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Switzerland Economy 2014
http://www.theodora.com/wfbcurrent/switzerland/switzerland_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 3.0% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 1.9% in 2011 and 0.8% in 2012. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

GDP (purchasing power parity):
$359 billion (2012 est.)
country comparison to the world: 38

$355.3 billion (2011 est.)
$349 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$622.6 billion (2012 est.)

GDP - real growth rate:
1% (2012 est.)
country comparison to the world: 158

1.8% (2011 est.)
3% (2010 est.)

GDP - per capita (PPP):
$44,900 (2012 est.)
country comparison to the world: 15

$44,700 (2011 est.)
$44,300 (2010 est.)
note: data are in 2012 US dollars

Gross national saving:
31.5% of GDP (2012 est.)
country comparison to the world: 21

27.3% of GDP (2011 est.)
34.2% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 57.4%
government consumption: 11.2%
investment in fixed capital: 20.1%
investment in inventories: 0.9%
exports of goods and services: 52.3%
imports of goods and services: -41.9%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7%
industry: 26.8%
services: 72.5% (2012 est.)

Agriculture - products:
grains, fruits, vegetables; meat, eggs

Industries:
machinery, chemicals, watches, textiles, precision instruments, tourism, banking, and insurance

Industrial production growth rate:
1% (2012 est.)
country comparison to the world: 120

Labor force:
4.954 million (2012 est.)
country comparison to the world: 77

Labor force - by occupation:
agriculture: 3.4%
industry: 23.4%
services: 73.2% (2010)

Unemployment rate:
2.9% (2012 est.)
country comparison to the world: 22

2.8% (2011 est.)

Population below poverty line:
7.9% (2010)

Household income or consumption by percentage share:
lowest 10%: 7.5%
highest 10%: 19% (2007)

Distribution of family income - Gini index:
29.6 (2010)
country comparison to the world: 117

33.1 (1992)

Budget:
revenues: $212.9 billion
expenditures: $212.1 billion
note: includes federal, cantonal, and municipal accounts (2012 est.)

Taxes and other revenues:
34.2% of GDP (2012 est.)
country comparison to the world: 71

Budget surplus (+) or deficit (-):
0.1% of GDP (2012 est.)
country comparison to the world: 44

Public debt:
52.4% of GDP (2011 est.)
country comparison to the world: 57

54.5% of GDP (2010)
note: general government gross debt; gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future; includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.7% (2012 est.)
country comparison to the world: 3

0.2% (2011 est.)

Central bank discount rate:
0.5% (31 December 2010 est.)
country comparison to the world: 132

0.75% (31 December 2009 est.)

Commercial bank prime lending rate:
2.69% (31 December 2012 est.)
country comparison to the world: 178

2.72% (31 December 2011 est.)

Stock of narrow money:
$534.4 billion (31 December 2012 est.)
country comparison to the world: 11

$464.8 billion (31 December 2011 est.)

Stock of broad money:
$1.166 trillion (31 December 2012 est.)
country comparison to the world: 15

$1.05 trillion (31 December 2011 est.)

Stock of domestic credit:
$1.247 trillion (31 December 2012 est.)
country comparison to the world: 15

$1.159 trillion (31 December 2011 est.)

Market value of publicly traded shares:
$932.2 billion (31 December 2011)
country comparison to the world: 12

$1.229 trillion (31 December 2010)
$1.071 trillion (31 December 2009)

Current account balance:
$63.82 billion (2012 est.)
country comparison to the world: 9

$39.6 billion (2011 est.)

Exports:
$332.1 billion (2012 est.)
country comparison to the world: 18

$345.6 billion (2011 est.)
note: trade data exclude trade with Switzerland

Exports - commodities:
machinery, chemicals, metals, watches, agricultural products

Exports - partners:
Germany 19.8%, US 11.1%, Italy 7.2%, France 7.1%, UK 5.4% (2012)

Imports:
$296.2 billion (2012 est.)
country comparison to the world: 19

$320.4 billion (2011 est.)

Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles

Imports - partners:
Germany 29.7%, Italy 10.2%, France 8.4%, US 5.6%, China 5.6%, Austria 4.2% (2012)

Reserves of foreign exchange and gold:
$531.1 billion (31 December 2012 est.)
country comparison to the world: 6

$331.9 billion (31 December 2011 est.)

Debt - external:
$1.563 trillion (31 December 2012)
country comparison to the world: 12

$1.424 trillion (31 December 2011)

Stock of direct foreign investment - at home:
$955.1 billion (31 December 2012 est.)
country comparison to the world: 9

$925 billion (31 December 2011 est.)

Stock of direct foreign investment - abroad:
$1.381 trillion (31 December 2012 est.)
country comparison to the world: 5

$1.307 trillion (31 December 2011 est.)

Exchange rates:
Swiss francs (CHF) per US dollar -

0.9374 (2012 est.)
0.8876 (2011 est.)
1.0429 (2010 est.)
1.0881 (2009)
1.0774 (2008)


NOTE: The information regarding Switzerland on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Switzerland Economy 2014 information contained here. All suggestions for corrections of any errors about Switzerland Economy 2014 should be addressed to the CIA.



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