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. 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 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 - $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 (December 2001)
Labor force - by occupation:
industry 47.4%, services 51.3%, agriculture 1.3% (December 2001)
Unemployment rate:
1.3% (September 2002)
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
NOTE: The information regarding Liechtenstein on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Liechtenstein Economy 2003 should be addressed to the CIA.
