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Liechtenstein Economy 1996

Overview:

Despite its small size and limited natural resources, Liechtenstein has developed into a prosperous, highly industrialized, free-enterprise economy with a vital service sector and living standards on par with its large European neighbors. Low business taxes - the maximum tax rate is 20% - and easy incorporation rules have induced about 25,000 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. Liechtenstein plans to join the European Economic Area (an organization serving as a bridge between EFTA and EU) in 1995.

National product:

GDP - purchasing power parity - $630 million (1990 est.)

National product real growth rate:

NA%

National product per capita:

$22,300 (1990 est.)

Inflation rate (consumer prices):

5.4% (1990)

Unemployment rate:

1.5% (1994)

Budget:

revenues:

$259 million

expenditures:

$292 million, including capital expenditures of $NA (1990 est.)

Exports:

$NA

commodities:

small specialty machinery, dental products, stamps, hardware, pottery

partners:

EC countries 42.7%, EFTA countries 20.9% (Switzerland 15.4%), other 36.4% (1990)

Imports:

$NA

commodities:

machinery, metal goods, textiles, foodstuffs, motor vehicles

partners:

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

23,000 kW

production:

150 million kWh

consumption per capita:

5,230 kWh (1992)

Industries:

electronics, metal manufacturing, textiles, ceramics, pharmaceuticals, food products, precision instruments, tourism

Agriculture:

livestock, vegetables, corn, wheat, potatoes, grapes

Economic aid:

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 - 1.2880 (January 1995), 1.3677 (1994), 1.4776 (1993), 1.4062 (1992), 1.4340 (1991), 1.3892 (1990)

Fiscal year:

calendar year

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