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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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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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Inflation rate (consumer prices):
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1% (2001)
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Labor force:
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29,000 of which 19,000 are foreigners; 13,000 commute from Austria, Switzerland, and Germany to work each day (37256)
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Labor force - by occupation:
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industry 47.4%, services 51.3%, agriculture 1.3% (37256 est.)
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Unemployment rate:
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1.3% (37500)
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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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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 by source:
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fossil fuel: 0%
other: 0% (2002)
hydro: 0%
nuclear: 0%
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Electricity - consumption:
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NA kWh
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Electricity - exports:
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0 kWh (2002)
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Electricity - imports:
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0 kWh (2002)
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Agriculture - products:
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wheat, barley, corn, potatoes; livestock, dairy products
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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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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 - 1.5586 (2002), 1.6876 (2001), 1.6888 (2000), 1.5022 (1999), 1.4498 (1998)
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Fiscal year:
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calendar year
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