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:
purchasing power parity - $825 million (1999 est.)
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%
Inflation rate (consumer prices):
1% (2001)
Labor force:
29,000 of which 19,000 are foreigners; 13,000 commute from Austria,
Switzerland, and Germany to work each day (37256)
Labor force - by occupation:
industry 47.4%, services 51.3%, agriculture 1.3% (37256 est.)
Unemployment rate:
1.3% (37500)
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 by source:
fossil fuel: 0%
other: 0% (2002)
hydro: 0%
nuclear: 0%
Electricity - consumption:
NA kWh
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
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:
Swiss franc (CHF)
Currency code:
CHF
Exchange rates:
Swiss francs per US dollar - 1.5586 (2002), 1.6876 (2001), 1.6888
(2000), 1.5022 (1999), 1.4498 (1998)
Fiscal year:
calendar year