Switzerland Economy - 2024

Economic overview

high-income, non-EU European economy; renowned banking and financial hub; extremely low unemployment; highly skilled but aging workforce; key pharmaceutical and precision manufacturing exporter; fairly high public debt

Real GDP (purchasing power parity)

$618.228 billion (2021 est.)
$593.185 billion (2020 est.)
$607.619 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.22% (2021 est.)
-2.38% (2020 est.)
1.14% (2019 est.)

Real GDP per capita

$71,000 (2021 est.)
$68,700 (2020 est.)
$70,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$731.502 billion (2019 est.)

Inflation rate (consumer prices)

0.58% (2021 est.)
-0.73% (2020 est.)
0.36% (2019 est.)

Credit ratings

Fitch rating: AAA (2000)

Moody's rating: Aaa (1982)

Standard & Poors rating: AAA (1988)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.7% (2017 est.)

industry: 25.6% (2017 est.)

services: 73.7% (2017 est.)

GDP - composition, by end use

household consumption: 53.7% (2017 est.)

government consumption: 12% (2017 est.)

investment in fixed capital: 24.5% (2017 est.)

investment in inventories: -1.4% (2017 est.)

exports of goods and services: 65.1% (2017 est.)

imports of goods and services: -54% (2017 est.)

Agricultural products

milk, sugar beet, wheat, potatoes, pork, barley, apples, maize, beef, grapes

Industries

machinery, chemicals, watches, textiles, precision instruments, tourism, banking, insurance, pharmaceuticals

Industrial production growth rate

7.91% (2021 est.)

Labor force

4.963 million (2021 est.)

Unemployment rate

5.32% (2021 est.)
4.82% (2020 est.)
4.39% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.1% (2021 est.)

male: 9.4%

female: 8.8%

Population below poverty line

16% (2018 est.)

Gini Index coefficient - distribution of family income

33.1 (2018 est.)

Average household expenditures

on food: 9.2% of household expenditures (2018 est.)

on alcohol and tobacco: 3.6% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 7.5%

highest 10%: 19% (2007)

Remittances

0.38% of GDP (2021 est.)
0.4% of GDP (2020 est.)
0.35% of GDP (2019 est.)

Budget

revenues: $239.767 billion (2018 est.)

expenditures: $230.383 billion (2018 est.)

note: includes federal, cantonal, and municipal budgets

Budget surplus (+) or deficit (-)

1.1% (of GDP) (2017 est.)

Public debt

20.91% of GDP (2020 est.)
18.95% of GDP (2019 est.)
18.68% of GDP (2018 est.)

note: general government gross debt; gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future; includes debt liabilities in the form of Special Drawing Rights, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the Government Financial Systems Manual 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options

Taxes and other revenues

9.37% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$59.159 billion (2021 est.)
$11.067 billion (2020 est.)
$30.806 billion (2019 est.)

Exports

$571.376 billion (2021 est.) ; note - data are in current year dollars
$474.236 billion (2020 est.) ; note - data are in current year dollars
$478.505 billion (2019 est.) ; note - data are in current year dollars

note: trade data exclude trade with Switzerland

Exports - partners

Germany 16%, United States 14%, United Kingdom 8%, China 7%, France 6%, India 6%, Italy 5% (2019)

Exports - commodities

gold, packaged medicines, medical cultures/vaccines, watches, jewelry (2019)

Imports

$480.522 billion (2021 est.) ; note - data are in current year dollars
$429.979 billion (2020 est.) ; note - data are in current year dollars
$413.404 billion (2019 est.) ; note - data are in current year dollars

Imports - partners

Germany 21%, Italy 8%, France 6%, United States 6%, United Kingdom 5%, United Arab Emirates 5% (2019)

Imports - commodities

gold, packaged medicines, jewelry, cars, medical cultures/vaccines (2019)

Reserves of foreign exchange and gold

$1.11 trillion (31 December 2021 est.)
$1.083 trillion (31 December 2020 est.)
$854.929 billion (31 December 2019 est.)

Debt - external

$1.909 trillion (2019 est.)
$1.931 trillion (2018 est.)

Exchange rates

Swiss francs (CHF) per US dollar -

Exchange rates:
0.914 (2021 est.)
0.939 (2020 est.)
0.994 (2019 est.)
0.978 (2018 est.)
0.985 (2017 est.)