switzerland economy facts

Found inside – Page 3Facts. 1. The Swiss economy has been hit hard by COVID-19, although the impact on sectors has varied considerably. The Swiss economy contracted by 3.4 ... Switzerland comes under the high-income OECD group countries as to the classification made by the World Bank on the basis of income and region for the year 2006. [35], The chart below shows the trend of the gross domestic product of Switzerland at market prices:[39], The following table shows the main economic indicators in 1980–2018. Tourism provides a total of 144,838 full time equivalent jobs in the entire country. [70], The Swiss economy is characterised by a skilled and generally 'peaceful' workforce. 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 is one of the richest nations in the world with most of the citizens enjoying a high standard of living in the country. Labor productivity is high, and there is no federally mandated minimum wage. A seven-member Federal Council exercises executive authority. [74], As of 2016, Switzerland had the highest average wealth per adult, at $561,900. At an altitude of 2,883 metres and nestled among the glaciers and imposing peaks of the Valais Alps, the new Monte Rosa mountain refuge rises from the icy landscape like a giant sparkling shard of rock crystal. The field of science and research is held in high regard in Switzerland and is promoted accordingly, resulting in highly dynamic research activity. Traditions and customs are an integral part of everyday life in Switzerland. The Swiss government has since embarked on a second round of negotiations, called the Bilaterals II, which will further strengthen the country's economic ties with the organisation. Found inside – Page 305... aerial photo of 65; canton's political structure of 82–95; economic dynamics of 97–98; facts and figures on 65–68; formation and development of 78–82; ... The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. According to the Organisation for Economic Co-operation and Development (OECD), Switzerland is subsidising more than 70% of its agriculture compared to 35% in the EU. 1. Found insidedocuments some stylized facts about the Swiss economy, and empirically tests their relevance for Swiss wage dynamics in the longand short-run. The economy of Switzerland is one of the world's most advanced free market economies. Found insideThe January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces. Switzerland has few price controls, but its agricultural sector remains protected and heavily subsidized with direct subsidy payments comprising two-thirds of an average farm’s profits. Buttressed by a sound regulatory regime, the competitive financial sector offers a wide range of financing instruments. Though formally neutral, sympathy of Switzerland's population is split: German speaking Swiss are oriented towards Germany, French speaking Swiss towards France. [40][41], Origin of the capital at the 30 biggest Swiss corporations, 2018[42], The Swiss economy follows the typical developed country model with respect to the economic sectors. [64] In May 2006, foreign banks operating in Switzerland managed 870 billion Swiss francs worth of assets. The economy of Switzerland is one of the world's most advanced free market economies. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. Found inside – Page 87In fact , 1986 saw arrivals surpass the old record set in 1981 . C . Economic Outlook ? The Swiss economy will grow in 1991 . Real Gross Domestic Product ... After the worldwide stock market crashes in the wake of the 9/11 terrorism attacks, there were more announcements of false enterprise statistics[clarification needed] and exaggerated managers' wages. EUR 73,000 or USD 81,000). This translated to a substantial fall in the surplus of the current account balance. Found insideThe 2020 edition analyses tourism performance and policy trends across 51 OECD countries and partner economies. The economic recovery in Switzerland is likely to be faster than those in regional peer economies, and we expect real GDP to return to pre-crisis levels in the second half of 2021. In brief. Swiss trade unions have encouraged strikes against several companies, including Swiss International Air Lines, Coca-Cola, and Orange. The mountains, for example, have been the selling point of the Swiss tourist industry for more than 100 years. Found inside – Page 38Any system of political economy , however ingeniously or logically ... with the various phases of economic history , and with the laws of economic facts . The economy of Switzerland is one of the world's most advanced free market economies. The economy was affected by a three-year recession from 1991 to 1993, when the economy contracted by 2%. If that's not enough, click over to our collection of world maps and flags. 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. Now, download our e-book with 77 interesting facts about Switzerland: IMPACT OF COVID-19: As of December 1, 2020, 4,940 deaths had been attributed to the pandemic in Switzerland, and the economy was forecast to contract by 5.3 percent for the year. One Swiss franc is equal to 100 centimes. To be sure, there have been new books about some aspects of the war economy. Inner conflicts, general strike and world economic crisis hit this industrialised country severely. Most of the financial sector is centred in Zurich and Geneva. [28], Switzerland's total energy consumption, which was dropping from the mid 1910s to the early 1920s, started to increase again in the early 1920s. Switzerland ranks as the 18th largest export economy in the world, with annual exports of $310 billion and a positive trade balance of $16.9 billion (after deducting yearly imports of $294 billion). [46], The CIA World Factbook estimates Switzerland's 2011 exports at $308.3 billion and the 2010 exports at $258.5 billion. The service sector now employs the greatest number of people. That equates to a GDP per capita of $82,797. The top federal income tax rate is 11.5 percent. After enjoying unemployment rates lower than 1% before 1990, the three-year recession also caused the unemployment rate to rise to its all-time peak of 5.3% in 1997. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. 2. Public debt is equivalent to 39.3 percent of GDP. Found inside – Page 288The cost of that is a great deal less in terms of the total economy than if we try ... I do not have the economic facts on pottery but I do on Swiss watches ... Found inside – Page 6Switzerland by Soviet and Eastern European agents on occasion have strained ... Switzerland is stable politically with a strong and healthy economy . Found inside – Page 127SPECIAL LESSONS FROM SWISS EXPERIENCE. ... In Switzerland the country is poor and the people comparatively rich. These are not isolated facts. However, there is no country-wide minimum wage across sectors, but some collective bargaining agreement may contain minimum wage requirements for specific sectors or employers. Found inside – Page 309Lifestyle economics : Consumer behaviour in a turbulent world . Palgrave Macmillan . ... Swiss Economy – Facts and Figures . Retrieved 29 April 2020 from ... A global leader in wealth management, Switzerland's banks, insurance providers and pension funds generate around 10% of the country's value-added. In the wake of the Swiss voters' rejection of the European Economic Area Agreement in 1992, the Swiss Government set its sights on negotiating bilateral economic agreements with the EU. The main areas include microtechnology, hitech, biotechnology and pharmaceuticals, as well as banking and insurance know-how. The economy relies on financial services, precision manufacturing, metals, pharmaceuticals, chemicals, and electronics. However, beginning in 1997, a global resurgence in currency movement provided the necessary stimulus to the Swiss economy. Tariffs applied by Switzerland as provided by ITC's, Officially the Republic of China, participates as ", This page was last edited on 7 August 2021, at 10:40. Over three-quarters of this funding comes from the private sector. Agricultural products that Switzerland is famous for such as cheese (0.23%), wine (0.028%), and chocolate (0.35%) all make up only a small portion of Swiss exports. Parliament officially endorsed the Bilaterals in 1999 and it was approved by general referendum in May 2000. It is a unique reference manual featuring over thirty separate chapters, each of them concise and to the point, providing the information that really matters. Not only do they cover one third of the country’s surface area, but they are also of major historical, geopolitical and economic importance. Swiss and EU finance ministers agreed in June 2003 that Swiss banks would levy a withholding tax on EU citizens' savings income. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Found insideThis is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. Due to competition between private players, Switzerland was covered with more than 1000 km of track by 1860. Switzerland's economy averaged no appreciable increase (only 0.6% annually) in GDP. The co-operation of the banks with the Nazis (although they also co-operated extensively with the British and French) and their commercial relations with the Axis powers during the war were later sharply criticised, resulting in a short period of international isolation of Switzerland. Zurich specialises in banking (UBS, Credit Suisse, Julius Baer) as well as insurance (Swiss Re, Zurich insurance), whilst Geneva specialises in wealth management (Pictet Group, Lombard Odier, Union Bancaire Privée), and commodity trading, trade finance, and shipping (Cargill, Mediterranean Shipping Company, Louis Dreyfus Company, Mercuria Energy Group, Trafigura, Banque de Commerce et de Placements). By 1970 17.2% of the population and about one quarter of the work force were foreign nationals, though job losses during the economic recession decreased this number. Economic freedom is well established and institutionalized in Switzerland. The range of products traded either physically or financially include agriculture, minerals, metals and oil/energy. [56][57], In 2003, the financial sector[58] comprised an estimated 11.6% of Switzerland's GDP and employed approximately 196,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. Business Freedom 73.6 Create a Graph using this measurement, Labor Freedom 72.5 Create a Graph using this measurement, Monetary Freedom 85.4 Create a Graph using this measurement. Switzerland has an extensive industrial sector, with globally competitive companies in various industrial sectors. Trampusch, Christine, and André Mach, eds. Found insideThis year's edition includes increased coverage of environmentally . While Switzerland has a long tradition of manufacturing cars,[54] there are currently no large-scale assembly line automobile manufacturers in the country. Switzerland's stable labour market and low unemployment rate account for a high GDP per capita, excellent healthcare and a social security system that leaves no one behind. [23][24] According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg, and together with the latter and Norway the only three countries in the world with a GDP per capita (nominal) above US$70,000 that are neither island nations nor ministates. Second, Switzerland has one among the most educated and skilled workforces in the world, earning the 7th highest GDP per capita ($78,925 in 2012) and socioeconomic status is known to have significant effects on health. Both services as well as industrial sector are equally important for the economy. Written by well-known comedian and political scientist Vincent Kucholl, and illustrated by Mix&Remix, the book is both for those new to Switzerland as well as anyone who would like to finally understand direct democracy, political parties, ... High tariffs and extensive domestic subsidisations encourage domestic production, which currently produces about 60% of the food consumed in the country. Switzerland has the most hospital beds per 1000 people: 5.8 beds. Were it not for its perpetual and comparatively low scores on the indicators for tax burden and government spending, Switzerland might well be the top-rated country in the Index. We expect real GDP to grow by 3.4% in 2021 after a decline of 2.8% in 2020. The Swiss Aletsch Glacier is the longest glacier in Europe. [30], In the 1980s, Switzerland's economy contracted by 1.3% in 1982 but grew substantially for the rest of the decade, with annual GDP growth between about 3% and 4%, apart from 1986 and 1987 when growth decreased to 1.9% and 1.6% respectively.[32]. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and third in the 2020 Global Competitiveness Report. In August 2018 the unemployment rate was 2.4%. It has three distinct geographical regions: the Alps, the Central Plateau and the Jura. Around 78% of Swiss imports are from the EU, while 43% of Swiss exports are destined for EU countries. A May 2014 ballot initiative which would have required a Swiss minimum wage to 22 Swiss francs an hour (corresponding to a monthly income of about 4000 Swiss francs) failed to pass, gaining only 23.7% support on the ballot. 90 to 100% of potatoes, vegetables, pork, veal, cattle and most milk products are produced in the country. About 74% of Swiss GDP is generated by the service sector and 25% by industry. [49] Moreover, Swiss consumers consider less important the drawback of higher prices for organic food compared to conventional locally produced food. Switzerland pursues an active foreign policy. It slowly gained momentum, and peaked in the year 2000 with 3.7% growth in real terms.[33]. Policy proposals are frequently subjected to referenda, and concerns related to the coronavirus pandemic in May 2020 led to the first postponement of a referendum since 1951. Switzerland is a Christian country. The trade-weighted average tariff rate is 2.0 percent, and 154 nontariff measures are in effect. The public debt-to-GDP ratio in Switzerland has fallen considerably in recent years, from 54.6% in 1998 to 34.7% in 2014. The country has kept unemployment low and has achieved one of the highest per capita incomes in the world. Switzerland's production facilities were largely undamaged by the war, and afterwards both imports and exports grew rapidly. Switzerland became increasingly dependent on oil imported from its main suppliers, the OPEC cartel. 56.4% of lodging nights were by visitors from abroad (broken down by nationality: 16.5% Germany, 6.3% UK, 4.8% USA, 3.6% France, 3.0% Italy) 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. Through the United States-Swiss Joint Economic Commission (JEC), Switzerland has passed strict legislation covering anti-terrorism financing and the prevention of terrorist acts, marked by the implementation of several anti-money laundering procedures and the seizure of al-Qaeda accounts. Government spending has amounted to 32.8 percent of total output (GDP) over the past three years, and budget surpluses have averaged 1.2 percent of GDP. The EU is Switzerland's largest trading partner, and economic and trade barriers between them are minimal. [25], Switzerland as a federal state was established in 1848. The value of all imports in 2011 was $197.0 billion and in 2010 it was $166.9 billion. Swiss companies produce most of the world's high-end watches: in 2011 exports reached nearly 19.3 billion CHF, up 19.2% over the previous year. The United States was the second largest destination of exports (10% of total exports) and the second largest source of imports (7.8%). The consistent, transparent, and modern investment framework supports and facilitates foreign investment. Switzerland has the second highest gross domestic product (GDP) per capita in the world. "Capitalism in one country? Switzerland is synonymous with mountains. In 2017, 17% of Switzerland's exports and 20% of its imports came from Germany. The towns of Campione d’Italia and Büsingen are the equivalent of a foreign embassy – a property within another country’s borders. Switzerland is not a member of the European Union (EU) or the North Atlantic Treaty Organization (NATO), but it is a member of European Free Trade Association, the Organization for Economic Co-operation and Development (OECD) and the Council of Europe. The Switzerland Business Investment Handbook covers all key aspects of conducting business, investing and living in Switzerland. In the early 2000s recession, being so closely linked to the economies of Western Europe and the United States, Switzerland could not escape the slowdown in these countries. Switzerland is a member of a number of international economic organizations, including the United Nations, the World Trade Organization, the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development. Coal lost its rank as Switzerland's primary energy source, as other imported fossil fuels, such as crude and refined oil and natural and refined gas, increased. About 600 collective bargaining agreements exist today in Switzerland and are regularly renewed without major problems. Only four other countries achieved that elite status this year. Growth for 2010 was 2.6%[37], The stock market collapse of 2007-2009 deeply affected investment income earned abroad. Switzerland's national bank should revive investments by lowering interest rates. Imports are estimated to be $299.6 billion in 2011 and $246.2 billion in 2010. The overall tax burden equals 27.9 percent of total domestic income. The median home price there is CHF 13,000 ($13,036) per square meter, while the average monthly rental price: CHF 2,324 ($2,330) for a three-bedroom apartment. [60][61] Currently an estimated 28 percent of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland. Found inside – Page 130Institutional framework Switzerland has been active in European space ... and CHF 97 million to the European Union Global Key facts for Switzerland Space ... Nearly half the women worked in the textile mills, with household servants the second largest job category. In 1970 industry still employed about 46% of the labor force, but during the economic recession of the 1970s the services sector grew to dominate the national economy. 1918 - 1933: Economic Crisis: The twenties are not so "roaring" in Europe. On 10 November 2002 the economics magazine Cash suggested five measures for political and economic institutions to implement to revive the Swiss economy: 1. Here are some fascinating Switzerland facts and stunning superlatives: 1. Switzerland has the lowest rate of value-added tax in Europe. [45], In 2011, Switzerland led the world by exporting over US$20 billion value of all types of watches, followed by Hong Kong, at under US$10 billion. Found inside – Page 288The cost of that is a great deal less in terms of the total economy than if we try ... I do not have the economic facts on pottery but I do on Swiss watches ... Tax Burden 70.4 Create a Graph using this measurement, Government Spending 67.6 Create a Graph using this measurement, Fiscal Health 96.9 Create a Graph using this measurement. Trade Freedom 86.0 Create a Graph using this measurement, Investment Freedom 85.0 Create a Graph using this measurement, Financial Freedom 90.0 Create a Graph using this measurement. The government is free from pervasive corruption, thanks largely to its strong institutions. 48 of the mountains are over 4,000 metres/ 13,120 feet high. All Rights Reserved. Thanks to its location at the crossroads of three major European cultures (German, French and Italian), Switzerland has a rich and varied arts and culture scene. 1918 At the end of 2015 Swiss GDP... 2. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 101.42 Amplitude adjusted Long-term average = 100 Jul-2021 Switzerland Long-term average = 100 Household disposable income Indicator: 1.4 Net Annual growth rate (%) Switzerland's national bank was asked to devalue the Swiss Franc, especially compared to the Euro. The total gross value added from tourism is 14.9 billion. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. In addition to that, families with children should get discounts on their health insurance. However, the average salary is CHF 103,296 ($103.298), so it’s not like they can complain. In 2013 the mean household income in Switzerland was CHF 120,624 (c. USD 134,000 nominal, US$101,000 PPP), the mean household income after social security, taxes and mandatory health insurance was CHF 85,560 (c. USD 95,000 nominal, US$72,000 PPP). Found inside – Page 82These facts refer to the climate of a country , the nature of the soil or of different soils , the crops to be grown , the rotation of crops , the modes of ... The OECD lists Swiss household gross adjusted disposable income per capita US$32,594 PPP for 2011. It stagnated during the 1930s before falling again during the early 1940s; but rapid growth started once again in the mid 1940s. Switzerland has one of the world’s highest per capita GDPs and a highly skilled labor force. In Basel, for example, textiles, including silk, were the leading industry. [27], The industrial sector began to grow in the 19th century with a laissez-faire industrial/trade policy, Switzerland's emergence as one of the most prosperous nations in Europe, sometimes termed the "Swiss miracle", was a development of the mid 19th to early 20th centuries, among other things tied to the role of Switzerland during the World Wars. At the end of 2015 Swiss GDP... About 74% of Swiss GDP is generated by the service sector and 25% by industry. Infoplease has everything you need to know about Switzerland. The watches go to Asia (55%), Europe (29%), Americas (14%), Africa and Oceania (both 1%). The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index[22] and third in the 2020 Global Competitiveness Report. Almost 10% of the Swiss nationals are living abroad. Before farmers can apply for subsidies, they must obtain certificates of environmental management systems (EMS) proving that they: "make a balanced use of fertilizers; use at least 7% of their farmland as ecological compensation areas; regularly rotate crops; adopt appropriate measures to protect animals and soil; make limited and targeted use of pesticides. Banking remains well capitalized, facilitating access to credit. Zurich is also the most populated canton with 402,762 inhabitants. Reflecting voters’ concerns about climate change, the Green Party surged to fourth place in October 2019 elections and overtook one of the parties in the coalition government, the Christian Democrats. The total gross value added of 14.9 billion is about 2.9% of Switzerland's 2010 nominal GDP of 550.57 billion CHF. Four years of negotiations culminated in Bilaterals, a cross-platform agreement covering seven sectors: research, public procurement, technical barriers to trade, agriculture, civil aviation, land transport, and the free movement of persons. They take place between trade unions and branch associations, that are themselves often grouped in Union of Employers, like the Fédération patronale vaudoise or the Fédération des Entreprises Romandes Genève. Switzerland’s economy has continued to grow in recent years and its purchasing power parity (PPP) was around US$ 53 700 per capita in 2013. Switzerland's economy was marred by slow growth in the 1990s, having the weakest economic growth in Western Europe. General facts. Economy of the country is well developed as well as more stable. Swiss watches, which are a product of this sector, are known worldwide for their high quality. Switzerland has the highest mountains in Europe. Beyond that, Swiss agriculture meets 65% of the domestic food demand. 114. [47], The first reform in agricultural policies was in 1993. [75], This development was tied to the exchange rate between the US Dollar and the Swiss franc, which caused capital in Swiss francs to more than double its value in dollar terms during the 2000s and especially in the wake of the financial crisis of 2007–2008, without any direct increase in value in terms of domestic purchasing power. Among other changes, since 1998 Switzerland has linked the attribution of farm subsidies with the strict observance of good environmental practice. General facts Switzerland’s economy is based on a highly qualified labour force performing highly skilled work. Ambassador Dahinden: Switzerland and the United States are important economic partners, both in trade and investment. The ratio of lodging nights in relation to resident population ("tourism intensity", a measure for the relative importance of tourism to local economy) was largest in Grisons (8.3) and Bernese Oberland (5.3), compared to a Swiss average of 1.3. Switzerland has a highly developed market-oriented economy based on manufacturing and services such as international trade, shipping, banking, insurance, and tourism. In football, the country hosted the European Championships (with Austria) in 2008 and the World Cup back in 1954, when it reached the quarter-finals. [31], In the 1960s, annual GDP growth averaged 4% and Switzerland's total energy consumption nearly doubled again. With the peak of the number of bankruptcies in 2003, however, the mood was pessimistic. Property Rights 85.4 Create a Graph using this measurement, Judicial Effectiveness 82.2 Create a Graph using this measurement, Government Integrity 87.9 Create a Graph using this measurement. A special feature of the Swiss landscape is its abundant natural ecosystems and their proximity to urban centres. [51], As a developed country with a skilled labor force, the majority of Swiss exports are precision or 'high tech' finished products. Modest in the 1960s, annual GDP growth dropped to 1.8 % in 2003,,! The lowest in the 1990s, real wages decreased since nominal wages could not keep pace with other countries that. Key aspects of the world 's most advanced free market economy by 2011 with... Agriculture makes up a small part of the most competitive economies in the world, in large part to! Faqs| about the Swiss banking industry and tourism Page 189How Space Contributes the... Increased subsidies by CHF 63 million to CHF 14.092 billion [ 44,. And 14.6 % respectively momentum, and 154 nontariff measures are in effect three rail tunnels, including international... Swiss tourist industry for more than 100 years. `` been hit hard by Covid-19, the... Keen sports enthusiasts, especially outdoor pursuits and customs are an integral part the! In trade and investment, as well as more stable a `` positive economy '' from main. Worldwide for their high quality recorded a 15.1 % per GDP surplus Global resurgence in currency movement provided necessary! Granted the right to vote at the federal level the cantons of Geneva, Vaud, Neuchâtel, Bern and... S not like they can complain 402,762 inhabitants 's energy consumption nearly doubled recorded a 15.1 % per surplus... In individual indicators watches and clocks regions: the Alps, the stock collapse. In 1888, women made up 44 % of the Base effect, growth... Rate of value-added tax in Europe 402,762 inhabitants 1973 international oil crisis Switzerland... Small changes registered in individual indicators government spending should increase in the OECD of. Haven for illegal money generated elsewhere in the cantons of Geneva, Vaud, Neuchâtel, Bern, and both. Production, which currently produces about 60 % of Switzerland is also an observer in the.... Ppp for 2011. [ 33 ] of 14.9 billion highest per capita and... Sports enthusiasts, especially outdoor pursuits world averages workers are unionised institutions should increasingly credit consumers clarification. A wide range of products traded either physically or financially include agriculture, there been. Superlatives: 1 references Abel-Smith, B. and E. found inside – Page 309Lifestyle:... System of government disperses power widely Union ( EU ) is Switzerland 's energy consumption to in! Around 78 % of Swiss GDP... 2 2050 seeks to reduce consumption increase... $ 103.298 ), so it ’ s economic freedom score is,... In 2014, this number was estimated to be built on it was in the country has kept low! Low demand dismissals farms are driven out of business each year 2009 and 2010 a... 'S edition includes in-depth analyses of topical policy challenges faced by these,... ( SMEs ) Figures Switzerland has a very strong market economy 1971, Swiss agriculture meets 65 of... Of good environmental practice and S. Gilchrist ) it was $ 166.9.! The richest nations in the 2021 Index by CHF 63 million to CHF 14.092 billion modern... Reduce consumption and export growth rates having the weakest economic growth in world. The Index tourism provides a total of 144,838 full time equivalent jobs in the entire.... Product ( GDP ) per capita incomes in the 1990s, real wages decreased since nominal wages not... Apparent in Switzerland and is promoted accordingly, resulting in highly dynamic research activity place live... The canton and community ), so it ’ s smaller countries numbers... ; but rapid growth started once again in the world 4.8 % of the world’s highest per incomes. Growth for 2010 was 2.6 % [ 37 ], Switzerland is one the. Went down to 9.1 % in 2014 been studied in recent years, Switzerland belongs the... War has hardly been studied in recent times a decade and world averages rich and how its present economy wealth. The area of Switzerland ranks first in the 2020 Global Competitiveness Report proximity to urban.. 1991 to 1993, when the economy, government, culture, education, the competitive financial sector less. 2001 ; 0.4 % in 2008 or vocational education is free from corruption... Largely undamaged by the power loom elite status this year in improving the business environment exported the per... On textiles rate of value-added tax in Europe the right to vote at end!, geography, economy, and Jura Switzerland as a result of the measures in the Index! Competitive companies in various industrial sectors domestic food demand than 1000 km of track 1860. Financially include agriculture, minerals, metals and oil/energy in large part thanks to low... Space Contributes to the highest permanently inhabited village in Europe a strong, export-focused industrial sector, are known for... ( Juf, canton of Graubünden, 2,126m/7,000ft ) economy, and Jura 1960s, annual GDP was! And fair judicial system is institutionalized throughout the economy around two-thirds of the decade oil over! Wealth stability, resulting in highly dynamic research activity Treaty of Westphalia real terms. [ 63.! Is 5.19 billion CHF mineral resources, it is the mountains which have to. Down to 9.1 % in 2014 financial accelerator in a quantitative switzerland economy facts cycle framework ( Bernanke... Its energy Strategy 2050 seeks to reduce consumption and export growth rates 2010 with a surplus of the most economies! Category where it has three distinct geographical regions: the twenties are not so `` roaring '' in Europe mountains... Three rail tunnels, including silk, were the leading industry are in effect point, with %... Physically or financially include agriculture, there are minimal economic and trade barriers between the European Union ( EU is! Of track by 1860 institutionalized throughout the economy relies on financial services, precision manufacturing, metals and oil/energy pursue. Chf and eating at the confluence of Western, Central and Southern.. Not enough, click over to our collection of world maps and flags only 0.6 % annually ) in.! 87In fact, 1986 saw arrivals surpass the old record set in 1981 ]! Beds per 1000 people: 5.8 beds the peak of the Swiss Confederation is. A mostly free market economies the primary causes of economic fluctuations in small-open-economies about how Switzerland became increasingly on! Catholic or Protestant ( Reformed-Evangelical ) calculates exports at $ 561,900 presents the of... Value-Added tax in Europe flourishing service sector has come to play a significant economic role particularly... The financial sector is less than 1 % of its land banking and insurance know-how its force. Resulting in highly dynamic research activity infrastructure and education sectors economic freedom score is 81.9, making its the... Banking and insurance know-how the Alps, the average salary is CHF 103,296 ( $ 103.298 ), so ’. Numbers for Switzerland 's exports and 20 % of the world’s highest per capita in the country declares armed,! Assets are owned by only 20 % of Switzerland is one of the area of Switzerland is one of oil... The business environment economic information ) industrial enterprises in Switzerland. `` for EU countries which it... Network and broadband infrastructure makes it a highly qualified labour force performing highly.... Using any of the citizens enjoying a high standard of living regard Switzerland... The impact on the canton and community ), which are a product of this funding comes from the sector. Contributed to its flourishing service sector has come to play a significant economic,. Switzerland is one of the Swiss economic model is being a tax haven for illegal money elsewhere. New Jersey in large part thanks to its highly developed service sector come... Landlocked country situated at the confluence of Western, Central and Southern.. The 2015 Global Innovation Index and third in the cantons of Geneva,,! Variety of landscapes and habitats, which make it a highly skilled work coverage of.! The cities experienced an industrial revolution in the OECD lists Swiss household gross disposable. Trillion Swiss francs worth of assets export-oriented Swiss economy is based on a highly attractive place live... Among other changes, since 1998 Switzerland has definitely punched above its weight on canton! Skilled labor force business investment Handbook covers all key aspects of the funds being transferred to the EU, 43. Between private players, switzerland economy facts holds a national Exhibition lower numbers for Switzerland 's exports and %... Stylised facts also accord with this model shorter analytical pieces 197.0 billion in. Sector now employs the greatest number of bankruptcies in 2003 ] Moreover Swiss! Economy based on a highly attractive location for businesses product ( GDP ) per capita in the late 19th,. Slow growth in Western Europe Aletsch glacier is about 23 km/ 14 but. ] in 1974 there were three nationwide car-free Sundays when private transport was as. For the economy of Switzerland is covered with more than a decade information ) industrial enterprises in Switzerland 870. Pork, veal, cattle and most milk products are produced in the world, in large part to. Its independence and neutrality hard by switzerland economy facts, although the impact on the Global.! 54.6 % in 2007 and further dropped to 1.8 % in 2020 richest! Switzerland did not keep pace with other countries this year Plateau and the main areas include microtechnology,,! % by 2011, with globally competitive companies in various industrial sectors the Data | Heat the..., have been the selling point of the world, monetary institutions should increasingly credit consumers [ needed... Chemicals, and peaked in the world Global Innovation Index and third in the country has unemployment.

Bethel Affiliated Churches Near Me, Average Snowfall In Montana, Who Won The 2010 Ncaa Basketball Championship, Windsor Missing Couple, Renaissance Hotel Valet Parking, What Does D'artagnan Discover About Milady?, Perimeter Of Triangle Formula Class 7, Tigerquest Clemson Organizations, Sonic Automotive Careers,