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The Economy of Switzerland

Swiss Economy

Switzerland's map

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:

GDP - real growth rate: 1.9% (2008 est.) 3.3% (2007 est.) 3.4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.5% industry: 34% services: 64.5% (2003 est.)

Population below poverty line:

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)

Inflation rate (consumer prices):

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)

Budget: revenues: $173.6 billion expenditures: $168.2 billion (2008 est.)

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 - production by source:

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.)

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

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)

Debt - external: $1.34 trillion (30 June 2007)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Swiss francs (CHF) per US dollar - 1.0774 (2008 est.), 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004)

Fiscal year: