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Switzerland Economy 2015
http://www.theodora.com/wfbcurrent/switzerland/switzerland_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 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 began to recover in 2010. 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 below 2% per year during 2011-13. 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):
$371.2 billion (2013 est.)
country comparison to the world: 37

$363.9 billion (2012 est.)
$360.1 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$646.2 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2013 est.)
country comparison to the world: 146

1% (2012 est.)
1.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$54,800 (2013 est.)
country comparison to the world: 11

$53,300 (2012 est.)
$50,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
31.5% of GDP (2013 est.)
country comparison to the world: 23

31.5% of GDP (2012 est.)
27.3% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.4%
government consumption: 11.5%
investment in fixed capital: 20.3%
investment in inventories: 0.7%
exports of goods and services: 50.4%
imports of goods and services: -40.2%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 0.7%
industry: 26.8%
services: 72.5% (2013 est.)

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

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

Industrial production growth rate:
2.2% (2013 est.)
country comparison to the world: 121
[see also: Industrial production growth rate country ranks ]

Labor force:
4.976 million (2013 est.)
country comparison to the world: 77
[see also: Labor force country ranks ]

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

Unemployment rate:
3.2% (2013 est.)
country comparison to the world: 25

2.9% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
7.6% (2011)
[see also: Population below poverty line country ranks ]

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

Distribution of family income - Gini index:
28.7 (2012 est.)
country comparison to the world: 123

33.1 (1992)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $217.8 billion
expenditures: $208.5 billion
note: includes federal, cantonal, and municipal budgets (2013 est.)

Taxes and other revenues:
33.7% of GDP (2013 est.)
country comparison to the world: 71
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.4% of GDP (2013 est.)
country comparison to the world: 23
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33.8% of GDP (2013 est.)
country comparison to the world: 110

34.9% of GDP (2012)
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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.4% (2013 est.)
country comparison to the world: 6

-0.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

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

0.75% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.7% (31 December 2013 est.)
country comparison to the world: 171

2.69% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$525.9 billion (31 December 2013 est.)
country comparison to the world: 11

$534.4 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.36 trillion (31 December 2013 est.)
country comparison to the world: 14

$1.215 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.395 trillion (31 December 2013 est.)
country comparison to the world: 14

$1.247 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.079 trillion (31 December 2012 est.)
country comparison to the world: 14

$932.2 billion (31 December 2011)
$1.229 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$65.6 billion (2013 est.)
country comparison to the world: 8

$63.82 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$229.2 billion (2013 est.)
country comparison to the world: 25

$226 billion (2012 est.)
note: trade data exclude trade with Switzerland
[see also: Exports country ranks ]

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

Exports - partners:
Germany 18.5%, United States 11.61%, Italy 7.61%, France 6.96%, United Kingdom 5.67% (2013 est.)

Imports:
$200.5 billion (2013 est.)
country comparison to the world: 26

$197.9 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 28.19%, Italy 10.46%, France 8.49%, United States 6.08%, China 5.75%, Austria 4.4% (2013 est.)

Reserves of foreign exchange and gold:
$536.3 billion (31 December 2013 est.)
country comparison to the world: 5

$536.4 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.544 trillion (31 December 2012 est.)
country comparison to the world: 12

$1.424 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$968.9 billion (31 December 2013 est.)
country comparison to the world: 9

$955.1 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.432 trillion (31 December 2013 est.)
country comparison to the world: 5

$1.381 trillion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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

0.9542 (2013 est.)
0.9374 (2012 est.)
1.0429 (2010 est.)
1.0881 (2009)
1.0774 (2008)


NOTE: The information regarding Switzerland on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Switzerland Economy 2015 information contained here. All suggestions for corrections of any errors about Switzerland Economy 2015 should be addressed to the CIA.



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