Economy of Liechtenstein
|
|
| Currency | Swiss franc (CHF) |
|---|---|
| Statistics | |
| GDP |
 $3.2 billion (PPP, 2009 est.) |
|
GDP growth
|
−0.5% (real, 2009 est.) |
|
GDP per capita
|
$141,100 (PPP, 2008 est.) |
|
GDP by sector
|
Agriculture: 7.1%; industry: 42.8%; services: 50.1% (2008) |
|
0.2% (CPI, 2011) |
|
|
Population below poverty line
|
N/A |
| N/A | |
|
Labour force
|
35,260, 51% of whom commute daily from Austria, Switzerland, or Germany (2012) |
|
Labour force by occupation
|
Agriculture: 0.8%; industry: 39.4%; services: 59.95% (2010) |
| Unemployment |
 2.5% (2011) |
|
Main industries
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Electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments |
| External | |
| Exports |
$3.76 billion (2011 est.) |
|
Export goods
|
Small specialty machinery, connectors for audio and video, parts for motor vehicles, dental products, hardware, prepared foodstuffs, electronic equipment, optical products |
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Main export partners
|
n/av |
| Imports |
$2.218 billion (2011 est.) |
|
Import goods
|
Agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles |
|
Gross external debt
|
0% (2001) debt holder of Switzerland, Austria and US |
| Public finances | |
| N/A | |
| Revenues | $1.29 billion (2011 est.) |
| Expenses | $1.372 billion (2011 est.) |
|
Standard & Poor's: AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable |
|
Low business taxes - the maximum tax rate is 20% - and easy incorporation rules. The country participates in a customs union with Switzerland and uses the Swiss franc as its national currency. It imports more than 85% 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.
Since the signing of the Customs Treaty in 1919, Liechtenstein and Switzerland have represented one mutual economic area. Therefore, the borders between those states are open. The country also uses the Swiss franc as its national currency, and Swiss customs officers secure its border with Austria. Currently there are 21 Swiss border guards stationed in Liechtenstein and 20 Austrian border guards securing its border (as of 2011).
Liechtenstein is a member of EFTA, and joined the European Economic Area (EEA) in 1995 in order to benefit from the EU internal market. The capitalist economy and tax system make Liechtenstein a safe, trustworthy, and success-oriented place for private and business purposes, especially with its highly modern, internationally laid-out infrastructure and nearby connections to the whole world.
The Principality of Liechtenstein has gone through economic and cultural development in the last 40 years like no other Western country. In this short period, Liechtenstein developed from a mainly agricultural state to one of the most highly industrialized countries in the world.
Besides its efficient industry, there also is a strong services sector. Four out of 10 employees work in the services sector, a relatively high proportion of whom are foreigners, including those who commute across the border from the neighboring states of Switzerland, Austria and Germany. Industrial exports more than doubled in 20 years from $1.21 billion (SFr. 2.2 billion) in 1988 to $2.9 billion (SFr. 4.6 billion) in 2008. Some 15.7% of Liechtenstein goods are exported to Switzerland, 62.6% to the EU, and 21.1% to the rest of the world. Liechtenstein imports more than 85% of its energy requirements from the Swiss, while it produces only 15% of its energy requirements.
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Wikipedia