LiechtensteinEconomy
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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 "35%" - 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.
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GDP: |
purchasing power parity - $825 million (1999 est.)
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GDP - real growth rate: |
11% (1999 est.)
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GDP - per capita: |
purchasing power parity - $25,000 (1999 est.)
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GDP - composition by sector: |
agriculture: NA%
industry: 40%
services: NA% (1999)
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Labor force: |
29,000 of whom 19,000 are foreigners; 13,000 commute from Austria, Switzerland, and Germany to work each day (31 December 2001)
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Labor force - by occupation: |
agriculture 1.3%, industry 47.4%, services 51.3% (31 December 2001 est.)
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Unemployment rate: |
1.3% (September 2002)
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Population below poverty line: |
NA%
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Household income or consumption by percentage share: |
lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices): |
1% (2001)
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Budget: |
revenues: $424.2 million
expenditures: $414.1 million, including capital expenditures of NA (1998 est.)
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Agriculture - products: |
wheat, barley, corn, potatoes; livestock, dairy products
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Industries: |
electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments
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Industrial production growth rate: |
NA%
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Exports: |
$2.47 billion (1996)
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Exports - commodities: |
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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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%
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Imports: |
$917.3 million (1996)
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Imports - commodities: |
agricultural products, raw materials, machinery, metal goods, textiles, foodstuffs, motor vehicles
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Imports - partners: |
EU, Switzerland
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Debt - external: |
$0 (2001)
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Economic aid - recipient: |
none
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Currency (code): |
Swiss franc (CHF)
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Currency code: |
CHF
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Exchange rates: |
Swiss francs per US dollar - 1.2435 (2004), 1.3467 (2003), 1.5586 (2002), 1.6876 (2001), 1.6888 (2000)
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Fiscal year: |
calendar year
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More about Liechtenstein:
Introduction
Geography
People
Government
Communications
Transportation
Military
Transnational Issues
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