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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 is 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: 1.6% (1997)

    Budget:
    revenues: $455 million
    expenditures: $435 million, including capital expenditures of $NA (1996 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, maize, 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 (SwF) = 100 centimes, rappen, or centesimi

    Exchange rates: Swiss francs, franken, or franchi (SwF) per US$1—1.3837 (January 1999), 1.4498 (1998), 1.4513 (1997), 1.2360 (1996), 1.1825 (1995), 1.3677 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)