Liechtenstein member of European Economic Area
Liechtenstein (German: [ˈliːçtn̩ʃtaɪn] (listen)), officially the Principality of Liechtenstein (German: Fürstentum Liechtenstein), is a German-speaking and doubly landlocked microstate located in the Alps between Austria and Switzerland. It is the sixth smallest nation worldwide.
Liechtenstein is a semi-constitutional monarchy headed by the prince of Liechtenstein.
Liechtenstein is bordered by Switzerland to the west and south and Austria to the east and north. It is Europe's fourth-smallest country, with an area of just over 160 square kilometres (62 square miles) and a population of 38,749 (as of 2019). Divided into 11 municipalities, its capital is Vaduz, and its largest municipality is Schaan. It is also the smallest country to border two countries.Economically, Liechtenstein has one of the highest gross domestic products per person in the world when adjusted for purchasing power parity. The country has a strong financial sector centred in Vaduz. It was once known as a billionaire tax haven, but is no longer on any official blacklists of uncooperative tax haven countries. An Alpine country, Liechtenstein is mountainous, making it a winter sport destination.
Liechtenstein is a member of the United Nations, the European Free Trade Association, and the Council of Europe. Although not a member of the European Union because it was not designed with microstates in mind, it participates in both the Schengen Area and the European Economic Area. It has a customs union and a monetary union with Switzerland.Economy
Despite its limited natural resources, Liechtenstein is one of the few countries in the world with more registered companies than citizens; it has developed a prosperous, highly industrialized free-enterprise economy and boasts a financial service sector as well as a living standard that compares favourably with those of the urban areas of Liechtenstein's much larger European neighbours.
Liechtenstein participates in a customs union with Switzerland and employs the Swiss franc as the national currency. The country imports about 85% of its energy. 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 European Union) since May 1995.
The government is working to harmonize its economic policies with those of an integrated Europe. In 2008, the unemployment rate was 1.5%. Liechtenstein has only one hospital, the Liechtensteinisches Landesspital in Vaduz. As of 2014 the CIA World Factbook estimated the gross domestic product (GDP) on a purchasing power parity basis to be $4.978 billion. As of 2009 the estimate per capita was $139,100, the highest listed for the world.Industries include electronics, textiles, precision instruments, metal manufacturing, power tools, anchor bolts, calculators, pharmaceuticals and food products. Its most recognizable international company and largest employer is Hilti, a manufacturer of direct fastening systems and other high-end power tools. Many cultivated fields and small farms are found both in the Oberland and Unterland. Liechtenstein produces wheat, barley, corn, potatoes, dairy products, livestock and wine.
part of belonging to affiliated with associated with connected to