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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
prodution. 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): $309.9 billion (2008 est.)
GDP (official exchange rate): $492.6 billion (2008 est.)
GDP - real growth rate: 1.9% (2008 est.)
GDP - per capita (PPP): $40,900 (2008 est.)
GDP - composition by sector:
Agriculture: 1.5%
Industry: 34%
Services: 64.5% (2003 est.)
Labour force: 4.04 million (2008 est.)
Labour force - by occupation: Agriculture 3.9%, industry 22.8%,
services 73.2% (2005)
Unemployment rate: 3% (December 2008)
Population below poverty line: NA
Household income or consumption by percentage share:
lowest 10%: 2.9%
highest 10%: 25.9% (2000)
Distribution of family income - Gini index: 33.7 (2000)
Inflation rate (consumer prices): 0.6% (2007 est.)
Investment (gross fixed): 21.5% of GDP (2008 est.)
Budget:
revenues: $173.6 billion
expenditures: $168.2 billion (2008 est.)
Public debt: 44% of GDP (2008 est.)
Inflation rate (consumer prices): 2.4% (2008 est.)
Central bank discount rate: 2.05% (31 December 2007)
Commercial bank prime lending rate: 3.15% (31 December 2007)
Stock of money: $207 billion (31 December 2008 est.)
Stock of quasi money: $477.6 billion (31 December 2008 est.)
Stock of domestic credit: $864.4 billion (31 December 2008 est.)
Market value of publicly traded shares: $1.275 trillion (31 December
2007)
Agriculture - products: grains, fruits, vegetables; meat, eggs
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 - 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 - exports: 9,370 bbl/day (2005)
Oil - imports: 274,900 bbl/day (2005)
Natural gas - production: 0 cu m (2007 est.)
Natural gas - consumption: 3.232 billion cu m (2007 est.)
Natural gas - exports: 0 cu m (2005 est.)
Natural gas - imports: 3.232 billion cu m (2007 est.)
Current account balance: 40.81 billion (2008 est.)
Exports: $172.7 billion f.o.b. (2008 est.)
Exports - commodities: machinery, chemicals, metals, watches,
agricultural products
Exports - partners: Germany 20.3%, US 9.7%, Italy 8.7%, France 8.4%,
UK 5.1% (2007)
Imports: $212.8 billion f.o.b. (2008 est.)
Imports - commodities: machinery, chemicals, vehicles, metals;
agricultural products, textiles
Imports - partners: Germany 32.6%, Italy 10.8%, France 9.5%, US 5.8%,
Netherlands 4.6%, Austria 4.2%, UK 4.2% (2007)
Reserves of foreign exchange and gold: $75.37 billion (2008 est.)
Debt - external: $1.34 trillion (30 June 2007)
Stock of direct foreign investment - at home: $333.8 billion (2008
est.)
Stock of direct foreign investment - abroad: $621.7 billion (2008
est.)
This information comes from the CIA
World Factbook April 2009.
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