Liechtenstein: public finances

Does Liechtenstein have a budget surplus?

Total state revenue was CHF 1,409 million in 2025 and total spending CHF 1,120 million, a financing surplus of 25.8%, according to the Government's Wirtschafts- und Finanzdaten 2026. In 2024 the figures were CHF 1,287 million and CHF 989 million, a surplus of 30.2%.

The surplus is shown as a share of spending. These are the accounts of the state (Land), not the eleven municipalities, which keep their own accounts. The brochure notes that operating results have been positive every year since 2015. Investment income can move the overall result a lot, as in 2022 when weak markets reduced it. The figures come from the state accounts (Landesrechnung) presented by the Government to the Landtag.

Official sources: Government of Liechtenstein: Wirtschafts- und Finanzdaten zu Liechtenstein, Ausgabe 2026 (PDF)

Does Liechtenstein have national debt?

Gross debt of Liechtenstein's public sector is close to zero, according to the Government's Wirtschafts- und Finanzdaten 2026, based on Office of Statistics data. Once assets are counted, public finances show net wealth rather than net debt: CHF 4.4 billion for the state in 2025 and CHF 2.2 billion for the municipalities in 2024.

The state's reserves were 4.1 times its annual spending in 2025. Liechtenstein holds an AAA long-term rating from S&P Global with a stable outlook, as the same brochure records. Municipal accounts for 2025 had not yet been published when the brochure was compiled at the end of June 2026.

Official sources: Government of Liechtenstein: Wirtschafts- und Finanzdaten zu Liechtenstein, Ausgabe 2026 (PDF)

How much tax revenue does Liechtenstein collect?

The state collected CHF 931 million in taxes and duties in 2025 (2024: CHF 843 million), according to the Government's Wirtschafts- und Finanzdaten 2026, based on the Government's annual report. Three taxes made up 74%: the state share of the corporate profit tax (CHF 288 million), VAT (CHF 265 million) and the state share of the wealth and income tax (CHF 136 million).

Taxes provided 72% of the state's current revenue of CHF 1,287 million. Financial income added CHF 262 million, about 20%. The municipalities' tax revenue, mainly their shares of the profit tax and the wealth and income tax, was CHF 290 million. The brochure puts the tax-to-GDP ratio at 20.1% for 2024.

Official sources: Government of Liechtenstein: Wirtschafts- und Finanzdaten zu Liechtenstein, Ausgabe 2026 (PDF)

What is Liechtenstein's debt to GDP ratio?

According to the IMF, general government gross debt in Liechtenstein was 0.5% of GDP in 2025. The peak was 0.6% of GDP in 2017 and the low 0.4% of GDP in 2011. It is 51st highest of 51 in Europe & Central Asia, where the median is 46.9% of GDP. Of 185 countries with 2025 data, 185th highest.

What is Liechtenstein's fiscal deficit?

In 2025, general government net lending or borrowing in Liechtenstein was 2.8% of GDP, according to the IMF. The peak was 7.4% of GDP in 2020 and the low -2.5% of GDP in 2012. Europe & Central Asia median: -2.4% of GDP; Liechtenstein is 5th highest of 51. Worldwide: 18th of 188.