Stable economic situation in Liechtenstein despite global uncertainties

14.05.2025 - In the economic report, the Office for Statistics provides information on economic developments in Liechtenstein and gives an overview of the economic situation and outlook in the most important sales markets.

Overall, the economic situation in Liechtenstein is stable. Employment is developing positively and the general situation is also assessed as satisfactory by the majority of Liechtenstein companies. However, exports recorded a decline in both the second half of 2024 and the first quarter of 2025. In the Swiss franc currency area, inflation remains low by international standards.

Global economic growth has proved resilient to date. However, there are signs that growth will weaken in 2025, mainly due to increasing uncertainties in trade and economic policy. Despite the subdued economy, the inflation trend remains, with the escalating trade conflict in particular posing additional inflation risks.

At a glance

Turnover
Since January 2025, all VAT transactions with the tax authorities must be processed exclusively digitally via a portal. Due to problems encountered when using the portal, the deadline for submitting VAT returns for the 4th quarter of 2024, the 2nd semester of 2024 and the 1st quarter of 2025 had to be extended until the end of June 2025. For this reason, the data on companies' turnover development is missing from this economic report.

Employment
Around 43,600 people were employed in Liechtenstein at the end of 2024. This corresponds to an increase in employees of 1.0% compared to the previous year.

Economic survey
The companies surveyed predominantly assessed the situation in the first quarter of 2025 as satisfactory and expected largely stable development.

Prices
Annual inflation amounted to +0.0% in April 2025.

Monetary environment
The SNB's key interest rate was lowered in 2025 and has been at 0.25% since March. The average exchange rate for the Swiss franc in April was 0.94 against the euro and 0.84 against the US dollar.

Exports of goods
Direct exports of goods were down 3.5% year-on-year in the second half of 2024 and fell by 3.7% in the first quarter of 2025 compared to the same quarter of the previous year.

Financial service providers
Client assets under management at banks in Liechtenstein rose by 13.7% in 2024 compared to the previous year.

Development in key export regions in 2025 (OECD forecasts)
OECD | GDP: +1.9%; imports: +2.7%
Switzerland | GDP: +1.5%; imports: +3.7%
Germany | GDP: +0.7%; imports: +0.3%
USA | GDP: +2.4%, imports: +6.3%

More information: Economic report - Liechtensteinische Landesverwaltung Statistikportal