Switzerland

Economy - overview:
Switzerland is a peaceful, prosperous, and stable 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. The Swiss in recent years 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. Switzerland remains a safehaven for investors, because it has maintained a degree of bank secrecy and has kept up the franc’s long-term external value. The global financial crisis and resulting economic downturn could, however, put Switzerland in a recession in 2009, particularly as global export demand stalls. Switzerland’s largest banks suffered significant losses in 2008 and the country’s largest bank accepted a government rescue deal in late 2008. The Swiss National Bank, beginning in October 2008, cut interest rates on several consecutive occasions, effectively instituting a zero-rate policy in a bid to boost the economy.
GDP (purchasing power parity):
$309.9 billion (2008 est.)
$310 billion (2007)
$300.1 billion (2006)
GDP (official exchange rate):
$492.6 billion (2008 est.)
GDP - real growth rate:
1.9% (2008 est.)
3.3% (2007 est.)
3.4% (2006 est.)
GDP - per capita (PPP):
$40,900 (2008 est.)
$41,000 (2007 est.)
$39,900 (2006 est.)
GDP - composition by sector:
agriculture: 1.5%
industry: 34%
services: 64.5% (2003 est.)
Labor force:
4.04 million (2008 est.)
Labor force - by occupation:
agriculture: 3.9%
industry: 22.8%
services: 73.2% (2005)
Unemployment rate:
3% (December 2008)
Household income or consumption by percentage share:
lowest 10%: 2.9%
highest 10%: 25.9% (2000)
Distribution of family income - Gini index:
33.7 (2008)
Investment (gross fixed):
21.5% of GDP (2008 est.)
Budget:
revenues: $173.6 billion
expenditures: $168.2 billion (2008 est.)
Public debt:
44% of GDP (2008 est.)
Inflation rate (consumer prices):
2.4% (2008 est.)
Central bank discount rate:
2.05% (31 December 2007)
Commercial bank prime lending rate:
3.15% (31 December 2007)
Stock of money:
$207 billion (31 December 2008 est.)
Stock of quasi money:
$477.6 billion (31 December 2008 est.)
Stock of domestic credit:
$864.4 billion (31 December 2008 est.)
Market value of publicly traded shares:
$1.275 trillion (31 December 2007)
Agriculture - products:
grains, fruits, vegetables; meat, eggs
Industries:
machinery, chemicals, watches, textiles, precision instruments, tourism, banking, and insurance
Industrial production growth rate:
6.5% (2006 est.)
Electricity - production:
64.56 billion kWh (2007 est.)
Electricity - consumption:
58.77 billion kWh (2006 est.)
Electricity - exports:
50.2 billion kWh (2007 est.)
Electricity - imports:
48.4 billion kWh (2007 est.)
Oil - production:
3,202 bbl/day (2007 est.)
Oil - consumption:
244,900 bbl/day (2007 est.)
Oil - exports:
9,370 bbl/day (2005)
Oil - imports:
274,900 bbl/day (2005)
Oil - proved reserves:
NA
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
3.232 billion cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
3.232 billion cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
$40.81 billion (2008 est.)
Exports:
$172.7 billion f.o.b. (2008 est.)
Exports - commodities:
machinery, chemicals, metals, watches, agricultural products
Exports - partners:
Germany 20.3%, US 9.7%, Italy 8.7%, France 8.4%, UK 5.1% (2007)
Imports:
$212.8 billion f.o.b. (2008 est.)
Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles
Imports - partners:
Germany 32.6%, Italy 10.8%, France 9.5%, US 5.8%, Netherlands 4.6%, Austria 4.2%, UK 4.2% (2007)
Reserves of foreign exchange and gold:
$75.37 billion (2008 est.)
Debt - external:
$1.34 trillion (30 June 2007)
Stock of direct foreign investment - at home:
$333.8 billion (2008 est.)
Stock of direct foreign investment - abroad:
$621.7 billion (2008 est.)
Exchange rates:
Swiss francs (CHF) per US dollar - 1.0774 (2008 est.), 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004)