note: immigrants make up 65% of the total population, according to UN data (2017)
" }, "Nationality": { "noun": { "text": "Liechtensteiner(s)" }, "adjective": { "text": "Liechtenstein" } }, "Ethnic groups": { "text": "Liechtensteiner 66%, Swiss 9.6%, Austrian 5.8%, German 4.3%, Italian 3.1%, other 11.2% (2017 est.)", "note": "note: adopted 1850, revised 1963; uses the tune of \"God Save the Queen\"
" } }, "Economy": { "Economic overview": { "text": "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.
" }, "Real GDP growth rate": { "Real GDP growth rate 2012": { "text": "1.8% (2012 est.)" }, "Real GDP growth rate 2011": { "text": "-0.5% (2011 est.)" }, "Real GDP growth rate 2007": { "text": "3.1% (2007 est.)" } }, "Inflation rate (consumer prices)": { "Inflation rate (consumer prices) 2016": { "text": "-0.4% (2016 est.)" }, "Inflation rate (consumer prices) 2013": { "text": "-0.2% (2013)" } }, "Credit ratings": { "Standard & Poors rating": { "text": "AAA (1996)" } }, "Real GDP (purchasing power parity)": { "Real GDP (purchasing power parity) 2014": { "text": "$4.978 billion (2014 est.)" }, "Real GDP (purchasing power parity) 2009": { "text": "$3.2 billion (2009 est.)" }, "Real GDP (purchasing power parity) 2008": { "text": "$3.216 billion (2008 est.)" } }, "GDP (official exchange rate)": { "text": "$6.672 billion (2014 est.)" }, "Real GDP per capita": { "Real GDP per capita 2009": { "text": "$139,100 (2009 est.)" }, "Real GDP per capita 2008": { "text": "$90,100 (2008 est.)" }, "Real GDP per capita 2007": { "text": "$91,300 (2007 est.)" } }, "GDP - composition, by sector of origin": { "agriculture": { "text": "7% (2014)" }, "industry": { "text": "41% (2014)" }, "services": { "text": "52% (2014)" } }, "Ease of Doing Business Index scores": { "Overall Ease of Doing Business score 2020": { "text": "73.0 (2020)" } }, "Agricultural products": { "text": "wheat, barley, corn, potatoes; livestock, dairy products" }, "Industries": { "text": "electronics, metal manufacturing, dental products, ceramics, pharmaceuticals, food products, precision instruments, tourism, optical instruments" }, "Industrial production growth rate": { "text": "NA" }, "Labor force": { "text": "38,520 (2012) (2015 est.)", "note": "note: 51% of the labor force in Liechtenstein commute daily from Austria, Switzerland, and Germany
" }, "Labor force - by occupation": { "agriculture": { "text": "0.8%" }, "industry": { "text": "36.9%" }, "services": { "text": "62.3% (2015)" } }, "Unemployment rate": { "Unemployment rate 2015": { "text": "2.4% (2015)" }, "Unemployment rate 2014": { "text": "2.4% (2014)" } }, "Population below poverty line": { "text": "NA" }, "Household income or consumption by percentage share": { "lowest 10%": { "text": "NA" }, "highest 10%": { "text": "NA" } }, "Budget": { "revenues": { "text": "995.3 million (2012 est.)" }, "expenditures": { "text": "890.4 million (2011 est.)" } }, "Taxes and other revenues": { "text": "14.9% (of GDP) (2012 est.)" }, "Budget surplus (+) or deficit (-)": { "text": "1.6% (of GDP) (2012 est.)" }, "Fiscal year": { "text": "calendar year" }, "Exports": { "Exports 2015": { "text": "$3.217 billion (2015 est.)" }, "Exports 2014": { "text": "$3.774 billion (2014 est.)" }, "note": "note: trade data exclude trade with Switzerland
" }, "Exports - commodities": { "text": "small specialty machinery, connectors for audio and video, parts for motor vehicles, dental products, hardware, prepared foodstuffs, electronic equipment, optical products" }, "Imports": { "Imports 2014": { "text": "$2.23 billion (2014 est.)" }, "note": "note: trade data exclude trade with Switzerland
" }, "Imports - commodities": { "text": "agricultural products, raw materials, energy products, machinery, metal goods, textiles, foodstuffs, motor vehicles" }, "Debt - external": { "Debt - external 2015": { "text": "$0 (2015 est.)" }, "note": "note: belongs to the Austrian Railway System connecting Austria and Switzerland
" }, "Roadways": { "total": { "text": "630 km (2019)" } }, "Waterways": { "text": "28 km (2010)" }, "Merchant marine": { "total": { "text": "28" }, "by type": { "text": "bulk carrier 21, general cargo 3, oil tanker 1, other 3 (includes Switzerland) (2020)" } } }, "Military and Security": { "Military and security forces": { "text": "no regular military forces; National Police maintain close relations with neighboring forces (2019)" } }, "Transnational Issues": { "Disputes - international": { "text": "none
" }, "Illicit drugs": { "text": "has strengthened money laundering controls, but money laundering remains a concern due to Liechtenstein's sophisticated offshore financial services sector" } } }