Switzerland Economy Profile 2009

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 (purchasing power parity)

$316.7 billion (2008 est.)
$311.7 billion (2007 est.)
$300.9 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$492.6 billion (2008 est.)

GDP - real growth rate

1.6% (2008 est.)
3.6% (2007 est.)
3.6% (2006 est.)

GDP - per capita (PPP)

$41,800 (2008 est.)
$41,300 (2007 est.)
$40,000 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 1.5%
industry: 34%
services: 64.5% (2003 est.)

Population below poverty line

NA%

Labor force

4.053 million (2008 est.)

Labor force - by occupation

agriculture: 3.9%
industry: 22.8%
services: 73.2% (2005)

Unemployment rate

2.6% (December 2008)
2.8% (2007 est.)

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)
33.1 (1992)

Investment (gross fixed)

21.2% of GDP (2008 est.)

Budget

revenues: $189.8 billion
expenditures: $185.2 billion (2008 est.)

Public debt

40.9% of GDP (2008 est.)
57.2% of GDP (2004 est.)

Inflation rate (consumer prices)

2.4% (2008 est.)
0.7% (2007 est.)

Central bank discount rate

0.05% (31 December 2008)
2.05% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
3.15% (31 December 2007)

Stock of money

$207 billion (31 December 2008 est.)
$213.9 billion (31 December 2007 est.)

Stock of quasi money

$477.6 billion (31 December 2008 est.)
$450.7 billion (31 December 2007)

Stock of domestic credit

$864.4 billion (31 December 2008 est.)
$855.4 billion (31 December 2007)

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

fossil fuel: 1.3%
hydro: 59.5%
nuclear: 37.1%
other: 2% (2001)

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 - imports

274,900 bbl/day (2005)

Oil - exports

9,370 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.)

Current Account Balance

$47.67 billion (2008 est.)
$43.95 billion (2007 est.)

Agriculture - products

grains, fruits, vegetables; meat, eggs

Exports

$233.1 billion (2008 est.)
$200.5 billion (2007 est.)

Exports - commodities

machinery, chemicals, metals, watches, agricultural products

Exports - partners

Germany 21.2%, US 8.7%, France 8.2%, Italy 7.9%, Austria 4.5% (2008)

Imports

$213 billion (2008 est.)
$187.7 billion (2007 est.)

Imports - commodities

machinery, chemicals, vehicles, metals; agricultural products, textiles

Imports - partners

Germany 27.7%, US 10.6%, Italy 10.3%, France 8.4%, Russia 4.4%, UK 4% (2008)

Reserves of foreign exchange and gold

$74.07 billion (31 December 2008 est.)
$75.37 billion (31 December 2007 est.)

Debt - external

$1.305 trillion (31 December 2008)
$1.565 trillion (31 December 2007)

Stock of direct foreign investment - at home

$405.1 billion (31 December 2008 est.)
$365.8 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$726.3 billion (31 December 2008 est.)
$659.9 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008)
$1.275 trillion (31 December 2007)
$1.213 trillion (31 December 2006)

Economic aid - donor

ODA, $1.646 billion (2006)

Currency (code)

CHF

Currency (code)

Swiss franc (CHF)

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

calendar year