Switzerland

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Switzerland - In Short.

Overview of Switzerland

The Swiss Confederation was founded in 1291 as a defensive alliance among three cantons. In succeeding years, other localities joined the original three. The Swiss Confederation secured its independence from the Holy Roman Empire in 1499. A constitution of 1848, subsequently modified in 1874 to allow voters to introduce referenda on proposed laws, replaced the confederation with a centralized federal government. Switzerland’s sovereignty and neutrality have long been honored by the major European powers, and the country was not involved in either of the two world wars. The political and economic integration of Europe over the past half century, as well as Switzerland’s role in many UN and international organizations, has strengthened Switzerland’s ties with its neighbors. However, the country did not officially become a UN member until 2002. Switzerland remains active in many UN and international organizations but retains a strong commitment to neutrality.  
Value
Country Full Name
Switzerland
Country Code
CHE
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
7.52E+11
Population
8636561
Land Area
39516.03
Net National Income Per Capita
63820.06331
GDP per Capita (PPP)
71745.2994

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Switzerland - Economic

Economy of Switzerland

Switzerland, a country that espouses neutrality, is a prosperous and 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 production. 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 competitive economies.The Swiss have brought their economic practices largely into conformity with the EU’s to gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland’s economy began to recover in 2010.The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other Eastern European economies drove up demand for the Swiss franc by investors seeking a safehaven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc’s strength has made Swiss exports less competitive and weakened the country’s growth outlook; GDP growth fell below 2% per year from 2011 through 2017.In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss Government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.

Unemployment Rate

Inflation Rate

Switzerland - GDP Composition

GDP Composiiton & Value Added of Switzerland

Last Updated: Jan, 2021, Updated For 2020.

Switzerland - GDP, Value Added

Demographics of Switzerland

population distribution corresponds to elevation with the northern and western areas far more heavily populated; the higher Alps of the south limit settlement
Geographic Location

Central Europe, east of France, north of Italy

Races

Swiss 69.3%, German 4.2%, Italian 3.2%, Portuguese 2.5%, French 2.1%, Kosovo 1.1%, Turkish 1%, other 16.6% (2019 est.)note: data represent permanent and non-permanent resident population by country of birth

Languages

German (or Swiss German) (official) 62.1%, French (official) 22.8%, Italian (official) 8%, English 5.7%, Portuguese 3.5%, Albanian 3.3%, Serbo-Croatian 2.3%, Spanish 2.3%, Romansh (official) 0.5%, other 7.9%; note - German, French, Italian, and Romansh are all national and official languages; shares sum to more than 100% because respondents could indicate more than one main language (2019 est.)major-language

Religion

Roman Catholic 34.4%, Protestant 22.5%, other Christian 5.7%, Muslim 5.5%, other 1.6%, none 29.5%, unspecified 0.8% (2019 est.)

Dependency & Expectancy of Switzerland

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Switzerland

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, CD, CE, CERN, EAPC, EBRD, EFTA, EITI (implementing country), ESA, FAO, FATF, G-10, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINUSMA, MONUSCO, NEA, NSG, OAS (observer), OECD, OIF, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, PFP, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNITAR, UNMISS, UNMOGIP, UNRWA, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC

Import of Switzerland

Export of Switzerland

Import Destination

Export Destination