The factual accuracy of parts of this article (those related to table) may be compromised due to out-of-date information.(November 2010) |
Currency | Swiss franc (CHF) |
---|---|
Country group | Developed/Advanced High-income economy [1] |
Statistics | |
Population | 40,015 (31 December 2023) [2] |
GDP | |
GDP growth | 1.8% (2011 est.) |
GDP per capita | $187,267 (2022) [5] |
GDP by sector |
|
2.8% (2022) [6] | |
0.942 very high (2022) [7] (12th) | |
Labour force | 42,514 (31 December 2022), 57% of whom commute daily from Switzerland (59.8%), Austria (36.2%), Germany (2.8%) and others (1.2%) [6] |
Labour force by occupation |
|
Unemployment | 1.3% (2022) [6] |
Main industries | Electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, financial services, 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 |
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: [8] AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable [9] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Liechtenstein is based on industry, with a small but significant agricultural sector, and services (especially general services, including tourism and information technology). 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 Free Trade Association (EFTA) since 1991 (previously its interests had been represented by Switzerland). It also has been a member of the European Economic Area (EEA) since May 1995 and participates in the Schengen Agreement for passport-free intra-European travel.
Liechtenstein's historical customs union with Austria was dissolved in 1919. A customs treaty was signed in 1923 and since its entering into force in 1924, Liechtenstein and Switzerland have been in a customs union with each other and as such the borders between the two countries are open. The German village Büsingen am Hochrhein and the Italian village Campione d'Italia also form part of this customs union (the latter albeit in a de facto manner), which is often referred to as the Swiss customs area.
Liechtenstein utilizes the Swiss franc as its national currency. Swiss border police and customs officers secure its frontier 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 close connections to Switzerland.
In the last half century, Liechtenstein has developed from a mainly agricultural state to one of the most highly industrialized countries in the world. [10]
Besides its efficient industry, there also is a strong services sector. Four out of ten employees work in the services sector, a relatively high proportion of whom are foreigners, including those who commute across the border from neighboring 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. [11] [ citation needed ]
The United States has been the most important export market for Liechtenstein in recent times, totaling $561 million (SFr. 876 million); Germany is second, with $479 million (SFr. 748 million) worth of imports, and Switzerland third, with $375 million (SFr. 587 million).
About 32% of the country's revenues are invested in research and development, one of the driving forces of the success of Liechtenstein's economy. Total R&D spending in 2000 rose by 20.7% to approximately $140 million (213 million francs). [12]
The Principality of Liechtenstein also is known as an important financial centre, primarily because it specializes in financial services for foreign entities. The country's low tax rate, loose incorporation and corporate governance rules, and traditions of strict bank secrecy have contributed significantly to the ability of financial intermediaries in Liechtenstein to attract funds from outside the country's borders. The same factors made the country attractive and vulnerable to money launderers, although late 2009 legislation has strengthened regulatory oversight of illicit funds transfers. [13]
Liechtenstein has chartered 17 banks, three non-bank financial companies, and 71 public investment companies, as well as insurance and reinsurance companies. Its 270 licensed fiduciary companies and 81 lawyers serve as nominees for, or manage, more than 73,000 entities (primarily corporations, institutions, or trusts), partly for non-Liechtenstein residents. About one-third of these entities hold the controlling interest in other entities, chartered in countries other than Liechtenstein. The Principality's laws permit the corporations it charters to issue bearer shares. Until recently, the Principality's banking laws permitted banks to issue numbered accounts, but new regulations require strict know-your-customer practices for all new accounts. [14]
Liechtenstein's standard rate of VAT (Mehrwertsteuer) is identical to Switzerland's for it must mirror the latter's continually and is currently 7.7%. The reduced rate is 2.5%. A special rate of 3.7% is in use in the hotel industry. [15]
In July 2015, Liechtenstein and Switzerland signed a new agreement on double taxation, which took effect in December 2016, superseding the previous one from 1995. Some differences on the withholding tax arose, but Switzerland did not agree to introduce this practice to residents of Liechtenstein working in Switzerland. [16]
In November 2016, the parliament of the principality decided with a large majority to introduce an agreement of automatic information exchange with 27 new treaty partners, including Switzerland. Data collection will start in 2018, and effectual exchange of account information is planned for 2019. [17]
The principal industries are electronics, metal manufacturing, textiles, ceramics, pharmaceuticals, food products, precision instruments, and tourism. [19]
In 2022, the sector with the highest number of companies registered in Liechtenstein is Services with 7,666 companies followed by Finance, Insurance, and Real Estate and Unknown industry with 5,240 and 3,104 companies respectively. [20]
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture. Gabon on paper enjoys a per capita income four times that of most nations of Africa, but its reliance on resource extraction industry fail to release much of the population from extreme poverty, as much of 30% of the population lives under the poverty threshold.
Liechtenstein, officially the Principality of Liechtenstein, is a doubly landlocked German-speaking microstate in the Central European Alps, between Austria in the east and north and Switzerland in the west and south. Liechtenstein is a semi-constitutional monarchy headed by the prince of Liechtenstein of the House of Liechtenstein, currently led by Hans-Adam II. It is Europe's fourth-smallest country, with an area of just over 160 square kilometres and a population of 40,023. It is the world's smallest country to border two countries, and is one of the few countries with no debt.
The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.
The economy of Monaco is reliant on tourism and banking. Monaco, situated on the French coast of the Mediterranean Sea, is a popular resort, attracting tourists to its casino and pleasant climate.
The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.
The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.
The economy of Slovenia is a developed mixed economy. The country enjoys a high level of prosperity and stability as well as above-average GDP per capita by purchasing power parity at 92% of the EU average in 2022. The nominal GDP in 2023 is 68.108 billion USD, nominal GDP per capita (GDP/pc) in 2023 is USD 32,350. The highest GDP/pc is in central Slovenia, where the capital city Ljubljana is located. It is part of the Western Slovenia statistical region, which has a higher GDP/pc than eastern Slovenia.
The Economy of Switzerland is one of the world's most advanced and a highly-developed free market economy. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates. Among OECD nations, Switzerland holds the 3rd-largest GDP per capita. Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.
Political identity came to the territory now occupied by the Principality of Liechtenstein in 814, with the formation of the subcountry of Lower Rhætia. Liechtenstein's borders have remained unchanged since 1434, when the Rhine established the border between the Holy Roman Empire and the Swiss cantons.
The National Police of the Principality of Liechtenstein, is the national police force of Liechtenstein. It is composed of 125 employees, with 91 officers and 34 staff, who police the 160 km2 (62 sq mi) doubly landlocked alpine state in Western-Central Europe. The current chief of police is Jules Hoch, since 2013.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. The economy grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before. Real GDP growth is expected to average 6.5% in 2024–25.
This is a survey of the postage stamps and postal history of Liechtenstein.
Diplomatic and economic relations between Switzerland and Liechtenstein have been close, with Switzerland accepting the role of safeguarding the interests of its smaller neighbour, Liechtenstein. Liechtenstein has an embassy in Bern. Switzerland is accredited to Liechtenstein from its Federal Department of Foreign Affairs in Berne and maintains an honorary consulate in Vaduz.
Liechtensteinische Landesbank AG, trading as LLB, is a financial institution located in Liechtenstein, based in the capital city Vaduz. Since 1993 it has been listed as a company at the SIX Swiss Exchange, with the majority of shares (57.5%) owned by the Liechtenstein state. As the state is in a customs and monetary union with Switzerland and has adopted the Swiss franc as official currency, the monetary policy and money supply is the sole responsibility of the Swiss National Bank (SNB).
VP Bank AG is a Liechtenstein-based bank headquartered in Vaduz and specialized in private banking. It was founded on April 6, 1956 by Princely Councillor of Commerce Guido Feger and is one of the three major banks in Liechtenstein along with the LGT Group and the LLB.
The Principality of Liechtenstein is the last independent principality of the Holy Roman Empire. After the fall of the empire, Liechtenstein aligned itself with Austria-Hungary until the end of World War I. Since that time, Liechtenstein has been most closely aligned with its neutral neighbor Switzerland. The honours system of Liechtenstein is made up of an order of merit, established in 1937, and a limited number of commemorative medals that were awarded during the 20th century.
Energy in Liechtenstein describes energy production, consumption and import in Liechtenstein.