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Economics and business in Liechtenstein

Liechtenstein is the country in the world with the highest gross domestic product (GDP) per capita. In 2016, GDP per capita amounted to USD 165,028. In the period from 2006 to 2016, the country's GDP increased by 55.4 per cent. Foreign companies that are registered in Liechtenstein for tax reasons constitute an important source of income. 51 per cent of Liechtenstein's foreign workforce is day commuters from Austria, Germany and Switzerland.

Business of Liechtenstein

Agriculture

In 1930, approximately 70 per cent of the population was employed in agriculture, while in 2015 the proportion was only 0.8 per cent. In agriculture, cattle farming plays the most important role. Grape and fruit cultivation is carried out on the valley sides. Otherwise wheat, barley, potatoes and corn are grown. Agriculture's contribution to GDP is 7 per cent.

Energy

According to COUNTRYAAH, 90 percent of the country's total energy needs must be imported.

Liechtenstein's electricity production amounts to 68.43 million kWh, while imports are at 325.2 million kWh (2015).

Industry

The industry contributes 41.0 per cent of the country's GDP and employs 36.9 per cent of the working population. In the country there are almost 600 small and medium-sized industrial enterprises. The product scope is large and includes electronics, optical instruments, drilling and bolting machines, ceramics, textiles, pharmaceutical products, artificial teeth and other dental materials.

Service industries

In Liechtenstein, almost 4000 companies are registered in the service industry category, including many holding companies. In total, the service industries contribute 52 per cent of the country's GDP and employ 62.3 per cent of the working population.

The beautiful landscape and the good winter sports opportunities have created the basis for a significant tourism industry. In 2017, 80,900 foreign tourists visited Liechtenstein. About 60 per cent of tourists come from Switzerland and Germany and 15 per cent from Austria, Belgium, Italy, the UK and the Netherlands.

Every year, several new sets of new stamps are released for sale to tourists and philatelists.

Transport and Communications

The country's road network is 630 kilometers, while waterways make up 28 kilometers. The Austrian rail line Feldkirch – Buchs (Switzerland), which is part of the Paris - Vienna (Arlberg express) section, crosses through the northern part of Liechtenstein, where there are four railway stations. The nearest international airport is Zurich –Kloten.

Foreign Trade

Liechtenstein has a customs union with Switzerland, and its currency is Swiss franc (CHF). Switzerland is the country's most important trading partner, but trade with Switzerland is not included in the statistical overviews of Liechtenstein's foreign trade.

Liechtenstein's exports totaled US $ 3,774 billion in 2014, while imports totaled US $ 2,230 billion. With this, the country had a surplus in the foreign trade balance of US $ 1,544 billion (excluding trade with Switzerland). Most of the foreign trade takes place with different EU countries.

The main export products are less mechanical equipment, motor vehicle parts, artificial teeth and other dental materials, electronic equipment and optical products.

The main import goods are agricultural products, raw materials, energy, textiles, motor vehicles and food products.

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