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Switzerland Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Switzerland Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Switzerland, a country that espouses neutrality, is a 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 gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, 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 Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.

The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other Eastern European economies drove up demand for the Swiss franc by investors seeking a safehaven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. 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 from 2011 through 2017.

In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss Government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.

GDP (purchasing power parity):
$523.1 billion (2017 est.)
$514.5 billion (2016 est.)
$506.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 39
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$679 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.7% (2017 est.)
1.6% (2016 est.)
1.3% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 165
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$62,100 (2017 est.)
$61,800 (2016 est.)
$61,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
33.8% of GDP (2017 est.)
32.3% of GDP (2016 est.)
33.9% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 21
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.4% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 65.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -54% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
3.4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
5.159 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 81
[see also: Labor force country ranks ]
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 76.9% (2015)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3.2% (2017 est.)
3.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 40
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.6% (2014 est.)
[see also: Population below poverty line country ranks ]
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 7.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29.5 (2014 est.)
33.1 (1992)
country comparison to the world (CIA rank, may be based on non-current data): 135
[see also: Distribution of family income - Gini index country ranks ]
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 242.1 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 234.4 billion (2017 est.)
note: includes federal, cantonal, and municipal budgets

Taxes and other revenues:
35.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 60
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
1.1% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.8% of GDP (2017 est.)
41.8% of GDP (2016 est.)
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 Special Drawing Rights (SDRs), currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the GFSM (Government Financial Systems Manual) 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.5% (2017 est.)
-0.4% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 30
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.5% (31 December 2016)
0.75% (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 136
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.6% (31 December 2017 est.)
2.65% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 179
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$621.8 billion (31 December 2017 est.)
$555.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$621.8 billion (31 December 2017 est.)
$555.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.253 trillion (31 December 2017 est.)
$1.166 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Stock of domestic credit country ranks ]
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.519 trillion (31 December 2015 est.)
$1.495 trillion (31 December 2014 est.)
$1.541 trillion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Market value of publicly traded shares country ranks ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$66.55 billion (2017 est.)
$63.16 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 7
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$313.5 billion (2017 est.)
$318.1 billion (2016 est.)
note: trade data exclude trade with Switzerland
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
Germany 15.2%, US 12.3%, China 8.2%, India 6.7%, France 5.7%, UK 5.7%, Hong Kong 5.4%, Italy 5.3% (2017)

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

Imports:
$264.5 billion (2017 est.)
$266.3 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 18
[see also: Imports country ranks ]
[see also: Imports country ranks ]

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

Imports - partners:
Germany 20.9%, US 7.9%, Italy 7.6%, UK 7.3%, France 6.8%, China 5% (2017)

Reserves of foreign exchange and gold:
$811.2 billion (31 December 2017 est.)
$679.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 3
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.664 trillion (31 March 2016 est.)
$1.663 trillion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.489 trillion (31 December 2017 est.)
$1.217 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 8
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.701 trillion (31 December 2017 est.)
$1.528 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 6
[see also: Stock of direct foreign investment - abroad country ranks ]
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Swiss francs (CHF) per US dollar -
0.9875 (2017 est.)
0.9852 (2016 est.)
0.9852 (2015 est.)
0.9627 (2014 est.)
0.9152 (2013 est.)


NOTE: 1) The information regarding Switzerland on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Switzerland Economy 2020 information contained here. All suggestions for corrections of any errors about Switzerland Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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