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Switzerland Economy 2011
https://theodora.com/wfb2011/switzerland/switzerland_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Switzerland Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Switzerland is a peaceful, prosperous, and 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 have brought their economic practices largely into conformity with the EU's, in order to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The global financial crisis and resulting economic downturn put Switzerland in a recession in 2009 as global export demand stalled. The Swiss National Bank during this period effectively implemented a zero-interest rate policy in a bid to boost the economy and prevent appreciation of the franc. Switzerland's economy grew 2.8% in 2010, when Bern implemented a third fiscal stimulus program, but its prized banking sector has recently faced significant challenges. The country's largest banks suffered sizable losses in 2008-09, leading its largest bank to accept a government rescue deal in late 2008. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and it is working with Germany and the UK to resolve outsanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. Parliament passed the first five double-taxation agreements, including that with the US, in March 2010, but the agreements are subject to public referendum. In 2009, Swiss financial regulators ordered the country's largest bank to reveal at Washington's behest the names of US account-holders suspected of using the bank to commit tax fraud. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

GDP (purchasing power parity):
$326.9 billion (2010 est.)
country comparison to the world: 37

$318 billion (2009 est.)
$324.1 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$522.4 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2010 est.)
country comparison to the world: 132

-1.9% (2009 est.)
1.9% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$42,900 (2010 est.)
country comparison to the world: 16

$41,800 (2009 est.)
$42,800 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 27.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 71.2% (2006 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
4.13 million (2009 est.)
country comparison to the world: 87
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 72.3% (2009)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3.9% (2010 est.)
country comparison to the world: 35

3.7% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
7.4% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 7.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 19% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
33.7 (2008)
country comparison to the world: 93

33.1 (1992)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
19.9% of GDP (2009 est.)
country comparison to the world: 89
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $192.1 billion
[see also: Budget - revenues country ranks ]
expenditures: $194.2 billion
[see also: Budget - expenditures country ranks ]
note: includes federal, cantonal, and municipal accounts (2009 est.)

Public debt:
39.6% of GDP (2010 est.)
country comparison to the world: 73

40.5% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
0.7% (2010 est.)
country comparison to the world: 14

-0.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2009)
country comparison to the world: 140

0.05% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
2.75% (31 December 2009 est.)
country comparison to the world: 155

3.34% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$384.2 billion (31 December 2010 est)

$334.9 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$834.6 billion (31 December 2010 est.)

$764.9 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$992.6 billion (31 December 2009 est.)
country comparison to the world: 16

$923.1 billion (31 December 2008)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.071 trillion (31 December 2009)
country comparison to the world: 12

$862.7 billion (31 December 2008)
$1.275 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

Industries:
machinery, chemicals, watches, textiles, precision instruments, tourism, banking, and insurance

Industrial production growth rate:
2.7% (2006 est.)
country comparison to the world: 117
[see also: Industrial production growth rate country ranks ]

Electricity - production:
59.1 billion kWh (2009 est.)
country comparison to the world: 42
[see also: Electricity - production country ranks ]

Electricity - consumption:
62 billion kWh (2009 est.)
country comparison to the world: 40
[see also: Electricity - consumption country ranks ]

Electricity - exports:
49.9 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
46.6 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
3,488 bbl/day (2009 est.)
country comparison to the world: 100
[see also: Oil - production country ranks ]

Oil - consumption:
280,000 bbl/day (2009 est.)
country comparison to the world: 46
[see also: Oil - consumption country ranks ]

Oil - exports:
12,230 bbl/day (2008 est.)
country comparison to the world: 95
[see also: Oil - exports country ranks ]

Oil - imports:
269,400 bbl/day (2008 est.)
country comparison to the world: 39
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl
country comparison to the world: 115
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 121
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
3.282 billion cu m (2009 est.)
country comparison to the world: 71
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 115
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
3.282 billion cu m (2009 est.)
country comparison to the world: 39
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
NA cu m (1 January 2009 est.)
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$49.35 billion (2010 est.)
country comparison to the world: 7

$54.01 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$235.2 billion (2010 est.)
country comparison to the world: 20

$208.5 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery, chemicals, metals, watches, agricultural products

Exports - partners:
Germany 20.98%, US 9.09%, France 8.62%, Italy 8.08%, Austria 5.38% (2009)

Imports:
$220.4 billion (2010 est.)
country comparison to the world: 20

$192.8 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles

Imports - partners:
Germany 27.19%, Italy 10.42%, US 9.61%, France 7.69%, Netherlands 4.35% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$135.3 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.19 trillion (30 June 2010)
country comparison to the world: 13

$1.305 trillion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$514 billion (31 December 2010 est.)
country comparison to the world: 11

$496.8 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$814.6 billion (31 December 2010 est.)
country comparison to the world: 8

$806.5 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Swiss francs (CHF) per US dollar - 1.0723 (2010), 1.0881 (2009), 1.0774 (2008), 1.1973 (2007), 1.2539 (2006)


NOTE: The information regarding Switzerland on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Switzerland Economy 2011 information contained here. All suggestions for corrections of any errors about Switzerland Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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