Liechtenstein's Economy | Liechtenstein Economy

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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