The GDP of Liechtenstein grew in 2017 by a strong 5.0 percent year on year. The driving force behind this growth was above all industry in Liechtenstein. However, gross value added for the service sector declined slightly across the same reporting period.

The “National Accounts 2017” published by the Liechtenstein Office for Statics (AS) reveal that the Gross Domestic Product (GDP) of Liechtenstein totaled around 6.5 billion francs in 2017, up 5.0 percent year on year. The AS puts this growth predominantly down to an increase in gross value added generated in the industrial sector. In concrete terms, gross value added in this sector rose by 11.7 percent to 2.9 billion francs as against 2016. In contrast, however, a decline of 2.0 percent in gross value added to 3.3 billion francs was registered in the service sector.

At 11.9 percent and 48.8 percent respectively, the sectors of machine and vehicle construction above all recorded a higher rate of growth in gross value added in comparison with the previous year. With a share of 18.3 percent in overall value added in Liechtenstein, machine construction is the country’s primary economic pillar, the AS states in the publication. The industrial sector overall accounts for 46.6 percent.

Financial and insurance services were primarily responsible for the decline in gross value added recorded in the service sector. Their share was down 17.5 percent versus 2016. The sector of financial and insurance services accounts for a share of 10.5 percent of overall value added, making it Liechtenstein’s second-most important economic pillar. The share of the service sector as a whole stands at 53.3 percent.

Gross National Income (GNI) rose by 13.8 percent year on year in 2017. In concrete terms, the sum of income from work and investments on the part of enterprises, the state and citizens in 2017 stands at 6.7 billion francs. The AS above all attributes this growth to an increase in investment income.

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