Switzerland/

Switzerland is a peaceful, 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. The Swiss have brought their economic practices largely into conformity with the EU’s, in order to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The global financial crisis and resulting economic downturn put Switzerland in a recession in 2009 as global export demand stalled. The Swiss National Bank during this period effectively implemented a zero-interest rate policy in a bid to boost the economy and prevent appreciation of the franc. Switzerland’s economy grew 2.8% in 2010, when Bern implemented a third fiscal stimulus program, but its prized banking sector has recently faced significant challenges. The country’s largest banks suffered sizable losses in 2008-09, leading its largest bank to accept a government rescue deal in late 2008. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and it is working with Germany and the UK to resolve outsanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. Parliament passed the first five double-taxation agreements, including that with the US, in March 2010, but the agreements are subject to public referendum. In 2009, Swiss financial regulators ordered the country’s largest bank to reveal at Washington’s behest the names of US account-holders suspected of using the bank to commit tax fraud. These steps will have a lasting impact on Switzerland’s long history of bank secrecy.

$326.9 billion (2010 est.)

$318 billion (2009 est.)

$324.1 billion (2008 est.)

$522.4 billion (2010 est.)

2.8% (2010 est.)

-1.9% (2009 est.)

1.9% (2008 est.)

$42,900 (2010 est.)

$41,800 (2009 est.)

$42,800 (2008 est.)

4.13 million (2010 est.)

3.9% (2010 est.)

3.7% (2009 est.)

7.4% (2009)

33.7 (2008)

33.1 (1992)

19.9% of GDP (2010 est.)

39.6% of GDP (2010 est.)

40.5% of GDP (2009 est.)

0.7% (2010 est.)

-0.5% (2009 est.)

0.05% (31 December 2009)

0.05% (31 December 2008)

2.75% (31 December 2009 est.)

3.34% (31 December 2008 est.)

$384.2 billion (31 December 2010 est)

$334.9 billion (31 December 2009 est)

$834.6 billion (31 December 2010 est.)

$764.9 billion (31 December 2009 est.)

$992.6 billion (31 December 2009 est.)

$923.1 billion (31 December 2008)

$1.071 trillion (31 December 2009)

$862.7 billion (31 December 2008)

$1.275 trillion (31 December 2007)

grains, fruits, vegetables; meat, eggs

machinery, chemicals, watches, textiles, precision instruments, tourism, banking, and insurance

2.7% (2010 est.)

59.1 billion kWh (2009 est.)

62 billion kWh (2009 est.)

49.9 billion kWh (2009 est.)

46.6 billion kWh (2009 est.)

3,488 bbl/day (2009 est.)

280,000 bbl/day (2009 est.)

12,230 bbl/day (2008 est.)

269,400 bbl/day (2008 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

3.282 billion cu m (2009 est.)

0 cu m (2008 est.)

3.282 billion cu m (2009 est.)

NA cu m (1 January 2009 est.)

$49.35 billion (2010 est.)

$54.01 billion (2009 est.)

$235.2 billion (2010 est.)

$208.5 billion (2009 est.)

machinery, chemicals, metals, watches, agricultural products

Germany 20.98%, US 9.09%, France 8.62%, Italy 8.08%, Austria 5.38% (2009)

$220.4 billion (2010 est.)

$192.8 billion (2009 est.)

machinery, chemicals, vehicles, metals; agricultural products, textiles

Germany 27.19%, Italy 10.42%, US 9.61%, France 7.69%, Netherlands 4.35% (2009)

$NA (31 December 2010 est.)

$135.3 billion (31 December 2009 est.)

$1.19 trillion (30 June 2010)

$1.305 trillion (31 December 2008)

$514 billion (31 December 2010 est.)

$496.8 billion (31 December 2009 est.)

$814.6 billion (31 December 2010 est.)

$806.5 billion (31 December 2009 est.)

Swiss francs (CHF) per US dollar - 1.0723 (2010), 1.0881 (2009), 1.0774 (2008), 1.1973 (2007), 1.2539 (2006)