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Liechtenstein Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Liechtenstein Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Despite its small size and lack of natural resources, Liechtenstein has developed into a prosperous, highly industrialized, free-enterprise economy with a vital financial services sector and one of the highest per capita income levels in the world. The Liechtenstein economy is widely diversified with a large number of small and medium-sized businesses, particularly in the services sector. Low business taxes - a flat tax of 12.5% on income is applied - and easy incorporation rules have induced many holding 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 and the EU) since May 1995. The government is working to harmonize its economic policies with those of an integrated EU. As of 2015, 54% of Liechtenstein’s workforce consisted of cross-border commuters, largely from Austria, Germany, and Switzerland.

Since 2008, Liechtenstein has faced renewed international pressure - particularly from Germany and the US - to improve transparency in its banking and tax systems. In December 2008, Liechtenstein signed a Tax Information Exchange Agreement with the US. Upon Liechtenstein's conclusion of 12 bilateral information-sharing agreements, the OECD in October 2009 removed the principality from its "grey list" of countries that had yet to implement the organization's Model Tax Convention. By the end of 2010, Liechtenstein had signed 25 Tax Information Exchange Agreements or Double Tax Agreements. In 2011, Liechtenstein joined the Schengen area, which allows passport-free travel across 26 European countries. In 2015, Liechtenstein and the EU agreed to clamp down on tax fraud and evasion and in 2018 will start automatically exchanging information on the bank accounts of each other’s residents.

GDP (purchasing power parity):
$4.978 billion (2014 est.)
$3.2 billion (2009 est.)
$3.216 billion (2008 est.)
country comparison to the world (CIA rank, may be based on non-current data): 179
[see also: GDP country ranks ]

GDP (official exchange rate):
$6.672 billion (2014 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2012 est.)
-0.5% (2011 est.)
3.1% (2007 est.)
country comparison to the world (CIA rank, may be based on non-current data): 161
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$139,100 (2009 est.)
$90,100 (2008 est.)
$91,300 (2007 est.)
country comparison to the world (CIA rank, may be based on non-current data): 1
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 7% (2014)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 41% (2014)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 52% (2014)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, barley, corn, potatoes; livestock, dairy products

Industries:
electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
38,520 (2012) (2015 est.)
note: 51% of the labor force in Liechtenstein commute daily from Austria, Switzerland, and Germany
country comparison to the world (CIA rank, may be based on non-current data): 199
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 36.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 62.3% (2015)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.4% (2015)
2.4% (2014)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 995.3 million (2012 est.)
[see also: Budget - revenues country ranks ]
expenditures: 890.4 million (2011 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
14.9% (of GDP) (2012 est.)
country comparison to the world (CIA rank, may be based on non-current data): 195
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.6% (of GDP) (2012 est.)
country comparison to the world (CIA rank, may be based on non-current data): 20
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.4% (2016 est.)
-0.2% (2013)
country comparison to the world (CIA rank, may be based on non-current data): 7
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Exports:
$3.217 billion (2015 est.)
$3.774 billion (2014 est.)
note: trade data exclude trade with Switzerland
country comparison to the world (CIA rank, may be based on non-current data): 127
[see also: Exports country ranks ]

Exports - commodities:
small specialty machinery, connectors for audio and video, parts for motor vehicles, dental products, hardware, prepared foodstuffs, electronic equipment, optical products

Imports:
NA (2015 est.)
$2.23 billion (2014 est.)
note: trade data exclude trade with Switzerland
country comparison to the world (CIA rank, may be based on non-current data): 163
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles

Debt - external:
$0 (2015 est.)
note: public external debt only; private external debt unavailable
country comparison to the world (CIA rank, may be based on non-current data): 206
[see also: Debt - external country ranks ]

Exchange rates:
Swiss francs (CHF) per US dollar -
0.9875 (2017 est.)
0.9852 (2016 est.)
0.9852 (2015 est.)
0.9627 (2014 est.)
0.9152 (2013 est.)


NOTE: 1) The information regarding Liechtenstein on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Liechtenstein Economy 2020 information contained here. All suggestions for corrections of any errors about Liechtenstein Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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