Switzerland Economy is one of the most stable and thriving economies of the world. It is one of the most flourishing countries of Europe with a GDP of $27,100 which is approximately one-fifth more than the average of the large West European countries.
Switzerland enjoys the benefit of foreign investors since they consider Switzerland to be a safe haven.
The small size of the country and high labor specialization has contributed to the flourishing economy of Switzerland.
Economy of Switzerland- an overview
The GDP of Switzerland is more than many other large European countries. Its per capita income is highest throughout Europe. Switzerland has maintained a comprehensive banking system and secrecy policy due to which investors feel safe while investing their money.
Switzerland has been able to maintain the value of its currency in spite of the ups and downs it has gone through during the 1900s. Switzerland has several agreements with the European Union of which it is trying to be a member nation. It has liberalized the trade ties with the union, which has aided in enhancing its international competitiveness.
Industries and Agriculture of Switzerland
Leading industries in Switzerland are engineering and machinery, electronics, metals, chemicals, pharmaceuticals. Through these industries Switzerland earns huge export revenue. Switzerland is more or less self-sufficient when it comes to agriculture though it imports $6 billion worth of agricultural goods. Switzerland earns its main share of revenue from sectors like banking, tourism and insurance. The prudent Swiss government has formulated many policies to maximize their revenue.
|Year||GDP % Change||Inflation % Change||Year||GDP % Change||Inflation % Change|
Source: World Bank
|Last Updated on : 26th February 2015||Next Update : February 2016|