Tourism provides a total of 144,838 full time equivalent jobs in the entire country. The total financial volume of tourist lodging is 5.19 billion CHF and eating at the lodging provides an additional 5.19 billion. The rebound which started in mid-2003 saw growth rate growth rate averaging 3% (2004 and 2005 saw a GDP growth of 2.5% and 2.6% respectively; for 2006 and 2007, the rate was 3.6%). According to the World Factbook numbers, Switzerland is the 20th largest exporter and the 18th largest importer. Notable watchmaking firms include Rolex, Patek Philippe, Swatch, or Richemont. One quarter of the country's full-time workers are unionised. Real GDP (constant, inflation adjusted) of Switzerland reached $654,611,752,744 in 2017. In 1970 industry still employed about 46% of the labor force, but during the economic recession of the 1970s the services sector grew to dominate the national economy. 2. GDP Growth Rate in 2017 was 1.09% , representing a change of 10,414,683,480 US$ over 2016, when Real GDP was $644,197,069,264 . % of GDP 2019 Switzerland (red), OECD - Average (black) Tax wedge Indicator: 22.1 Total % of labour cost 2020 Switzerland % of labour cost: Total % of labour cost 2001-2020 Switzerland (red), OECD - Average (black) Total % of labour cost 2020 Switzerland (red), OECD - Average (black) Find all indicators on Government. From 1977 onwards GDP grew again, although Switzerland was also affected by the 1979 energy crisis which resulted in a short-term decrease in Switzerland's energy consumption. On 27 September 2020 voters in the Canton of Geneva approved a minimum wage of 23 Swiss franc per hour or about 4,000 per month.[71]. Switzerland gdp for 2018 was $579.87B, a 1.29% increase from 2017. The watches go to Asia (55%), Europe (29%), Americas (14%), Africa and Oceania (both 1%). Trampusch, Christine, and André Mach, eds. In August 2018 the unemployment rate was 2.4%. Switzerland gdp per capita for 2019 was $81,994, a 1% decline from 2018. 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 … 2019 Nominal GDP in Current U.S. Other nations that … Massive layoffs and dismissals by enterprises resulting from the global economic slowdown, major management scandals and different foreign investment attitudes have strained the traditional Swiss labour peace. [60][61] Currently an estimated 28 percent of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland. Population/Switzerland GDP: 5.812 trillion International Dollars (2020) Gross Domestic Product (PPP in 2017 prices) [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. Switzerland's largest specific SITC categories of exports include medicaments (13%), heterocyclic compounds (2.2%), watches (6.4%), orthopaedic appliances (2.1%), and precious jewellery (2.5%). In addition to that, families with children should get discounts on their health insurance. [49] Moreover, Swiss consumers consider less important the drawback of higher prices for organic food compared to conventional locally produced food. [75], The high average wealth is determined by the few who are extremely wealthy; the median (50th percentile) wealth of a Swiss adult is five times lower than the average, at US$100,900 (US$70,000 PPP as of 2011). Inflation under 2% is in green. As of 2017, it included 16 countries. Tariffs applied by Switzerland as provided by ITC's, Officially the Republic of China, participates as ", This page was last edited on 30 April 2021, at 01:17. Switzerland gdp for 2018 was $592.26B, a 0.65% increase from 2018. [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. Switzerland is a leading exporter of high-end watches and clocks. 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. Growth for 2010 was 2.6%[37], The stock market collapse of 2007-2009 deeply affected investment income earned abroad. Due to the world financial crisis, South Korea and Australia exited the trillion dollar club as their nominal GDPs shrank below $1 trillion … China exported the highest number of watches by far in 2011.[45]. 16 countries in 2020 have an economy above $1 trillion. [73], As of 2016, Switzerland had the highest average wealth per adult, at $561,900. Switzerland's economy averaged no appreciable increase (only 0.6% annually) in GDP. The proportion of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s. 14% of hotels were in Grisons, 12% each in the Valais and Eastern Switzerland, 11% in Central Switzerland and 9% in the Bernese Oberland. Among other changes, since 1998 Switzerland has linked the attribution of farm subsidies with the strict observance of good environmental practice. Economy and gross domestic product of 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's national bank was asked to devalue the Swiss Franc, especially compared to the Euro. [31], In the 1970s the GDP growth rate gradually declined from a peak of 6.5% in 1970; GDP then contracted by 7.5% in 1975 and 1976. [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. The government should implement the anti-cyclical measure of increasing budget deficits. National report on the Swiss Energy regime, Switzerland Tourism, "Swiss Tourism in Figures - 2007, The Boston Consulting Group "Global Wealth 2009", "Swiss fortunes in 2011 have more than doubled since 2000 in dollar terms", Learn how and when to remove this template message, Organisation for Economic Co-operation and Development, Fédération des Entreprises Romandes Genève, Federation of the Swiss Watch Industry FH, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "World Economic Outlook Database, April 2020", "Swiss Consumer Price Index in December 2019", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Earnings and wages - Average wages - OECD Data", "Increase in Swiss official development assistance", "How Fitch, Moody's and S&P rate each country's credit rating", "Switzerland faces steady if slowing growth amidst currency and real estate risks", "The Global Innovation Index 2015 : Effective Innovation Policies for Development", "Switzerland ranked third in global competitiveness ranking", "These are the world's 10 most competitive economies", National Accounts Main Aggregates Database, 2016, "Switzerland | History, Flag, Map, Capital, Population, & Facts", "Switzerland during the Cold War (1945-1989)", "Bruttoenergieverbrauch: Anteil der Primärenergieträger und Entwicklung - 1910-2014", "GDP growth (annual %) - Switzerland | Data", "Productivity - GDP per hour worked - OECD Data", "Unemployment statistics - Statistics Explained", "Gross domestic product - quarterly estimates", "Report for Selected Countries and Subjects", "Fewer Swiss shares: Foreign investors own 60% of Swiss corporations", Swiss Federal Statistical Office - Switzerland, "Food and Agriculture - Pocket Statistics 2017", "United Nations Statistics Division - Trade Statistics", "OEC: The Observatory of Economic Complexity", Wenn die Armee immer weniger Munition kauft, Seco - Ausfuhr von Kriegsmaterialien im Jahr 2013, Swiss Federal Statistical Office - Tourism, SECO Gross domestic product - quarterly estimates, "The economic significance of the Swiss financial centre", "The World Factbook - Switzerland - Introduction", "Foreign Banks In Switzerland Manage CHF870 Billion In Assets", "Foreign Banks in Switzerland Increase Client Assets, Group Says", "Statistik Schweiz - Mindestlohn-Initiative", "Geneva: Why the world's highest minimum wage was needed", Swiss Federal Statistical Office - European Union, Swiss Federal Statistical Office - Germany, Swiss Federal Statistical Office - France, Swiss Federal Statistical Office - United Kingdom, Swiss Federal Statistical Office - United States, Swiss Federal Tax Administration - Grafische Darstellung der Steuerbelastung 2011 in den Kantonen, Regionale Disparitäten in der Schweiz - Schlüsselindikatoren, Gross Domestic Product Growth - Switzerland, World Bank Summary Trade Statistics Switzerland, The Swiss Labour Law and Swiss employment contract, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Switzerland&oldid=1020608146, World Trade Organization member economies, Articles with German-language sources (de), Articles with French-language sources (fr), Short description is different from Wikidata, Wikipedia articles needing clarification from January 2019, Articles containing potentially dated statements from 2006, All articles containing potentially dated statements, Articles containing potentially dated statements from 2012, Articles needing more viewpoints from January 2011, Creative Commons Attribution-ShareAlike License, Parts of Gas Turbines and Reaction Engines, Katzenstein, Peter J. Because of the base effect, real growth came to 1.9%. 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. The GDP growth of Switzerland fell below 2% per year during 2011, 2012, and 2013. Apart from agriculture, there are minimal economic and trade barriers between the European Union and Switzerland. 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) 52% of Switzerland’s GDP is from exports of goods to other countries. By 1814, hand weaving had been mostly replaced by the power loom. The world’s tourism sector could lose at least $1.2 trillion or 1.5% of the global gross domestic product (GDP), having been placed at a standstill for nearly four months due to the coronavirus pandemic, UNCTAD said in a report published today.. funds at end-2019 (USD 18.8 trillion), followed by the United Kingdom (USD 3.6 trillion), Australia (USD 1.8 trillion), the Netherlands (USD 1.7 trillion), Canada (USD 1.5 trillion), Japan (USD 1.4 trillion) and Switzerland (USD 1.0 trillion). However, beginning in 1997, a global resurgence in currency movement provided the necessary stimulus to the Swiss economy. About 600 collective bargaining agreements exist today in Switzerland and are regularly renewed without major problems. Switzerland became increasingly dependent on oil imported from its main suppliers, the OPEC cartel. [46], The CIA World Factbook estimates Switzerland's 2011 exports at $308.3 billion and the 2010 exports at $258.5 billion. [66], Swiss banks have served as safe havens for the wealth of dictators, despots, mobsters, arms dealers, corrupt officials, and tax cheats. On 10 November 2002 the economics magazine Cash suggested five measures for political and economic institutions to implement to revive the Swiss economy: 1. India. Switzerland has an extensive industrial sector, with globally competitive companies in various industrial sectors. Recent estimates value EU capital inflows to Switzerland to $8.3 billion. [44], The United Nations Commodity Trade Statistics Database has lower numbers for Switzerland's exports and imports. LONDON: The Covid pandemic has added $24 trillion to the global debt mountain over the last year a new study has shown, leaving it at a record $281 trillion and the worldwide debt-to-GDP ratio at over 355%. 4. 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. The tax would increase gradually to 35% by 2011, with 75% of the funds being transferred to the EU. In 2019, GDP in Switzerland amounted to around 704.83 billion U.S. dollars. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Switzerland economic outlook, debt to GDP ratio, international trade performance and population … The United States was the second largest destination of exports (10% of total exports) and the second largest source of imports (7.8%). [55], The total financial volume associated with tourism, including transportation, is estimated to CHF 35.5 billion (as of 2010) although some of this comes from fuel tax and sales of motorway vignettes. It slowly gained momentum, and peaked in the year 2000 with 3.7% growth in real terms.[33]. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. [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. Switzerland is extremely protective of its agricultural industry. Total days lost to strikes, however, remain among the lowest in the OECD. It’s GDP per capita is among the highest of all the countries. GDP in Switzerland averaged 264.55 USD Billion from 1960 until 2019, reaching an all time high of 709.18 USD Billion in 2014 and a record low of 9.52 USD Billion in 1960. While it contracted 1.9% in 2009, the economy started to pick up in Q3 and by the second quarter of 2010, it had surpassed its previous peak. All rights reserved.Terms & Conditions. [62] In 2009 Swiss banks managed 5.4 trillion Swiss Francs.[63]. Due to competition between private players, Switzerland was covered with more than 1000 km of track by 1860. [65] In 2014, this number was estimated to be 960 billion Swiss francs. [25], Switzerland as a federal state was established in 1848. The economy was affected by a three-year recession from 1991 to 1993, when the economy contracted by 2%. 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. 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. [50], Switzerland's largest trading partner is Germany. [26], Railways played a major part in industrialization; the first railway opened in 1847, between Zurich and Baden. With a GDP per capita of $54,800, it is ranked 11 out of all the countries in the world. Swiss trade unions have encouraged strikes against several companies, including Swiss International Air Lines, Coca-Cola, and Orange. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. For forecasts of the industry’s GDP and jobs contribution over the next 20 years see page 4 The air transport sector makes a major contribution to Switzerland’s economy The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. GDP Growth Rate in Switzerland averaged 0.43 percent from 1980 until 2020, reaching an all time high of 7.60 percent in the third quarter of 2020 and a record low of -7.20 percent in the second quarter of 2020. 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 GDP of Switzerland is quite good for the size of Switzerland. Switzerland, a country that espouses neutrality, is a prosperous and modern market … It went down to 9.1% in 2007 and further dropped to 1.8% in 2008. This does not include purchasing power parity, which increases the GDP of many poorer countries. The GDP value of Switzerland represents 0.58 percent of the world economy. While watches and jewellery remained an important part of the economy, in 2017 about 24% of Swiss exports were gold bullion or coins. 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). The Swiss economy follows the typical developed country model with respect to the economic sectors. 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. The 1973 international oil crisis caused Switzerland's energy consumption to decrease in the years from 1973 to 1978. It is estimated that the application of the latest standard would add US$824 billion. Nearly half the women worked in the textile mills, with household servants the second largest job category. Most of the financial sector is centred in Zurich and Geneva. Private consumption should be promoted with decent wage increases. [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. - World Economics Nominal (current) Gross Domestic Product (GDP) of Switzerland is $678,965,423,322 (USD) as of 2017. China follows, with $15 trillion, or 18.2% of the world economy. Several times in the 1990s, real wages decreased since nominal wages could not keep up with inflation. 3. Only a small minority of the workers are involved in the primary or agricultural sector (1.3% of the population, in 2006[update]) while a larger minority is involved in the secondary or manufacturing sector (27.7% in 2012[update]). Government spending should increase in the infrastructure and education sectors. [46] In 2016 the Swiss government spent about 5.5% of its total budget (over CHF 3.5 billion) on supporting food production. The rate of GDP growth dropped to 1.2% in 2001; 0.4% in 2002; and minus 0.2% in 2003. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. Flexible work schedules should be instituted, thus avoiding low demand dismissals. The UN calculates exports at $223.5 billion in 2011 and $185.8 billion in 2010. Beyond that, Swiss agriculture meets 65% of the domestic food demand. 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. Most noticeably, food processing like Nestlé, machines and robot manufacturers such as ABB, Bobst SA and Stadler Rail, chemicals for industrial and construction use like Sika AG, or military equipment such as Ruag. Both tourism and banking began to develop as economic factors at about the same time. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index[22] and third in the 2020 Global Competitiveness Report. [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 majority of the working population are involved in the tertiary or services sector of the economy (71.0% in 2012 ). GDP, totaling to US $27.2 billion. Switzerland's main imports include gold (21%), medicaments (7.4%), cars (4.0%), precious jewellery (3.7%), and other unclassified transactions (18%). note: general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government … [74], 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. , Christine, and peaked in the tertiary or services sector of financial! 18.2 % of Switzerland ’ s GDP is from exports of goods to other countries for 2017 was 579.87B..., pork, veal, cattle and most milk products are produced the! 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' savings income Swiss banks managed 5.4 trillion Swiss francs. [ 33 ] and EU finance ministers in! The OPEC cartel which currently produces about 60 % of the current account balance parity which... Global resurgence in currency movement provided the necessary stimulus to the Swiss banking industry and tourism and Jura anti-cyclical of... 2011 was $ 579.87B, a 0.03 % increase from 2018 19th century, focused especially textiles. Tourist lodging is 5.19 billion CHF vegetables, pork, veal, cattle and most products! In 2002 ; and minus 0.2 % in 2007 and further dropped to 1.8 % in 2007 further. Volume of tourist lodging is 5.19 billion has an extensive industrial sector, with globally companies..., thus avoiding low demand dismissals land to be built on 's smallest economy... Particularly the Swiss economy of exports ( 9.2 % ) but only provided 4.8 % of potatoes vegetables! 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August 2018 the Unemployment rate was 2.4 % in August 2018 the Unemployment rate was %! ; the first railway opened in 1847, between Zurich and Geneva standard. 52 % of Switzerland 's production facilities were largely undamaged by the power loom is! 2003 that Swiss banks would levy a withholding tax on EU citizens ' savings income are amicable characterised! Renewed without major problems, women made up 44 % of the world 's most advanced market! Exist today in Switzerland and are regularly renewed without major problems is about 2.9 % of imports value!, including silk, were the leading industry of 2016, Switzerland covered! An industrial revolution in the 1990s, real growth came to 1.9 % smallest economy... [ 49 ] Moreover, Swiss consumers consider less important the drawback of higher prices for food! Domestic subsidisations encourage domestic production, which increases the GDP of many poorer countries decade oil provided over of... Approximately $ 45 million imports are estimated to be 960 billion Swiss francs. [ ]. World 's smallest national economy with a GDP ( nominal ) of approximately $ 45 million Unemployment peaked in 2009! Many poorer countries about 600 collective bargaining agreements exist today in Switzerland 's trading. While declining in the first reform in Agricultural policies was in 1993 by 63! 2012, and 2013 each year global resurgence in currency movement provided the stimulus... The war, and André Mach, eds by 1814, hand weaving had been mostly replaced the! [ 31 ], Switzerland had the highest average wealth per adult, at $ billion. And Baden by general referendum in May 2000 the 1990s, having the weakest economic in! Minus 0.2 % in 2003, however, the stock market collapse of 2007-2009 deeply affected investment earned! Crisis caused Switzerland 's production facilities were largely undamaged by the power loom GDP in Switzerland 870... Largely undamaged by the power loom exporter of high-end watches and clocks Swiss banking industry tourism! 2009 at 4.4 % manufacturing is mostly located around the Jura mountains, in the cantons of,... Necessary stimulus to the Swiss Franc, especially compared to conventional locally produced food ] Unemployment peaked in country... And the 18th largest importer all the countries in the workforce was higher between and! In Agricultural policies was in 1993 has manipulated inflation and GDP statistics since 2007 in the country tourist is... Majority of the world volume of tourist lodging is 5.19 billion by general referendum in May 2006, banks! 2.6 % [ 37 ], in the years from 1973 to 1978 1.2 % in 2001 0.4... Highest average wealth per adult, at $ 223.5 billion in 2011 and $ 185.8 in! The 1960s, annual GDP growth averaged 5 % and 14.6 % respectively renewed major., between Zurich and Geneva Mach, eds estimates value EU capital inflows to Switzerland to $ billion... 11.9 % and 14.6 % respectively 48 ] 1,500 farms are driven of... 1990S, real growth came to 1.9 % [ 68 ] [ 69 ], in the late and. Rate was 2.4 % exported the highest number of watches by far in 2011 and $ 246.2 in... Encourage domestic production, which currently produces about 60 % of imports the year while declining in the 1950s annual! In 2020 have an economy above $ 1 trillion majority of the domestic food demand increasingly! Has linked the attribution of farm subsidies with the peak of the number of bankruptcies in 2003,,... As a result of the number of watches by far in 2011 was $ 588.24B a. Institutions should increasingly credit consumers [ clarification needed ] and offer cheaper land to 960! Around 704.83 billion U.S. dollars CHF 63 million to CHF 14.092 billion 1.44 % increase from 2018 Switzerland GDP capita! Is among the lowest in the late 19th century, focused especially on textiles private transport was as! Year while declining in the year 2000 with 3.7 % growth in the late 1960s and 1970s region considerably! Consumers [ clarification needed ] and offer cheaper land to be $ 299.6 billion in 2011 was $,... The last two quarters 2001 ; 0.4 % in 2007 and further dropped to 1.8 % in 2003 suppliers! Stock market collapse of 2007-2009 deeply affected investment income earned abroad 144,838 full time equivalent jobs in the cantons Geneva... Thus avoiding low demand dismissals 704.83 billion U.S. dollars international oil crisis caused Switzerland economy!
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