Switzerland Economy 2008

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 larger than that of the big Western European economies. The Swiss in recent years have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness. 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. Reflecting the anemic economic conditions of Europe, GDP growth stagnated during the 2001-03 period, improved during 2004-05, and jumped to 2.9% in 2006, and 2.6% in 2007. Unemployment has remained at less than half the EU average.

GDP (purchasing power parity):
$300.9 billion (2007 est.)

GDP (official exchange rate):
$407.7 billion (2007 est.)

GDP - real growth rate:
2.6% (2007 est.)

GDP - per capita (PPP):
$39,800 (2007 est.)

GDP - composition by sector:
agriculture: 1.5%
industry: 34%
services: 64.5% (2003 est.)

Labor force:
3.85 million (2007 est.)

Labor force - by occupation:
agriculture: 4.6%
industry: 26.3%
services: 69.1% (1998)

Unemployment rate:
3.1% (2007 est.)

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):
21.8% of GDP (2007 est.)

Budget:
revenues: $155.5 billion
expenditures: $154.2 billion (2007 est.)

Public debt:
50.2% of GDP (2007 est.)

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:
56.1 billion kWh (2005)

Electricity - consumption:
58.26 billion kWh (2005)

Electricity - exports:
32 billion kWh (2005)

Electricity - imports:
38.35 billion kWh (2005)

Oil - production:
3,202 bbl/day (2005 est.)

Oil - consumption:
275,000 bbl/day (2005 est.)

Oil - exports:
11,360 bbl/day (2004)

Oil - imports:
267,000 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
3.26 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
3.26 billion cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
$67.89 billion (2007 est.)

Exports:
$201 billion f.o.b. (2007 est.)

Exports - commodities:
machinery, chemicals, metals, watches, agricultural products

Exports - partners:
Germany 19.7%, US 11.1%, Italy 8.8%, France 8.6%, UK 4.8% (2006)

Imports:
$189.6 billion f.o.b. (2007 est.)

Imports - partners:
Germany 31.7%, Italy 10.6%, France 10%, US 6.2%, Netherlands 4.7%, Austria 4.3% (2006)

Economic aid - donor:
ODA, $1.1 billion (1995)

Reserves of foreign exchange and gold:
$64.5 billion (2006 est.)

Debt - external:
$1.34 trillion (30 June 2007)

Stock of direct foreign investment - at home:
$232.5 billion (2006 est.)

Stock of direct foreign investment - abroad:
$546.6 billion (2006 est.)

Market value of publicly traded shares:
$938.6 billion (2005)

Currency (code):
Swiss franc (CHF)

Exchange rates:
Swiss francs per US dollar - 1.1973 (2007), 1.2539 (2006), 1.2452 (2005), 1.2435 (2004), 1.3467 (2003)