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The Economy of Liechtenstein

Liechtenstein Economy

Liechtenstein's map

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 the highest per capita income in the world. 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 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. In 2008 Liechtenstein came under renewed international pressure - particularly from Germany - to improve transparency in its banking and tax systems.

GDP:

GDP - real growth rate: 3.1% (2007 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 8% industry: 39% services: 54% (2007)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 31,000 of whom 13,900 commute from Austria, Switzerland, and Germany to work each day (31 December 2006)

Labor force - by occupation: agriculture: 1.7% industry: 43.5% services: 55.4% (31 December 2006)

Unemployment rate: 1.5% (31 December 2007)

Budget: revenues: $424.2 million expenditures: $414.1 million (1998 est.)

Industries: electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments

Industrial production growth rate: NA%

Electricity - production:

Electricity - production by source:

Electricity - consumption:

Electricity - exports:

Electricity - imports:

Oil - production:

Oil - consumption:

Oil - exports:

Oil - imports:

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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:

Imports: $917.3 million (1996)

Imports - commodities: agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles

Imports - partners:

Debt - external: $0 (2001)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Swiss francs (CHF) per US dollar - 1.0774 (2008 est.), 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004)

Fiscal year: