Liechtenstein Economy, Liechtenstein Economy
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Economy - overview: 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:
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)
Population below poverty line: NA%
Household income or consumption by percentage share: Lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index:
Inflation rate (consumer prices):
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)
Labor force - by occupation: Agriculture 1.3%, industry 47.4%, services 51.3% (31 December 2001 est.)
Unemployment rate: 1.3% (September 2002)
Budget: Revenues: $424.2 million expenditures: $414.1 million, including capital expenditures of NA (1998 est.)
Industries: Electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments
Industrial production growth rate: NA%
Electricity - production:
Electricity - production by source:
Electricity - consumption:
Electricity - exports:
Electricity - imports:
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Wheat, barley, corn, potatoes; livestock, dairy products
Exports: $2.47 billion (1996)
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% (Germany 24.3%, Austria 9.5%, France 8.9%, Italy 6.6%, UK 4.6%), US 18.9%, Switzerland 15.7%
Imports: $917.3 million (1996)
Imports - commodities: Agricultural products, raw materials, machinery, metal goods, textiles, foodstuffs, motor vehicles
Imports - partners: EU, Switzerland
Debt - external: $0 (2001)
Economic aid - recipient: None
Currency:
Currency code:
Exchange rates: Swiss francs per US dollar - 1.2435 (2004), 1.3467 (2003), 1.5586 (2002), 1.6876 (2001), 1.6888 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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