ICT, insurance and finance, travel and tourism, transport, medicaments, serums and vaccines, watches, gold, diamonds, medical instruments, coffee, chocolates, corn, cigars and cigarettes, gas turbines and textiles are major industries of Switzerland. In 2017, Agriculture industry contributed 0.7% to GDP of Switzerland. Manufacturing had a share of 25.6% while services industry had a share of 73.7% of GDP in 2017.
In 2017, Services industry exports was valued at USD 122 billion for Switzerland. Electronics export accounted for USD 11.4 billion, machinery for USD 58.6 billion, chemicals for USD 92.1 billion, vehicles for USD 5.66 billion, metals for USD 9.66 billion, minerals for USD 5.52 billion, stones for USD 64 billion, textiles for USD 6.01 billion and agriculture for USD 14.3 billion in 2017.
Switzerland, officially Swiss Confederation, is a federal parliamentary republic. It is situated in Western and Central Europe, and shares its borders with Switzerland to the north, France to the west, Italy to the south, and Austria and Liechtenstein to the east. Since it is situated in the western and central part of Europe, it doesn't share any sea or ocean cover on any side and it is completely landlocked geographically. Switzerland's geographic factor is that it is divided between the Alps, the Swiss Plateau and the Jura which span across roughly 16,000 square miles. Zurich and Geneva, Bern are global cities and are economic centers for various industries. Major economic contributing factors and industries in Switzerland are Tourism, Military and Defense, Pharmaceutics, Agriculture, Banking, Watches, Wine, Chocolate, Fashion Accessories, and many others.
Switzerland is estimated to have population of 8.688 million in the year 2020 and expected to reach 9.112 million by 2024, growing at a CAGR of 1.19%.
Switzerland’s real gross domestic product (GDP) was CHF 708.272 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 5.966% to be around CHF 666.016 billion in 2020.
Switzerland’s unemployment rate was 2.306% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 15.38% and reach 2.725% in 2020. Unemployment is further estimated to decrease in 2021 by 4.81% and reach 2.6% of total labor force in Switzerland.
Switzerland’s per capita GDP was estimated at USD 82411.62 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 65706.50 for the year 2019.
In 2019, Switzerland government’s revenue was estimated to be CHF 233.137 billion whereas the expenditure is estimated to be CHF 231.334 billion. This is expected to result in Switzerland government’s net lending / borrowing positive at CHF 1.803 billion in 2019 indicating that enough financial resources were made available by the government to boost economic growth.
The current account balance for Switzerland was estimated to be at USD 63.437 billion for the year 2019 and is expected to further increase at a CAGR of 4.58% and reach USD 79.366 billion by 2024. This positive current account balance indicates that Switzerland is a net lender to the whole world.
In World Bank’s ease of doing business ranking Switzerland was ranked 36 out of 190 countries in 2019. Switzerland’s ease of doing business ranking has improved from 38th position in 2018.
*If Applicable.