With a new government and a booming economy, Liechtenstein is doing better by the month. According to recent statistics issued by the Labor Market Service, the unemployment rate has decreased even more in March. At the end of the previous month only 416 people were unemployed in Liechtenstein. The Principality now has one of the lowest unemployment rates in Europe. Our company formation agents in Liechtenstein can offer information on the employment legislation applicable in this country.
Not that Liechtenstein had a problem with the residents not having jobs, but the Principality registered a new record in terms of employment since the beginning of year. From the 2.3% unemployment rate registered at the end of February, March brought another drop of 0.2% to the number of individuals without a permanent job in a Liechtenstein company.
On a year-to-year basis, 416 residents were unemployed at the end of March 2016, while this year 55 of them have found employment. Another good news is that most of these individuals are in the youth segment of the Liechtenstein workforce. Compared to the previous month, the decline registered by the unemployment rate is of 16.9%, while on an annual basis the decrease is of 23.8%.
The increase in the employment levels comes as a result of a general improvement of the economy during the same month. Once the new government was installed, the economy started picking up as a result of foreign investors’ confidence. Several banks in Liechtenstein have announced new large customers, large companies opening bank account with them, while the number of financial companies setting up operations in the Principality has also increased.
The future also looks bright as the new president of the Financial Market Authority has presented his agenda related to a modern and innovative financial technology industry. Also, no credit rating agency has modified Liechtenstein’s rating. We remind that Liechtenstein is one of the few countries rated AAA by the largest agencies in the world.
Foreign investors interested in starting a business in the Principality can contact our company registration consultants in Liechtenstein.