Economy of Switzerland
View of the industrial area of Zürich. In 2016 Zürich ranked 9th on the Global Financial Centres Index.
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|
| Currency | Swiss franc (CHF) ~ 1 USD |
|---|---|
| Calendar year | |
|
Trade organisations
|
EFTA, WTO and OECD |
| Statistics | |
| GDP |
 CHF 647 billion ($0.7 trillion Nominal, 2016 est.), CHF 642 billion ($0.5 trillion PPP, 2016 est.) |
| GDP rank | 20th (nominal) / 35th (PPP) |
|
GDP growth
|
1.8% (2014) |
|
GDP per capita
|
$80,000 (Nominal, 2016), $60,000 (PPP, 2016) |
|
GDP by sector
|
agriculture (1.3%) industry (27.7%) services (71.0%) (2012 est.) |
 -0.01% (CPI, 2014) |
|
|
Population below poverty line
|
9.1% (2012) |
 28.5 (2012) |
|
|
Labour force
|
5.4 million (2013) |
|
Labour force by occupation
|
agriculture (3.4%) Industry (23.4%) services (73.2%) (2010) |
| Unemployment |
4.54% (2014) 4.38% (2013) 4.18% (2012) |
|
Average gross salary
|
75,000 CHF/ $72,000, annual (2015) |
| 61,000 CHF/ $60,000, annual (2015) | |
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Main industries
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machinery, chemicals, watches, textiles, precision instruments, tourism, banking, insurance |
| 31st (2017) | |
| External | |
| Exports |
$0.22 trillion (2014) |
|
Export goods
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machinery, chemicals, metals, watches, agricultural products |
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Main export partners
|
 Germany 14.2% United States 10.6% Hong Kong 8.7% India 7.3% China 6.9% France 6.1% Italy 5.4% United Kingdom 4.8% (2015) |
| Imports |
$0.20 trillion (2014) |
|
Import goods
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machinery, chemicals, vehicles, metals; agricultural products, textiles |
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Main import partners
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Germany 20.7% United Kingdom 12.8% United States 8.1% Italy 7.8% France 6.7% China 5.1% (2015) |
|
FDI stock
|
$747.4 billion (31 December 2013) |
|
Gross external debt
|
$1.346 trillion (30 June 2011) |
| Public finances | |
 45.47% of GDP (2013) |
|
| Revenues |
$19.197 (2014, per capita) |
| Expenses |
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| Economic aid | donor: ODA CHF2.31 billion (0.47% of GDP) |
|
|
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Foreign reserves
|
$332 billion (31 December 2011) |
$19,312 (2014, per capita)
The economy of Switzerland is one of the world's most stable economies. Its policy of long-term monetary security and political stability has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment.
Because of the country's small size and high labor specialization, industry and trade are the keys to Switzerland's economic livelihood. Switzerland has achieved one of the highest per capita incomes in the world with low unemployment rates and a balanced budget. The service sector has also come to play a significant economic role. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index.
Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zurich and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and under-developed. While a workshop system had been in existence throughout the early modern period, the production of machines began in 1801 in St. Gallen, with the third generation of machines imported from Great Britain. But in Switzerland, hydraulic power was often used instead of steam-engines because of the country's topography while there are no significant deposits of coal. By 1814, hand weaving had been mostly replaced by the power loom. Both tourism and banking began to develop as an economic factor from about the same time. While Switzerland was primarily rural, the cities experienced an industrial revolution in the late 19th century, focused especially on textiles. In Basel, for example, textiles, including silk, were the leading industry. In 1888 women made up 44% of the wage earners. Nearly half the women worked in the textile mills, with household servants the second largest job category. The share of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s.
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Wikipedia