Economy - overview:
Switzerland is a prosperous and stable modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP larger than that of the big western European economies. The Swiss in recent years have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness. Although the Swiss are not pursuing full EU membership in the near term, in 1999 Switzerland and Belgium signed agreements to further liberalize trade ties. They continue to discuss further areas for cooperation. Switzerland remains a safe haven for investors, because it has maintained a degree of bank secrecy and has kept up the franc's long-term external value. Reflecting the anemic economic conditions of Europe, GDP growth dropped in 2001 to about 0.8% and to about 0% in 2002.
GDP:
purchasing power parity - $231 billion (2002 est.)
GDP - real growth rate:
0% (2002 est.)
GDP - per capita:
purchasing power parity - $31,700 (2002 est.)
GDP - composition by sector:
agriculture: 2%
industry: 34%
services: 64% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 25.2% (1992)
Distribution of family income - Gini index:
33.1 (1992)
Inflation rate (consumer prices):
0.5% (2002 est.)
Labor force:
4 million (2001)
Labor force - by occupation:
services 69.1%, industry 26.3%, agriculture 4.6% (1998)
Unemployment rate:
1.9% (2002 est.)
Budget:
revenues: $30 billion
expenditures: $30 billion, including capital expenditures of $NA (2001 est.)
Industries:
machinery, chemicals, watches, textiles, precision instruments
Industrial production growth rate:
3.2% (2001)
Electricity - production:
68.68 billion kWh (2001)
Electricity - production by source:
fossil fuel: 1.3%
hydro: 59.5%
other: 2.1% (2001)
nuclear: 37.1%
Electricity - consumption:
53.43 billion kWh (2001)
Electricity - exports:
34.54 billion kWh (2001)
Electricity - imports:
24.1 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
290,400 bbl/day (2001 est.)
Oil - exports:
10,420 bbl/day (2001)
Oil - imports:
289,500 bbl/day (2001)
Agriculture - products:
grains, fruits, vegetables; meat, eggs
Exports:
$100.3 billion f.o.b. (2002 est.)
Exports - commodities:
machinery, chemicals, metals, watches, agricultural products
Exports - partners:
EU 61% (Germany 22.2%, France 9%, Italy 8%, UK 5.3%), US 10.6%, Japan 3.9% (2000)
Imports:
$94.4 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles
Imports - partners:
EU 79.9% (Germany 32.2%, France 11%, Italy 10.2%, Netherlands 5.9%, UK 4.6%), US 5.1% (2000)
Debt - external:
$NA
Economic aid - donor:
ODA, $1.1 billion (1995)
Currency:
Swiss franc (CHF)
Currency code:
CHF
Exchange rates:
Swiss francs per US dollar - 1.5586 (2002), 1.6876 (2001), 1.6888 (2000), 1.5022 (1999), 1.4498 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Switzerland on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Switzerland Economy 2003 should be addressed to the CIA.
