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| 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 - real growth rate | 11% (1999 est.) | | | GDP - composition by sector | agriculture: 6%
industry: 39%
services: 55% (2001) | | | Population below poverty line | NA% | | Household income or consumption
by percentage share | lowest 10%: NA%
highest 10%: NA% | | | 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) | | | 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% | | | 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% (2004) | | | Imports | $917.3 million (1996) | | | Imports - commodities | agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles | | | Imports - partners | EU, Switzerland (2004) | | | Debt - external | $0 (2001) | | | 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 | |
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