Economy of 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 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): | $1.786 billion (2001 est.) |
| GDP (official exchange rate): | $2.487 billion (2001) |
| GDP - real growth rate: | 11% (1999 est.) |
| GDP - per capita (PPP): | $25,000 (1999 est.) |
| GDP - composition by sector: | agriculture: 6% industry: 39% services: 55% (2001) |
| Labor force: | 29,500 of whom 13,900 commute from Austria, Switzerland, and Germany to work each day (31 December 2001) |
| Labor force - by occupation: | agriculture: 2% industry: 47% services: 51% (31 December 2001 est.) |
| Unemployment rate: | 1.3% (September 2002) |
| Population below poverty line: | NA% |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | 1% (2001) |
| Budget: | revenues: $424.2 million expenditures: $414.1 million; including capital expenditures of $NA (1998 est.) |
| Agriculture - products: | wheat, barley, corn, potatoes; livestock, dairy products |
| Industries: | electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments |
| Industrial production growth rate: | NA% |
| 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% (2006) |
| Imports: | $917.3 million (1996) |
| Imports - commodities: | agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles |
| Imports - partners: | EU, Switzerland (2006) |
| Debt - external: | $0 (2001) |
| Currency (code): | Swiss franc (CHF) |
| Currency code: | CHF |
| Exchange rates: | Swiss francs per US dollar - 1.2539 (2006), 1.2452 (2005), 1.2435 (2004), 1.3467 (2003), 1.5586 (2002) |
| Fiscal year: | calendar year |