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Liechtenstein Economy




Liechtenstein    Economy Top of Page
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 the urban areas of its large European neighbors. Low business taxes - the maximum tax rate is 18% - and easy incorporation rules have induced 73,700 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 European Free Trade Association (EFTA) and EU) since May 1995. The government is working to harmonize its economic policies with those of an integrated Europe.
GDP: purchasing power parity - $730 million (1998 est.)
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $23,000 (1998 est.)
GDP - composition by sector: agriculture:  NA%

industry:  NA%

services:  NA%
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 0.5% (1997 est.)
Labor force: 22,891 of which 13,847 are foreigners; 8,231 commute from Austria and Switzerland to work each day
Labor force - by occupation: industry, trade, and building 45%, services 53%, agriculture, fishing, forestry, and horticulture 2% (1997 est.)
Unemployment rate: 1.8% (February 1999)
Budget: revenues:  $424.2 million

expenditures:  $414.1 million, including capital expenditures of $NA (1998 est.)
Industries: electronics, metal manufacturing, textiles, ceramics, pharmaceuticals, food products, precision instruments, tourism
Industrial production growth rate: NA%
Electricity - production by source: fossil fuel:  NA%

hydro:  NA%

nuclear:  NA%

other:  NA%
Electricity - consumption: NA kWh
Electricity - exports: NA kWh
Electricity - imports: NA kWh
Agriculture - products: wheat, barley, corn, potatoes; livestock, dairy products
Exports: $2.47 billion (1996)
Exports - commodities: small specialty machinery, dental products, stamps, hardware, pottery
Exports - partners: EU and EFTA countries 60.57% (Switzerland 15.7%) (1995)
Imports: $917.3 million (1996)
Imports - commodities: machinery, metal goods, textiles, foodstuffs, motor vehicles
Imports - partners: EU countries, Switzerland (1996)
Debt - external: $0 (1996)
Economic aid - recipient: none
Currency: Swiss franc (CHF)
Currency code: CHF
Exchange rates: Swiss francs per US dollar - 1.6303 (January 2001), 1.6888 (2000), 1.5022 (1999), 1.4498 (1998), 1.4513 (1997), 1.2360 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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