Liechtenstein/Economy

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 about 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: 150 million kWh (1995)

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: 1 Swiss franc, franken, or franco (SFR) = 100 centimes, rappen, or centesimi

Exchange rates: Swiss francs, franken, or franchi (SFR) per US$1 - 1.5878 (January 2000), 1.5022 (1999), 1.4498 (1998), 1.4513 (1997), 1.2360 (1996), 1.1825 (1995)

Fiscal year: calendar year