Liechtenstein - Economy
Geography - People - Economy - Government - Communications - Transportation - Military - Transnational IssuesLiechtenstein is located Central Europe, between Austria and Switzerland. The climate is continental; cold, cloudy winters with frequent snow or rain; cool to moderately warm, cloudy, humid summers. The terrain is mostly mountainous (Alps) with Rhine Valley in western third.
Economy - overview
This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.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 (purchasing power parity)
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per- capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP- denominated GDP values for most of the wealthy industrialized countries are generally much smaller.GDP (purchasing power parity) : $1.786 billion (2001 est.)
GDP (official exchange rate)
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at official exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artificially fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home- currency-denominated GDP changed.GDP (official exchange rate) : $36.33 billion (2007 est.)
GDP - real growth rate
This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent.GDP - real growth rate : 11% (1999 est.)
GDP - per capita (PPP)
This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.GDP - per capita (PPP) : $25,000 (1999 est.)
GDP
GDP - composition by sector - agriculture : 6%
GDP - composition by sector - industry : 39%
GDP - composition by sector - services : 55% (2001)
Labor force
This entry contains the total labor force figure.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%
Labor force - by occupation - industry : 47%
Labor force - by occupation - services : 51% (31 December 2001)
Unemployment rate
This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.Unemployment rate : 1.3% (September 2002)
Population below poverty line
Population below poverty line : NA%
Household income or consumption by percentage share
Data on household income or consumption come from household surveys, the results adjusted for household size. Nations use different standards and procedures in collecting and adjusting the data. Surveys based on income will normally show a more unequal distribution than surveys based on consumption. The quality of surveys is improving with time, yet caution is still necessary in making inter-country comparisons.Household income or consumption by percentage share - lowest 10% : NA%
Household income or consumption by percentage share - highest 10% : NA%
Budget
This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Budget - revenues : $424.2 million
Budget - expenditures : $414.1 million (1998 est.)
Fiscal year
Fiscal year : calendar year
Inflation rate (consumer prices)
This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.Inflation rate (consumer prices) : 1% (2001)
Agriculture - products
This entry is an ordered listing of major crops and products starting with the most important.Agriculture - products : wheat, barley, corn, potatoes; livestock, dairy products
Industries
This entry provides a rank ordering of industries starting with the largest by value of annual output.Industries : electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments
Industrial production growth rate
This entry gives the annual percentage increase in industrial production (includes manufacturing, mining, and construction).Industrial production growth rate : NA%
Exports
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Exports : $2.47 billion (1996)
Exports - commodities
This entry provides a listing of the highest- valued exported products; it sometimes includes the percent of total dollar value.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
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.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% (2006)
Imports
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Imports : $917.3 million (1996)
Imports - commodities
This entry provides a listing of the highest- valued imported products; it sometimes includes the percent of total dollar value.Imports - commodities : agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles
Imports - partners
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.Imports - partners : EU, Switzerland (2006)
Debt - external
This entry gives the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.Debt - external : $0 (2001)
Market value of publicly traded shares
This entry gives the value of shares issued by publicly traded companies at a price determined in the national stock markets on the final day of the period indicated. It is simply the latest price per share multiplied by the total number of outstanding shares, cumulated over all companies listed on the particular exchange.Market value of publicly traded shares : $NA
Currency (code)
Currency (code) : Swiss franc (CHF)
Currency code
Currency code : CHF
Exchange rates
This entry provides the official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat. The International Organization for Standardization (ISO) 4217 alphabetic currency code for the national medium of exchange is presented in parenthesis.Exchange rates : Swiss francs (CHF) per US dollar - 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004), 1.3467 (2003)
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