Short facts about the economy in Liechtenstein
| 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) |
| 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 | Source: World Factbook |
