget:
revenues: $424.2 million (1998 est.)
expenditures: $414.1 million including capital expenditures of NA (1998 est.)
Agriculture — products:
Wheat, barley, corn, potatoes; livestock, dairy products
Industries:
electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments
Industrial production growth rate:
NA
Exports:
$2.47 billion (1996 est.)
Exports — commodities:
small specialty machinery, connectors for audio and video, parts for motor vehicles, dental products, hardware, prepared foodstuffs, electronic equipment, optical products
Exports — partners:
EU 62.6%, US 18.9%, Switzerland 15.7%
Imports:
$917.3 million (1996 est.)
Imports — commodities:
agricultural products, raw materials, machinery, metal goods, textiles, foodstuffs, motor vehicles
Imports — partners:
EU, Switzerland
Debt — external:
$0 (2001 est.)
Economic aid — recipient:
$none
Currency:
Swiss franc (CHF)
Exchange rates:
Swiss francs per US$: 1.24 (2004 est.), 1.35 (2003 est.), 1.56 (2002 est.), 1.69 (2001 est.), 1.69 (2000 est.)
Fiscal year:
calendar year
|
