Business Economics

Economy

GDP (2010): $527.9 billion (467.8 billion Swiss francs [CHF]).

Government expenses (in GDP%, 2010 est.): 34.5% (federal, cantonal, and local).

Annual growth rate (2011): 1.7%.

Unemployment (November 2011): 3.1%.

Per capita income (2010 est.): $67,078.

Avg. inflation rate: 0.3% (2011 est.); -0.9% (2012 est.).

Natural resources: Water power, timber, salt.

Agriculture (1% of GDP): Products--dairy (21%), livestock (25%), grains (4%), fruit and wine (10%), and vegetables (14%). Arable land (1999)--26%.

Industry (est. 29% of GDP): Types--machinery, chemicals, pharmaceuticals, time pieces, precision instruments, textiles and clothing, pigment, transportation equipment.

Services (70% of GDP).

Trade: Merchandise exports (2010)--$195 billion (official exchange rate): food, beverages, and tobacco (4%; +8%); metal and chemical industries (44%; +10%); precision instruments (15%; +18%); watches (8%; +27%); machinery and electronics (22%; +12%); clothing (1.5%; -3%). Major markets--EU, United States, Canada, CIS, India, Brazil, Japan. Merchandise imports (2010)--$176 billion (official exchange rate): consumer goods (38%); equipment (19%); energy (7.1%); raw materials (28%). Major suppliers--EU, U.S., Canada, CIS, South Africa.

Exchange rate (average 2011): $1 U.S. = 0.8861 CHF or SFr.

ECONOMY

Despite a dearth of natural resources, Switzerland is one of the world's most advanced and prosperous nations. Per capita income is among the highest in the world, as are wages. Trade has been the key to prosperity in Switzerland. The country is dependent upon export markets to generate income while dependent upon imports for raw materials and to expand the range of goods and services available in the country. Switzerland has liberal investment and trade policies, with the exception of agriculture, and a conservative fiscal policy. The Swiss legal system is highly developed; commercial law is well defined; and solid laws and policies protect investments. The Swiss...