Economy of Switzerland

Economy of Switzerland

The city of Zürich, the most important economic center of the country
Currency	Swiss franc (CHF)
Fiscal year	Calendar year
Trade organisations	EFTA, WTO and OECD
Country group	Advanced economy[1] High-income economy[2] Welfare state[3][4] European (non-EU) economy; renowned banking and financial hub[5]
Statistics
Population	8,636,986 (2020)[6]
GDP	$870 billion (nominal, 2023)[7] $774 billion (PPP, 2023)[7]
GDP rank	20th (nominal, 2023) 36th (PPP, 2023)
GDP growth	2.1% (2022) 0.8% (2023) 1.8% (2024)[7]
GDP per capita	$98,800 (nominal, 2023)[7] $88,000 (PPP, 2023)[7]
GDP per capita rank	6th (nominal, 2023) 6th (PPP, 2023)
GDP by sector	agriculture: 0.7% industry: 25.6% services: 73.7% (2017)[5]
Inflation (CPI)	2.4% (2023)[7]
Population below poverty line	6.6% in poverty (2014)[5] 18.8% at risk of poverty or social exclusion (AROPE 2022)[8]
Gini coefficient	31.1 medium (2022)[9]
Human Development Index	0.967 very high (2022)[10] (1st) 0.891 very high IHDI (2022)[11]
Corruption Perceptions Index	82 out of 100 points (2023, 6th rank)
Labour force	4,971,981 (2019)[12] 82.5% employment rate (2018)[13]
Labour force by occupation	agriculture: 3.3% industry: 19.8% services: 76.9% (2015)[5]
Unemployment	1.9% (May 2023)[14] 1.7% Youth Unemployment (15 to 24 year-olds; Q1-2023)[15]
Average gross salary	CHF 6,788 per month (2022)[16]
Average net salary	CHF 5,333 per month (2022)[17]
Main industries	Machinery chemicals watches textiles precision instruments tourism banking insurance pharmaceuticals
External
Exports	$468.7 billion (2020)[5][note 1]
Export goods	machinery, chemicals, metals, watches, agricultural products
Main export partners	Germany 15.2% United States 12.3% China 8.2% India 6.7% France 5.7% United Kingdom 5.7% (2017)[5]
Imports	$291.1 billion (2020)[5]
Import goods	machinery, chemicals, vehicles, metals, agricultural products, textiles
Main import partners	Germany 20.9% United States 7.9% Italy 7.6% United Kingdom 7.3% France 6.8% China 5% Belgium 4.1% (2017)[5]
FDI stock	$1.489 trillion (31 December 2017 est.)[5] Abroad: $1.701 trillion (31 December 2017 est.)[5]
Current account	$66.55 billion (2017 est.)[5]
Gross external debt	$1.664 trillion (31 March 2016 est.)[5]
Public finances
Government debt	41.8% of GDP (2017 est.)[5][note 2]
Budget balance	1.1% (of GDP) (2017 est.)[5]
Revenues	242.1 billion (2017 est.)[5]
Expenses	234.4 billion (2017 est.)[5] [note 3]
Economic aid	Donor: ODA 3 billion CHF (0.50% of GDP)[18]
Credit rating	Standard & Poor's:[19] AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable[20] Moody's:[20] Aaa Outlook: Stable Fitch:[20] AAA Outlook: Stable Scope:[21] AAA Outlook: Stable
Foreign reserves	$1.25 trillion (January 2023)[5] (3rd)
All values, unless otherwise stated, are in US dollars.

The Economy of Switzerland is one of the world's most advanced and a highly-developed free market economy. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index^[22][23] and third in the 2020 Global Competitiveness Report.^[24][25] According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates.^[26] Among OECD nations, Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.^[3][4][27]

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