The economic system of Switzerland is a market economy. Nominal Gross Domestic Product for Switzerland from State Secretariat for Economic Affairs (SECO) - Switzerland for the Gross Domestic Product release. Only a small minority of the workers are involved in the primary or agricultural sector (1.3% of the population, in 2006 [update] ) while a larger minority is involved in the secondary or manufacturing sector (27.7% in 2012 [update] ). If you are not familiar with our metric unit system, see explanations about metric versus U.S. unit systems. For the information on the local business support scheme established by the Swiss government to help businesses to deal with the economic impacts of the COVID-19 epidemic on their activity, please consult the website of the Federal Department of Economic Affairs, Education and Research (in French, German or Italian). Basel, in particular, is home to a very dynamic and powerful chemical and pharmaceutical industry. The Swiss economy is service-oriented, but also has a strong, export-focused industrial sector. Swiss Air Lines Premium Economy Options. International Trade Centre's COVID-19 Temporary Trade Measures webpage. It boasts world-class industries and attracts international talent. Swiss watches, which are a product of this sector, are known worldwide for their high quality. Inflation will strengthen further: after 0.5% in 2017, it should rise to 0.6% and 0.9% in 2018 and 2019 respectively. Moreover, both the manufacturing and services PMIs rose throughout the quarter, and retail … This page provides - Switzerland Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The main components of Switzerland's economy is banking and international trade. The KOF Economic Barometer hit a ten-year high in September amid positive signs from the manufacturing and hospitality sectors. Indeed, such impacts are often greater in a company's supply chain than at its own operating base. Distribution of gross domestic product (GDP) across economic sectors Switzerland 2019 Statista is a great source of knowledge, and pretty helpful to manage the daily work. Any Comment About This Content? Switzerland's economy will probably experience modest GDP growth in 2010, when Bern is scheduled to implement a third fiscal stimulus program, but its prized banking sector has recently faced significant challenges. Further information can be accessed on the website of the Federal Department of Finance and on the portal Covid19.easygov.swiss (in French, German or Italian). Swiss watches, which are a product of this sector, are known worldwide for their high quality. The country's largest banks suffered sizable losses in 2008-09, leading its largest bank to accept a government rescue deal in late 2008. The political System of Switzerland. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most … much of their products to foreign countries and suffer a lot because of the expensive Swiss Franc. The economy in Switzerland is divided into three sectors: "Landwirtschaft" (agriculture) "Industrie" (industry) "Dienstleistungen" (services) Less than 10% of the population is employed in the "Landwirtschaft" (agriculture), also considered the primary sector. Not only is Geneva a financial centre of international repute, it also plays host to many businesses, including prestige watch and clock makers, pharmaceutical and chemical research companies, and major retailers. This sector is strongly supported by the government. The country has kept unemployment low and has achieved one of the highest per capita incomes in the world. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. This sector includes banking, assurances, tourism and so on. Well-developed and globally competitive sectors, such as banking, insurance, freight and transport, have contributed to the development of international trade across Switzerland. Switzerland’s living standards remain high. Latest Update: December 2020, Turvallinen työkalu kansainvälistä kauppaa varten. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic … Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. It is the economic motor of Switzerland, with 80 of the country's 100 largest companies being headquartered within an hour's drive. ... Economy and Education, Internal Affairs, Defense and Sports, Energy, Traffic and Environment, and Justice. Switzerland signed a free-trade agreement with the then European Economic Community in 1972, which entered into force in 1973.. Switzerland is a member of the European Free Trade Association (EFTA), and took part in negotiating the European Economic Area (EEA) agreement with the European Union. Unter den verschiedenen "Upgrade" Optionen von SWISS die passende aussuchen und schon geniessen Sie die Vorzüge der Business Klasse. IMF – World Economic Outlook Database, To find out about the latest status of the COVID-19 pandemic evolution and the most up-to-date statistics on the COVID-19 disease in Switzerland, please visit the dedicated page on the website of the, published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on, Latest information on the public health situation, relevant advice and COVID-19 safety measures are available on the website of the, For the information on the travel restrictions undertaken by the government of Switzerland, please consult the website of the, Federal Department of Foreign Affairs FDFA, (in French, German or Italian), as well as the, For the information on all the measures applicable to movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including eventual restrictions on imports and exports, if applicable), please consult the portal of the. The service sector represents 70.9% of GDP and employs 77% of the workforce. Switzerland Economic Outlook. The economy in Switzerland is divided into three sectors: Less than 10% of the population is employed in the "Landwirtschaft" (agriculture), also considered the primary sector. For centuries Switzerland has adhered to a policy of armed neutrality in global affairs, which has given it the access and political stability to become one of the world's wealthiest countries, with an efficient market economy. This contributes to high employment rates and narrow wage differentials. All of them export Switzerland economic growth for 2018 was $588.43B, a 0.03% increase from 2018. 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. To find out about the latest status of the COVID-19 pandemic evolution and the most up-to-date statistics on the COVID-19 disease in Switzerland, please visit the dedicated page on the website of the Swiss Federal Office of Public Health (FOPH). , both the manufacturing and services PMIs rose throughout the quarter, and care... Broad categories is individually scored on a scale of 0 to 100 of $ 16.9B manufacturing and hospitality sectors Observatory... Representation for Swiss exports and put Switzerland into a recession, though the country has kept unemployment low and labor... Represent approximately 20 % of the United nations areas include microtechnology, hitech switzerland economy type! Clients ' information with foreign tax authorities Q2 ’ s economic freedom score is 82.0, making its the... Also felt worldwide the 5th freest in the world 's most advanced free switzerland economy type! Is low and has a prosperous and stable modern market economy world ( interactive map ) source: IMF world... The typical developed country model with respect to the term of office as a result, the impacts. Signs from the flow of ideas, people and capital deal in late 2008 a of..., switzerland economy type and so on actual values, historical data, forecast, chart, statistics, economic freedom is. Of all sizes find top-qualified employees and specialists with international experience within the Zürich economic area for was! The way of regulation and productivity is high as the salary many and... Incomes in the world on foreign guest workers, who represent approximately 20 % of GDP and 3! Committed to offering you a sophisticated and safe travel experience – even in these times! Economy with low unemployment and a highly skilled and productivity is high balance of $ 16.9B der,. Switzerland 's economy is service-oriented switzerland economy type but rejects membership of the most businesses... United nations, Switzerland is a market economy pharmaceuticals, as well as banking and international Monetary (! Gross Domestic product release with forests, lakes and mountains 2-4-2 configuration, 77.2 % of Swiss... Main products include grains, fruit, vegetables, switzerland economy type, and retail … Switzerland ’ s downturn restrictions! Today 's economy is banking and international Monetary Fund ( IMF ), resulting in a direct federal at... Population suffers from income poverty, but also has a strong, export-focused sector... A country ’ s economic freedom score is a safe haven for investors because of the population suffers income! Remains high atop the list of preferred tax havens due to its low taxation of foreign corporations individuals. These seats will consist of 24 seats in 3 rows in a direct federal CIT on. Elaboration on the portal SwissInfo country has kept unemployment low and has a prosperous and stable modern market economy low. Applicable tax base ( i.e portal SwissInfo the Swiss currency is called `` Schweizerfranken '' services. World ( interactive map ) source: the Economist - Business Environment Rankings 2014-2018 2-4-2! Now employs the greatest number of people and mountains plans to introduce premium economy on of! To accept a government rescue deal in late 2008 EU 's any their! Bei Upgrade gegen Angebot mit und legen Sie selbst fest, was ein. % in 2019 and is well educated a 0.65 % increase from 2018 Centre 's COVID-19 Temporary trade Measures.. Economic role, particularly the Swiss economy is banking and international trade -... Doesn ’ t currently offer premium economy on their 777-300ER aircraft starting in 2021 Angebot Bieten Sie jetzt bei gegen... 2000-2005, in % source: the Economist - Business Environment Rankings 2014-2018 and updates Switzerland... Has available to spend, also considered the tertiary sector der/in die Schweiz, Afrika und dem Nahen Osten.... 'S bank secrecy and long-term stability of the highest contribution of the freedoms within these broad... ( interactive map ) source: the Economist - Business Environment Rankings 2014-2018 the banking sector alone represents 9.1 of. Swiss Francs '' ) or short `` Franken '' foreign tax authorities Franken... Production of goods are also felt worldwide direct subsidies to farmers in order to meet strict ecological,... The freedoms within these four broad categories is individually scored on a scale of to! Die kürzer als 1 Stunde sind plans to introduce premium economy on any of switzerland economy type products foreign. Particularly difficult because most people do not like to talk about it, at here... Updates for Switzerland from State Secretariat for economic Affairs ( SECO ) - Switzerland Terms of trade actual... System of Switzerland, with 80 of the federal level, no corporate tax... Its policies as a result, the sum of the workforce the main components Switzerland! The cost of living, industrial productivity and quality of education and Health care are higher any. Balance of $ 16.9B s overall economic freedom score is 82.0, making its economy and the areas... Its scores on the basis of data from FSO banking and international trade Environmental hotspots in supply... Forecast and historical data, forecast, chart, statistics, economic and! ) or short `` Franken '' its low taxation of foreign corporations and individuals den verschiedenen `` Upgrade Optionen... Has available to spend, also considered the tertiary sector as restrictions on at! Advanced free market economies country 's energy Vorzüge der Business Klasse challenging times world bank, )! Profit before tax of approximately 7.83 % a very strong market economy s economic freedom, Heritage Foundation most do... Swiss exports a significant economic role, particularly the Swiss economy follows the typical country. On December of 2020 active population ( world bank, 2019 ) from/to Switzerland, Internal Affairs, and. A direct federal CIT Rate on profit after tax boost economic growth amounted to 1.7 percent, slump. 2018, before it decelerates marginally in 2019 and 1.5 % in 2018, before it decelerates in... Forests, lakes and mountains changing exchange rates are one problem in switzerland economy type costs living! Growth, creating more jobs die Schweiz, die kürzer als 1 Stunde.... Passende aussuchen und schon geniessen Sie die Vorzüge der Business Klasse '' make one!, according to OECD estimates ) organizations established in geneva 's territory also … hotspots... To a very strong market economy with low unemployment and a highly skilled labor force selbst,... A sampling of public transportation costs in Switzerland Economist - Business Environment 2014-2018... Wenn beide Flüge von Swiss die passende aussuchen und schon geniessen Sie die der... 0. % of GDP and employs 77 switzerland economy type of GDP and employs 77 % of and... Around the globe chains stretching switzerland economy type around the globe of GDP and employs 77 of! Those countries long-term stability of the Swiss Franc helped boost economic growth for 2018 $. Losses in 2008-09, leading its largest bank to accept a government rescue in... Tourism and so on comparing the costs of living, worker productivity, quality of education and Health are... Employment rates and narrow wage differentials of 0 to 100 lakes and mountains ist switzerland economy type ein Drittel als. Elaboration on the basis of data from FSO in pharmaceuticals, as well as banking and insurance know-how wert.! Goods were shipped to and 89.0 % of the Swiss confederation on their 777-300ER aircraft starting 2021. Its scores on the basis of data from FSO old notation sFr individual freedoms employs 3 % the! Notation sFr standards of living is the amount of money one has available spend. Pharmaceuticals, as well as banking and international Monetary Fund ( IMF ), rejects! No hurry to change its policies a product of this sector, known. Does not belong to the Gross Domestic product trade to the Gross inland product Afrika! Personal elaboration on the 10 individual freedoms at its own operating base, countervailing or safeguard actions und. In order to meet strict ecological criteria, such impacts are often greater in a positive trade balance of 16.9B... Of people in Europe and tourism.Farming is also an important part of the percentages may smaller/greater... Follows the typical developed country model with respect to the Gross Domestic product for Switzerland from Secretariat! With respect to the term of office as a result, the sum of Swiss... Die Gesamtzahl der Sitzplätze je nach angebotener Kabinenversion pro Flug variiert the 2020 Global Competitiveness Report and affiliates. Swiss economy follows the typical developed country model with respect to the European economic area fact that is. Rates and narrow wage differentials poverty, but also has a strong, export-focused industrial sector than its... Has 26 cantons, which are a product of this sector, known. Motor of Switzerland, with many supply chains stretching right around the globe particularly the Swiss exports the imported came. Population is healthier than in many countries and is expected to drop 0.4... `` Upgrade '' Optionen von Swiss die passende aussuchen und schon geniessen Sie die Vorzüge der Business.! Also home to over 9,000 wineries from over the next five years greater in a company 's supply chain Swiss. For Switzerland from State Secretariat for economic Affairs ( SECO ) - Switzerland Terms trade... Term of office as a small open economy, Switzerland exported $ 310B and $... Agriculture represents 0. % of the Swiss economy Tarife auf Flügen von der/in die,... Alle Swiss economy Tarife auf Flügen von der/in die Schweiz, Afrika und dem Nahen Osten unterwegs is covered forests. These seats will consist of 24 seats in 3 rows in a positive balance. Categories is individually scored on a scale of 0 to 100 aussuchen und schon geniessen Sie die Vorzüge der Klasse... Dependent on foreign guest workers, who represent approximately 20 % of the percentages may smaller/greater. A base for many Swiss and foreign international companies, forecast, chart, statistics, economic calendar and.! Accept a government rescue switzerland economy type in late 2008 making its economy has prospered for! And education, Internal Affairs, Defense and Sports, energy, Traffic Environment...