Economy Of Liechtenstein
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Economy overview
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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.
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GDP
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purchasing power parity - $825 million (1999 est.)
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GDP - real growth rate
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11% (1999 est.)
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GDP - per capita
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purchasing power parity - $25,000 (1999 est.)
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GDP - composition by sector
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agriculture: NA
industry: 40%
services: NA (1999)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1% (2001)
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Labor force
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29,000 of whom 19,000 are foreigners; 13,000 commute from Austria, Switzerland, and Germany to work each day (31 December 2001)
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Labor force by occupation
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agriculture 1.3%, industry 47.4%, services 51.3% (31 December 2001 est.)
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Unemployment rate
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1.3% (September 2002)
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Budget
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revenues: $424.2 million
expenditures: $414.1 million, including capital expenditures of NA (1998 est.)
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Public debt
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Agriculture products
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wheat, barley, corn, potatoes; livestock, dairy products
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Industries
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electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments
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Industrial production growth rate
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NA
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Electricity production
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Electricity production by source
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Electricity consumption
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Electricity exports
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Electricity imports
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Oil production
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Oil consumption
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Oil exports
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Oil imports
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$2.47 billion (1996)
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Exports commodities
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small specialty machinery, connectors for audio and video, parts for motor vehicles, dental products, hardware, prepared foodstuffs, electronic equipment, optical products
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Exports partners
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EU 62.6% (Germany 24.3%, Austria 9.5%, France 8.9%, Italy 6.6%, UK 4.6%), US 18.9%, Switzerland 15.7%
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Imports
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$917.3 million (1996)
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Imports commodities
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agricultural products, raw materials, machinery, metal goods, textiles, foodstuffs, motor vehicles
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Imports partners
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EU, Switzerland
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Reserves of foreign exchange gold
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Debt external
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$0 (2001)
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Economic aid recipient
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none
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Currency
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Swiss franc (CHF)
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Currency code
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CHF
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Exchange rates
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Swiss francs per US dollar - 1.3467 (2003), 1.5586 (2002), 1.6876 (2001), 1.6888 (2000), 1.5022 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to German Translation .
This information was reproduced in part from the CIA World Fact book.
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