Jump to content

Economy of Switzerland

From Wikipedia, the free encyclopedia

Economy of Switzerland
The city of Zürich, the most important economic center of the country
CurrencySwiss franc (CHF)
Calendar year
Trade organisations
EFTA, WTO and OECD
Country group
Statistics
PopulationNeutral increase 8,981,565 (2024)[5]
GDP
  • Increase $1.06 trillion (nominal, 2025)[6]
    • Increase $881.08 billion (PPP, 2025)[6]
GDP rank
1.3% (2026f)[6]
GDP per capita
  • Increase $116,410 (nominal, 2025)[6]
  • Increase $97,580 (PPP, 2025)[6]
GDP per capita rank
0.0% (2024)[7]
GDP by sector
Negative increase 0.6% (2026)[6]
Population below national poverty line
  • 8.4% in poverty (2024)[9]
  • 18.8% at risk of poverty or social exclusion (AROPE 2022)[10]
  • 31.9% in poverty before all social transfers (2024)[11]
31.1 medium (2022)[12]
Increase 82 out of 100 points (2023)[15] (7th)
Labour force
  • 4,971,981 (2019)[16]
  • Increase 83.0% employment rate (2023)[17]
Labour force by occupation
Negative increase4.9% (2025)[18]
Negative increase9.0% (2025)[19]
Average gross salary
CHF 8,286 / €8,854 monthly[20][21] (2024)
CHF 6,798 / €7,265 monthly[20][21] (2024)
Main industries
External
Exports$468.7 billion (2020)[8][note 1]
Export goods
Machinery, chemicals, metals, watches, agricultural products
Main export partners
Imports$291.1 billion (2020)[8]
Import goods
Machinery, chemicals, vehicles, metals, agricultural products, textiles
Main import partners
FDI stock
  • $1.489 trillion (31 December 2017 est.)[8]
  • Abroad: $1.701 trillion (31 December 2017 est.)[8]
$66.55 billion (2017 est.)[8]
$1.664 trillion (31 March 2016 est.)[8]
Public finance
41.8% of GDP (2017 est.)[8][note 2]
$1.25 trillion (January 2023)[8] (3rd)
1.1% (of GDP) (2017 est.)[8]
242.1 billion (2017 est.)[8]
234.4 billion (2017 est.)[8] [note 3]
Economic aidDonor: ODA 3 billion CHF (0.50% of GDP)[22]
All values, unless otherwise stated, are in US dollars.

Switzerland has a highly developed free-market economy. The Swiss economy has ranked first in the world on the Global Innovation Index in 2026, holding the title consecutively since 2019[26][27][28][29] and third in the 2020 Global Competitiveness Report.[30][31] According to United Nations data for 2016, it 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 nominal GDP per capita above US$90,000 that are neither island nations nor ministates.[32] Among OECD nations, Switzerland holds the 3rd-largest GDP per capita. Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.[3][4][33]

History

[edit]

19th century

[edit]
Gotthard line in 1882
Development of real GDP per capita, 1851 to 2018

Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zürich, Geneva, and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and underdeveloped. While a workshop system had been in existence throughout the early modern period, the production of machines began in 1801 in St. Gallen, with the third generation of machines imported from Great Britain. But in Switzerland, hydraulic power was often used instead of steam engines because of the country's mountainous topography and lack of significant deposits of coal. By 1814, hand weaving had been mostly replaced by the power loom. Both tourism and banking began to develop as economic factors at about the same time. While Switzerland was primarily rural, the cities experienced an industrial revolution in the late 19th century, focused especially on textiles. In Basel, for example, textiles, including silk, were the leading industry. In 1888, women made up 44% of wage earners. Nearly half the women worked in the textile mills, with household servants the second largest job category. The proportion of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s.[34]

Railways played a major part in industrialization; the first railway opened in 1847, between Zürich and Baden. Despite the competition between private players, Switzerland was covered with more than 1000 km of track by 1860. Nevertheless, the network was barely coordinated because of the decentralised system.[35]

20th century

[edit]

The industrial sector began to grow in the 19th century with a laissez-faire industrial/trade policy, Switzerland's emergence as one of the most prosperous nations in Europe, sometimes termed the "Swiss miracle", was a development of the mid 19th to early 20th centuries, among other things tied to the role of Switzerland during the World Wars.[36]

Switzerland's total energy consumption, which was dropping from the mid-1910s to the early 1920s, started to increase again in the early 1920s. It stagnated during the 1930s before falling again during the early 1940s; but rapid growth started once again in the mid-1940s.[37]

In the 1940s, particularly during World War II, the economy profited from the increased export and delivery of weapons to Germany, France, the United Kingdom, and other European countries. However, Switzerland's energy consumption decreased rapidly. The co-operation of the banks with the Nazis (although they also co-operated extensively with the British and French) and their commercial relations with the Axis powers during the war were later sharply criticised, resulting in a short period of international isolation of Switzerland. Switzerland's production facilities were largely undamaged by the war, and afterwards both imports and exports grew rapidly.[38]

In the 1950s, annual GDP growth averaged 5% and Switzerland's energy consumption nearly doubled. Coal lost its rank as Switzerland's primary energy source, as other imported fossil fuels, such as crude and refined oil and natural and refined gas, increased.[39]

In the 1960s, annual GDP growth averaged 4% and Switzerland's total energy consumption nearly doubled again. By the end of the decade oil provided over three-quarters of Switzerland's energy.[39]

In the 1970s the GDP growth rate gradually declined from a peak of 6.5% in 1970; GDP then contracted by 7.5% in 1975 and 1976. Switzerland became increasingly dependent on oil imported from its main suppliers, the OPEC cartel. The 1973 international oil crisis caused Switzerland's energy consumption to decrease in the years from 1973 to 1978.[39] In 1974 there were three nationwide car-free Sundays when private transport was prohibited as a result of the oil supply shock. From 1977 onwards GDP grew again, although Switzerland was also affected by the 1979 energy crisis which resulted in a short-term decrease in Switzerland's energy consumption. In 1970 industry still employed about 46% of the labor force, but during the economic recession of the 1970s the services sector grew to dominate the national economy. By 1970 17.2% of the population and about one quarter of the work force were foreign nationals, though job losses during the economic recession decreased this number.[38]

In the 1980s, Switzerland's economy contracted by 1.3% in 1982 but grew substantially for the rest of the decade, with annual GDP growth between about 3% and 4%, apart from 1986 and 1987 when growth decreased to 1.9% and 1.6% respectively.[40]

Switzerland's economy was marred by slow growth in the 1990s, having the weakest economic growth in Western Europe. The economy was affected by a three-year recession from 1991 to 1993, when the economy contracted by 2%. The contraction also became apparent in Switzerland's energy consumption and export growth rates. Switzerland's economy averaged no appreciable increase (only 0.6% annually) in GDP.

After enjoying unemployment rates lower than 1% before 1990, the three-year recession also caused the unemployment rate to rise to its all-time peak of 5.3% in 1997. In 2008, Switzerland was in second place among European countries with populations above one million in terms of nominal and purchasing power parity GDP per capita, behind Norway (see list). Several times in the 1990s, real wages decreased since nominal wages could not keep up with inflation. However, beginning in 1997, a global resurgence in currency movement provided the necessary stimulus to the Swiss economy. It slowly gained momentum, and peaked in the year 2000 with 3.7% growth in real terms.[41]

21st century

[edit]

In the early 2000s recession, being so closely linked to the economies of Western Europe and the United States, Switzerland could not escape the slowdown in these countries. After the worldwide stock market crashes in the wake of the 9/11 terrorist attacks, there were more announcements of false enterprise statistics[clarification needed] and exaggerated managers' wages. The rate of GDP growth dropped to 1.2% in 2001; 0.4% in 2002; and minus 0.2% in 2003. This economic slowdown had a noticeable impact on the labour market.

Many companies announced mass dismissals and thus the unemployment rate rose from its low of 1.6% in September 2000 to a peak of 4.3% in January 2004,[42] although well below the European Union (EU) rate of 9.2% at the end of 2004.[43]

On 10 November 2002 the economics magazine Cash suggested five measures for political and economic institutions to implement to revive the Swiss economy:

1. Private consumption should be promoted with decent wage increases. In addition to that, families with children should get discounts on their health insurance.

2. Switzerland's national bank should revive investments by lowering interest rates. Besides that, monetary institutions should increasingly credit consumers[clarification needed] and offer cheaper land to be built on.

  Euro to Swiss Franc exchange rate. In 2022, the Swiss National Bank reported a record loss of CHF 132 billion ($142 billion), mostly on its holdings of the Euro currency.[44][45]

3. Switzerland's national bank was asked to devalue the Swiss Franc, especially compared to the Euro.

4. The government should implement the anti-cyclical measure of increasing budget deficits. Government spending should increase in the infrastructure and education sectors. Lowering taxes would make sense in order to promote private household consumption.

5. Flexible work schedules should be instituted, thus avoiding low demand dismissals.

These measures were applied with successful results while the government strove for the Magical Hexagon of full employment, social equality, economic growth, environmental quality, positive trade balance and price stability. The rebound which started in mid-2003 saw growth rate growth rate averaging 3% (2004 and 2005 saw a GDP growth of 2.5% and 2.6% respectively; for 2006 and 2007, the rate was 3.6%). In 2008, GDP growth was modest in the first half of the year while declining in the last two quarters. Because of the base effect, real growth came to 1.9%. While it contracted 1.9% in 2009, the economy started to pick up in Q3 and by the second quarter of 2010, it had surpassed its previous peak. Growth for 2010 was 2.6%[46]

The stock market collapse of 2007-2009 deeply affected investment income earned abroad. This translated to a substantial fall in the surplus of the current account balance. In 2006, Switzerland recorded a 15.1% per GDP surplus. It went down to 9.1% in 2007 and further dropped to 1.8% in 2008. It recovered in 2009 and 2010 with a surplus of 11.9% and 14.6% respectively.[47] Unemployment peaked in December 2009 at 4.4%. In August 2018 the unemployment rate was 2.4%.[42]

The chart below shows the trend of the gross domestic product of Switzerland at market prices:[48]

YearGDP
(billions of CHF)		Exchange rate
(CHF per US$)
19801841.67
19852442.43
19903311.38
19953741.18
20004221.68
20054641.24
20064911.25
20075211.20
20085471.08
20095351.09
20105461.04
20116590.89
20126320.94
20136350.93
20146440.92
20156460.96
20166590.98
20176681.01
20186941.00
20197170.99
20207500.94
20217800.91
20228850.95
20238850.90

Data

[edit]

The following table shows the main economic indicators in 1980–2024. Inflation below 5% is in green.[49]

Economic sectors

[edit]
Origin of the capital at the 30 biggest Swiss corporations, 2018.[50] The majority of large Swiss companies have foreign CEOs.[51]
  1. Switzerland (39.0%)
  2. North America (33.0%)
  3. Europe (24.0%)
  4. Rest of the world (4.00%)

The Swiss economy follows the typical developed country model with respect to the economic sectors. Only a small minority of the workers are involved in the primary or agricultural sector (1.3% of the population, in 2006) while a larger minority is involved in the secondary or manufacturing sector (27.7% in 2012). The majority of the working population are involved in the tertiary or services sector of the economy (71.0% in 2012).[52][dead link]

Top 5 retail e-commerce sites in Switzerland by revenue in 2025 (% of CHF14.2 billion total turnover).[53][54]
  1. Galaxus (galaxus.ch) (16.2%)
  2. Zalando (zalando.ch) (12.8%)
  3. Digitec (digitec.ch) (7.40%)
  4. Temu (temu.com/ch) (7.00%)
  5. Amazon (amazon.de) (6.70%)
  6. All 10 others (49.9%)

Industrial sector

[edit]

Switzerland has an extensive industrial sector, with globally competitive companies in various industrial sectors. Most noticeably, food processing like Nestlé, machines and robot manufacturers such as ABB, Bobst SA and Stadler Rail, chemicals for industrial and construction use like Sika AG, or military equipment such as Ruag.

Switzerland also has one of the most competitive pharmaceutical industries in the world. Major Swiss pharmaceutical companies include Novartis and Roche.

Agriculture

[edit]
Swiss free-range cattle
Emmentaler cheese. While some Swiss types are AOP restricted, generic Emmentaler is produced around the world.

Switzerland is highly protective of its agricultural industry. High tariffs and extensive domestic subsidisations encourage domestic production, which currently produces about 60% of the food consumed in the country. Cheeses and dairy are emblematic products of Swiss agriculture. Wine is another.

According to the Organisation for Economic Co-operation and Development (OECD), Switzerland is subsidising more than 70% of its agriculture compared to 35% in the EU. The 2007 Agricultural Program increased subsidies by CHF 63 million to CHF 14.092 billion.

Protectionism acts to promote domestic production, but not to reduce prices or the cost of production, and there is no guarantee the increased domestic production is actually consumed internally; it may simply be exported, to the profit of the producers. 90 to 100% of potatoes, vegetables, pork, veal, cattle and most milk products are produced in the country. Beyond that, Swiss agriculture meets 65% of the domestic food demand.[55] In 2016 the Swiss government spent about 5.5% of its total budget (over CHF 3.5 billion) on supporting food production.[56]

The first reform in agricultural policies was in 1993. Among other changes, since 1998 Switzerland has linked the attribution of farm subsidies with the strict observance of good environmental practice. Before farmers can apply for subsidies, they must obtain certificates of environmental management systems (EMS) proving that they: "make a balanced use of fertilizers; use at least 7% of their farmland as ecological compensation areas; regularly rotate crops; adopt appropriate measures to protect animals and soil; make limited and targeted use of pesticides."[57] 1,500 farms are driven out of business each year. But the number of organic farms increased by 3.3 percent between 2003 and 2004, and organic sales increased by 7 percent to $979 million.[58] Moreover, Swiss consumers consider less important the drawback of higher prices for organic food compared to conventional locally produced food.[55]

Tourism

[edit]
The Mont Cervin Palace in Zermatt

Switzerland has highly developed tourism infrastructure, especially in the mountainous regions and cities, making it a good market for tourism-related equipment and services.

14% of hotels were in Grisons, 12% each in the Valais and Eastern Switzerland, 11% in Central Switzerland and 9% in the Bernese Oberland. The ratio of lodging nights in relation to resident population ("tourism intensity", a measure for the relative importance of tourism to local economy) was largest in Grisons (8.3) and Bernese Oberland (5.3), compared to a Swiss average of 1.3. 56.4% of lodging nights were by visitors from abroad (broken down by nationality: 16.5% Germany, 6.3% UK, 4.8% USA, 3.6% France, 3.0% Italy) [59]

The total financial volume associated with tourism, including transportation, is estimated to CHF 35.5 billion (as of 2010) although some of this comes from fuel tax and sales of motorway vignettes. The total gross value added from tourism is 14.9 billion. Tourism provides a total of 144,838 full time equivalent jobs in the entire country. The total financial volume of tourist lodging is 5.19 billion CHF and eating at the lodging provides an additional 5.19 billion. The total gross value added of 14.9 billion is about 2.9% of Switzerland's 2010 nominal GDP of 550.57 billion CHF.[60][61]

Banking and finance

[edit]
The Bank for International Settlements in Basel
Switzerland bonds
  30 year
  10 year
  2 year
  1 year
  3 month
  Overnight

In 2003, the financial sector[62] comprised an estimated 11.6% of Switzerland's GDP and employed approximately 196,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce.[63]

Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not even a member of the United Nations until 2002.[64][65] Currently an estimated 28 percent of all funds held outside the country of origin (sometimes called "offshore" funds) are kept in Switzerland.[66] In 2009 Swiss banks managed 5.4 trillion Swiss Francs.[67]

Most of the financial sector is centred in Zürich and Geneva. Zürich specialises in banking (UBS, Credit Suisse, Julius Baer) as well as insurance (Swiss Re, Zurich Insurance), whilst Geneva specialises in wealth management (Pictet Group, Lombard Odier, Union Bancaire Privée), and commodity trading, trade finance, and shipping (Cargill, Mediterranean Shipping Company, Louis Dreyfus Company, Mercuria Energy Group, Trafigura, Banque de Commerce et de Placements).

The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.[68] In May 2006, foreign banks operating in Switzerland managed 870 billion Swiss francs worth of assets.[69] In 2014, this number was estimated to be 960 billion Swiss francs.[70]

In 2023, Switzerland lost credibility as a banking system after the collapse of Credit Suisse, acquired by the Swiss competitor UBS, and the way the affair was handled by the Swiss National Bank.[71][72][73]

Connection to illegal activities

[edit]

Swiss banks have served as safe havens for the wealth of dictators, despots, mobsters, arms dealers, corrupt officials, and tax cheats of all kinds.[74][75][76]

Commodities trading

[edit]

Switzerland is a major global hub for commodities trading. Such trading represents 4% of Swiss GDP (2022).[77] Products traded either physically or financially include agriculture, minerals, metals and oil/energy.[78] Some 40% of all oil shipments are traded through Switzerland, along with 60% of metals and grains (2022).[79] Alternate sources give Switzerland's share of agricultural commodities trade at 35% (2023).[80]

10,000 persons work directly in the commodity trade business in Switzerland (with a further 35,000 indirectly):[81] mostly around Lake Geneva, Zug and Lugano.[82][77]

Corporate loans and revolving credit facilities granted to the five main Swiss energy trading houses (Glencore, Mercuria, Gunvor, Vitol and Trafigura) between 2013 and 2019 exceeded $360 billion.[83]

Switzerland is also a major hub for gold trading. Some of the largest refiners are Valcambi, PAMP/MKS, Argor-Heraeus and Metalor.[84][85][86]

Agricultural commodities trading is dominated by ADM, Bunge, Cargill, Cofco and Louis Dreyfus. Shipping firm MSC, logistics company Kühne + Nagel and Danzas and quality control firm SGS S.A. are also major players in this sector.[82][87][88][89]

However some types of organization in commodities trading have been involved in corruption and exploitation, and operate with little or no transparency or oversight.[90][91][92][93]

Workforce

[edit]

The Swiss economy is characterised by a skilled and generally 'peaceful' workforce. One quarter of the country's full-time workers are unionised. Labour and management relations are amicable, characterised by a willingness to settle disputes instead of resorting to labour action. They take place between trade unions and branch associations, that are themselves often grouped in Union of Employers, like the Fédération patronale vaudoise or the Fédération des Entreprises Romandes Genève. About 600 collective bargaining agreements exist today in Switzerland and are regularly renewed without major problems. However, there is no country-wide minimum wage across sectors, but some collective bargaining agreement may contain minimum wage requirements for specific sectors or employers. A May 2014 ballot initiative which would have required a Swiss minimum wage to 22 Swiss francs an hour (corresponding to a monthly income of about 4000 Swiss francs) failed to pass, gaining only 23.7% support on the ballot.[94] On 27 September 2020 voters in the Canton of Geneva approved a minimum wage of 23 Swiss franc per hour or about 4,000 per month.[95]

With a peak in the number of bankruptcies in 2003, however, the mood was pessimistic. Massive layoffs and dismissals by enterprises resulting from the global economic slowdown, major management scandals and different foreign investment attitudes[clarification needed] have strained the traditional peaceful Swiss labour relations. Swiss trade unions have encouraged strikes against several companies, including Swiss International Air Lines, Coca-Cola, and Orange. Total days lost to strikes, however, remain among the lowest in the OECD.

A study estimated that Switzerland will have a shortfall of hundreds of thousands of workers by 2030.[96] According to statistics, one in four Swiss has a second job.[97]

Income and wealth distribution

[edit]

In 2013 the mean household income in Switzerland was CHF 120,624 (c. USD 134,000 nominal, US$101,000 PPP), the mean household income after social security, taxes and mandatory health insurance was CHF 85,560 (c. USD 95,000 nominal, US$72,000 PPP).[98] The OECD lists Swiss household gross adjusted disposable income per capita US$32,594 PPP for 2011.[99]

As of 2016, Switzerland had the highest average wealth per adult, at $561,900.[100] The top 1% richest persons own 35% of all the wealth (2015).[101] This increased to 42% in 2023.[102] According to the UBS Global Wealth Report in 2026, Swiss adults have an average wealth equivalent to $910,382 (CHF733,000), ahead of the U.S. and Luxembourg, while the median wealth is only $145,555.[103] This number is an "average" and does not account for the expanding gap in wealth distribution in Switzerland, according to the same report.[103]

The "net wealth" of Switzerland was $5.4 trillion as measured by the net worth of its richest citizens. Among this group are 740 super-rich people with assets of at least $100 million. Switzerland has 580,000 millionaires in total, which is 60,000 more than Germany, whose population is about 10 times larger.[104]

US Dollar / Swiss Franc exchange rate

This wealth was assisted by the exchange rate movements between the US Dollar and the Swiss franc, which caused capital in Swiss francs to more than double its value in dollar terms during the 2000s and especially during the 2008 financial crisis, without any direct increase in value in terms of domestic purchasing power.[105]

The high average wealth is determined by the few who are extremely wealthy; the median (50th percentile) wealth of Swiss adults is five times lower than the average, at US$100,900 (US$70,000 PPP as of 2011).[106]

The Statistical Office defines the majority of the population as “neither rich nor poor and the average Swiss earns just enough to afford the high cost of living in Switzerland”.[107] According to some Swiss statistics "28% [of Swiss families] have nothing left to save at the end of the month".[108]

As of 2022, one in seven Swiss pensioners was living in poverty. Some 46,000 Swiss pensioners have already fallen into poverty and a further 295,000 are in danger of joining them. The official poverty line is drawn at CHF2,279 ($2,300) per month to pay for rent, health insurance, clothes and food.[109]

About 8.2% of the population live below the national poverty line, defined in Switzerland as earning less than CHF3,990 per month for a household of two adults and two children, and a further 15% are at risk of poverty.[110][111]

Income and wealth distribution in Switzerland reflects a high-income economy with relatively moderate inequality and strong social outcomes. The Swiss Federal Statistical Office reports a Gini coefficient of 31.5 in 2023, a level that has remained stable over the past decade and indicates balanced income dispersion for a market-oriented system. Switzerland's wage structure is supported by coordinated wage negotiations, extensive vocational training, and high labor force participation, which contribute to low unemployment and broadly shared earnings. Extreme poverty is nearly nonexistent, although national poverty rates slightly above 15 percent reflect high living costs rather than severe material deprivation. Wealth inequality is more pronounced due to the concentration of financial assets, but broad household access to occupational pensions and mandatory private savings reduces disparities in retirement security. Taken together, Switzerland's institutional framework, labor market design, and targeted social programs support relatively equitable income distribution despite limited reliance on expansive welfare spending.[112]

Unlike France and Spain, Switzerland has one of the lowest homeownership rates in Europe (around 36%).[113]

Trade

[edit]
Treemap of product exports from Switzerland in 2019.Gold (precious metals) — 19.06% — US$ 59,036,649,007Packaged medicaments (chemical products) — 14.93% — US$ 46,239,328,676Blood, antisera, vaccines, toxins and cultures (chemical products) — 10.63% — US$ 32,917,856,172Base metal watches (instruments) — 4.39% — US$ 13,605,269,554Jewellery (precious metals) — 3.52% — US$ 10,907,468,562Nitrogen heterocyclic compounds (chemical products) — 3.32% — US$ 10,276,627,825Precious metal watches (instruments) — 2.36% — US$ 7,318,203,512Orthopedic appliances (instruments) — 2.18% — US$ 6,759,337,859Medical instruments (instruments) — 1.30% — US$ 4,028,647,167Machinery having individual functions (machines) — 0.80% — US$ 2,478,236,434Coffee (vegetable products) — 0.76% — US$ 2,360,867,071Diamonds (precious metals) — 0.74% — US$ 2,290,077,436Hormones (chemical products) — 0.70% — US$ 2,165,123,300Planes, helicopters, and/or spacecraft (transportation) — 0.56% — US$ 1,743,744,454Scented mixtures (chemical products) — 0.54% — US$ 1,682,906,442Chemical analysis instruments (instruments) — 0.54% — US$ 1,665,300,125Antibiotics (chemical products) — 0.54% — US$ 1,659,768,240Valves (machines) — 0.53% — US$ 1,632,886,843Platinum (precious metals) — 0.53% — US$ 1,627,050,237Electric motors (machines) — 0.51% — US$ 1,590,165,638Other heating machinery (machines) — 0.50% — US$ 1,561,630,668Gas turbines (machines) — 0.49% — US$ 1,526,616,029Nucleic acids (chemical products) — 0.49% — US$ 1,516,321,908Electricity (mineral products) — 0.46% — US$ 1,437,193,142Low-voltage protection equipment (machines) — 0.46% — US$ 1,421,239,418Beauty products (chemical products) — 0.46% — US$ 1,420,696,359Carboxyamide compounds (chemical products) — 0.45% — US$ 1,381,433,845Vehicle parts (transportation) — 0.39% — US$ 1,211,894,607Other measuring instruments (instruments) — 0.38% — US$ 1,182,099,556Paintings (arts and antiques) — 0.38% — US$ 1,167,677,544Flavored water (foodstuffs) — 0.37% — US$ 1,148,513,794Air pumps (machines) — 0.37% — US$ 1,133,217,449Gas and liquid flow measuring instruments (instruments) — 0.34% — US$ 1,059,155,129Metalworking machine parts (machines) — 0.33% — US$ 1,035,864,245Electrical transformers (machines) — 0.31% — US$ 968,324,459Aluminium plating (metals) — 0.30% — US$ 922,001,185Sulfonamides (chemical products) — 0.28% — US$ 864,822,026Chocolate (foodstuffs) — 0.28% — US$ 854,621,716Other plastic products (plastics and rubbers) — 0.27% — US$ 847,084,333Iron fasteners (metals) — 0.27% — US$ 846,205,160Non-mechanical removal machinery (machines) — 0.27% — US$ 834,998,864Refined petroleum (mineral products) — 0.26% — US$ 819,971,078Washing and bottling machines (machines) — 0.26% — US$ 808,199,687Electrical control boards (machines) — 0.26% — US$ 808,190,025High-voltage protection equipment (machines) — 0.26% — US$ 793,323,944Polyamides (plastics and rubbers) — 0.26% — US$ 792,983,842Transmissions (machines) — 0.26% — US$ 792,817,973Vitamins (chemical products) — 0.25% — US$ 774,198,508Silver (precious metals) — 0.25% — US$ 772,766,601Integrated circuits (machines) — 0.25% — US$ 763,012,107Electrical power accessories (machines) — 0.24% — US$ 752,103,742Trunks and cases (animal hides) — 0.24% — US$ 748,842,455Plastic lids (plastics and rubbers) — 0.24% — US$ 732,349,639Special pharmaceuticals (chemical products) — 0.24% — US$ 727,775,365Interchangeable tool parts (metals) — 0.23% — US$ 713,472,193Insulated wire (machines) — 0.23% — US$ 698,459,107Liquid pumps (machines) — 0.23% — US$ 697,489,126Other edible preparations (foodstuffs) — 0.22% — US$ 685,015,244Metal finishing machines (machines) — 0.22% — US$ 680,747,647Ink (chemical products) — 0.22% — US$ 677,883,429Precious stones (precious metals) — 0.21% — US$ 660,212,844Cheese (animal products) — 0.21% — US$ 644,346,286Rolled tobacco (foodstuffs) — 0.21% — US$ 642,144,028Unpackaged medicaments (chemical products) — 0.21% — US$ 635,085,728Leather footwear (footwear and headwear) — 0.19% — US$ 592,739,799Centrifuges (machines) — 0.19% — US$ 588,325,838Electric soldering equipment (machines) — 0.19% — US$ 577,236,451Rubberworking machinery (machines) — 0.19% — US$ 572,978,109Hand saws (metals) — 0.18% — US$ 570,665,722Polyacetals (plastics and rubbers) — 0.18% — US$ 569,742,830Aircraft parts (transportation) — 0.18% — US$ 567,143,324Cars (transportation) — 0.18% — US$ 556,608,099Electric heaters (machines) — 0.17% — US$ 532,542,390Plastic pipes (plastics and rubbers) — 0.17% — US$ 527,491,128Malt extract (foodstuffs) — 0.17% — US$ 523,128,935Computers (machines) — 0.17% — US$ 516,854,227Other iron products (metals) — 0.17% — US$ 514,968,312Hydrazine or hydroxylamine derivatives (chemical products) — 0.16% — US$ 501,275,508Industrial printers (machines) — 0.16% — US$ 500,746,333Oxygen amino compounds (chemical products) — 0.16% — US$ 492,892,789Industrial fatty acids, oils and alcohols (chemical products) — 0.16% — US$ 487,318,626Raw plastic sheeting (plastics and rubbers) — 0.15% — US$ 472,166,830Self-propelled rail transport (transportation) — 0.15% — US$ 457,869,258Lifting machinery (machines) — 0.15% — US$ 449,191,472Non-knit men's suits (textiles) — 0.15% — US$ 449,098,759Other plastic sheetings (plastics and rubbers) — 0.14% — US$ 448,836,496Broadcasting equipment (machines) — 0.14% — US$ 447,576,637Semiconductor devices (machines) — 0.14% — US$ 445,275,995Surveying equipment (instruments) — 0.14% — US$ 440,737,499Other paper machinery (machines) — 0.14% — US$ 434,396,328Synthetic coloring matter (chemical products) — 0.14% — US$ 425,956,628Other electrical machinery (machines) — 0.13% — US$ 415,024,791Non-knit women's suits (textiles) — 0.13% — US$ 413,017,377Other clocks and watches (instruments) — 0.13% — US$ 391,066,080Other small iron pipes (metals) — 0.13% — US$ 388,817,663Metal molds (machines) — 0.13% — US$ 387,740,779Other furniture (miscellaneous) — 0.12% — US$ 384,715,726Industrial food preperation machinery (machines) — 0.12% — US$ 383,623,379Locomotive parts (transportation) — 0.12% — US$ 371,305,489Knitting machine accessories (machines) — 0.12% — US$ 364,761,951Precious metal scraps (precious metals) — 0.12% — US$ 363,849,413Iron structures (metals) — 0.12% — US$ 358,557,867Precious metal compounds (chemical products) — 0.11% — US$ 349,478,429X-ray equipment (instruments) — 0.11% — US$ 349,138,152Metalworking transfer machines (machines) — 0.11% — US$ 337,292,440Oxygen heterocyclic compounds (chemical products) — 0.11% — US$ 336,179,581Office machine parts (machines) — 0.11% — US$ 334,136,005Optical fibers (instruments) — 0.11% — US$ 330,770,582Liquid dispersing machines (machines) — 0.10% — US$ 324,101,219Forging machines (machines) — 0.10% — US$ 322,258,857Sculptures (arts and antiques) — 0.10% — US$ 320,813,780Glaziers putty (chemical products) — 0.10% — US$ 320,179,659Scrap copper (metals) — 0.10% — US$ 319,320,503Excavation machinery (machines) — 0.10% — US$ 314,013,128Armored vehicles (transportation) — 0.10% — US$ 310,807,197Oscilloscopes (instruments) — 0.10% — US$ 301,935,577Pesticides (chemical products) — 0.10% — US$ 296,181,803Glues (chemical products) — 0.10% — US$ 294,613,267Engine parts (machines) — 0.09% — US$ 290,470,532Electric motor parts (machines) — 0.09% — US$ 279,626,847Watch straps (instruments) — 0.09% — US$ 277,182,569Therapeutic appliances (instruments) — 0.09% — US$ 266,557,316Cleaning products (chemical products) — 0.08% — US$ 261,342,978Perfumes (chemical products) — 0.08% — US$ 260,262,363Animal food (foodstuffs) — 0.08% — US$ 258,927,106Combustion engines (machines) — 0.08% — US$ 248,161,827Knit sweaters (textiles) — 0.08% — US$ 247,969,623Other printed material (paper goods) — 0.08% — US$ 247,476,605Scrap iron (metals) — 0.08% — US$ 241,946,177Boat propellers (machines) — 0.08% — US$ 237,295,112Carboxylic acids (chemical products) — 0.08% — US$ 237,126,166Photo lab equipment (instruments) — 0.07% — US$ 227,637,620Metalworking machines (machines) — 0.07% — US$ 226,190,871Non-iron and steel slag, ash and residues (mineral products) — 0.07% — US$ 221,908,164Aluminium bars (metals) — 0.07% — US$ 217,290,875Knit women's suits (textiles) — 0.07% — US$ 216,054,962Printed circuit boards (machines) — 0.07% — US$ 215,578,828Textile footwear (footwear and headwear) — 0.07% — US$ 213,504,456Thermostats (instruments) — 0.07% — US$ 211,376,074Raw aluminium (metals) — 0.07% — US$ 210,280,647Antiques (arts and antiques) — 0.07% — US$ 205,961,547Nonaqueous paints (chemical products) — 0.07% — US$ 204,330,251Technical use textiles (textiles) — 0.07% — US$ 201,444,891Paper containers (paper goods) — 0.06% — US$ 200,237,043Petroleum gas (mineral products) — 0.06% — US$ 197,299,497Lubricating products (chemical products) — 0.06% — US$ 195,998,367Other rubber products (plastics and rubbers) — 0.06% — US$ 195,198,290Aluminium foil (metals) — 0.06% — US$ 193,124,539Watch movements (instruments) — 0.06% — US$ 192,946,323Explosive ammunition (weapons) — 0.06% — US$ 190,553,024Coffee and tea extracts (foodstuffs) — 0.06% — US$ 189,261,849Ketones and quinones (chemical products) — 0.06% — US$ 187,020,918Soybean oil (animal and vegetable bi-products) — 0.06% — US$ 184,830,937Non-knit women's coats (textiles) — 0.06% — US$ 183,596,480Lcds (instruments) — 0.06% — US$ 182,191,333Metal mountings (metals) — 0.06% — US$ 180,584,567Laboratory reagents (chemical products) — 0.06% — US$ 177,293,587Metal lathes (machines) — 0.06% — US$ 176,332,076Postage stamps (paper goods) — 0.06% — US$ 175,814,486Brooms (miscellaneous) — 0.06% — US$ 171,485,452Amine compounds (chemical products) — 0.06% — US$ 171,062,780Other engines (machines) — 0.05% — US$ 169,495,583Delivery trucks (transportation) — 0.05% — US$ 169,311,773Textile fiber machinery (machines) — 0.05% — US$ 168,712,388Ball bearings (machines) — 0.05% — US$ 167,446,599Milling stones (stone and glass) — 0.05% — US$ 166,028,733Navigation equipment (machines) — 0.05% — US$ 165,728,853Scrap aluminium (metals) — 0.05% — US$ 164,821,829Confectionery sugar (foodstuffs) — 0.05% — US$ 160,434,860Toilet paper (paper goods) — 0.05% — US$ 157,764,997Aluminium structures (metals) — 0.05% — US$ 157,476,487Aluminium cans (metals) — 0.05% — US$ 157,085,623Casting machines (machines) — 0.05% — US$ 153,828,185Newsprint (paper goods) — 0.05% — US$ 153,208,385Railway maintenance vehicles (transportation) — 0.05% — US$ 152,863,794Other aluminium products (metals) — 0.05% — US$ 152,559,778Other uncoated paper (paper goods) — 0.05% — US$ 152,199,952Self-adhesive plastics (plastics and rubbers) — 0.05% — US$ 151,583,173Watch cases and parts (instruments) — 0.05% — US$ 149,700,752Mill machinery (machines) — 0.05% — US$ 146,163,055Refrigerators (machines) — 0.05% — US$ 141,857,664Saturated acyclic monocarboxylic acids (chemical products) — 0.05% — US$ 140,463,523Electromagnets (machines) — 0.05% — US$ 140,381,404Baked goods (foodstuffs) — 0.04% — US$ 139,112,390Kaolin coated paper (paper goods) — 0.04% — US$ 138,806,528Hot-rolled iron bars (metals) — 0.04% — US$ 137,784,605Wood fiberboard (wood products) — 0.04% — US$ 136,992,718Central heating boilers (machines) — 0.04% — US$ 136,851,407Prepared rubber accelerators (chemical products) — 0.04% — US$ 136,404,019Knives (metals) — 0.04% — US$ 133,405,392Motorcycles (transportation) — 0.04% — US$ 130,803,759Cutting blades (metals) — 0.04% — US$ 130,456,828Hydrometers (instruments) — 0.04% — US$ 129,242,255Organo-sulfur compounds (chemical products) — 0.04% — US$ 128,341,465Other vinyl polymers (plastics and rubbers) — 0.04% — US$ 126,722,122Other stainless steel bars (metals) — 0.04% — US$ 126,564,705Vegetable saps (vegetable products) — 0.04% — US$ 125,398,986Electric batteries (machines) — 0.04% — US$ 124,658,293Coal briquettes (mineral products) — 0.04% — US$ 124,117,157Sauces and seasonings (foodstuffs) — 0.04% — US$ 123,863,407Abrasive powder (stone and glass) — 0.04% — US$ 122,773,183Phenols (chemical products) — 0.04% — US$ 122,475,203Papermaking machines (machines) — 0.04% — US$ 122,407,912Stone processing machines (machines) — 0.04% — US$ 122,265,250Collector's items (arts and antiques) — 0.04% — US$ 120,733,291Light pure woven cotton (textiles) — 0.04% — US$ 118,448,954Vegetable alkaloids (chemical products) — 0.04% — US$ 118,439,932Iron pipe fittings (metals) — 0.04% — US$ 117,909,942Broadcasting accessories (machines) — 0.04% — US$ 117,869,648Iron springs (metals) — 0.04% — US$ 116,465,961Book-binding machines (machines) — 0.04% — US$ 116,189,161Specialized vehicles (transportation) — 0.04% — US$ 115,584,494Crude petroleum (mineral products) — 0.04% — US$ 113,609,871Balances (instruments) — 0.04% — US$ 113,552,459Leather apparel (animal hides) — 0.04% — US$ 113,524,737Boiler plants (machines) — 0.04% — US$ 113,342,404Large construction vehicles (machines) — 0.04% — US$ 112,302,394Nickel bars (metals) — 0.04% — US$ 111,217,266Other glass articles (stone and glass) — 0.04% — US$ 110,929,806Light fixtures (miscellaneous) — 0.04% — US$ 109,715,314Print production machinery (machines) — 0.04% — US$ 109,677,575Metal insulating fittings (machines) — 0.03% — US$ 107,173,023Laboratory ceramic ware (stone and glass) — 0.03% — US$ 107,074,438Vacuum cleaners (machines) — 0.03% — US$ 106,894,103Seats (miscellaneous) — 0.03% — US$ 106,721,494Wine (foodstuffs) — 0.03% — US$ 106,237,678Shaving products (chemical products) — 0.03% — US$ 105,635,411Electric generating sets (machines) — 0.03% — US$ 104,876,520Blank audio media (machines) — 0.03% — US$ 104,677,662Other copper products (metals) — 0.03% — US$ 101,989,171Electrical resistors (machines) — 0.03% — US$ 101,880,323Other hand tools (metals) — 0.03% — US$ 99,237,136Pens (miscellaneous) — 0.03% — US$ 98,867,602Plastic coated textile fabric (textiles) — 0.03% — US$ 98,809,778Electrical capacitors (machines) — 0.03% — US$ 96,945,694Audio alarms (machines) — 0.03% — US$ 96,775,537Non-knit women's shirts (textiles) — 0.03% — US$ 96,661,523Amino-resins (plastics and rubbers) — 0.03% — US$ 96,585,785Drilling machines (machines) — 0.03% — US$ 95,499,238Woodworking machines (machines) — 0.03% — US$ 94,371,709Knit t-shirts (textiles) — 0.03% — US$ 93,816,463Zippers (miscellaneous) — 0.03% — US$ 93,777,655Textile processing machines (machines) — 0.03% — US$ 93,742,368Tool plates (metals) — 0.03% — US$ 92,936,303Enzymes (chemical products) — 0.03% — US$ 92,515,726Video recording equipment (machines) — 0.03% — US$ 92,434,363Cellulose fibers paper (paper goods) — 0.03% — US$ 92,004,664Motor-working tools (machines) — 0.03% — US$ 91,912,554Mirrors and lenses (instruments) — 0.03% — US$ 91,266,454Other iron bars (metals) — 0.03% — US$ 90,240,307Rubber footwear (footwear and headwear) — 0.03% — US$ 90,090,491Other non-metal removal machinery (machines) — 0.03% — US$ 89,276,315Electrical insulators (machines) — 0.03% — US$ 87,996,125Aldehydes (chemical products) — 0.03% — US$ 86,701,133Iron nails (metals) — 0.03% — US$ 86,275,012Bi-wheel vehicle parts (transportation) — 0.03% — US$ 86,260,333Tensile testing machines (instruments) — 0.03% — US$ 86,022,606Nitrile compounds (chemical products) — 0.03% — US$ 85,210,502Non-knit men's coats (textiles) — 0.03% — US$ 84,867,463Non-retail synthetic filament yarn (textiles) — 0.03% — US$ 81,457,293Revolution counters (instruments) — 0.03% — US$ 81,079,770Electric furnaces (machines) — 0.03% — US$ 80,942,045Rubber belting (plastics and rubbers) — 0.03% — US$ 79,397,294Microphones and headphones (machines) — 0.03% — US$ 78,095,252Acyclic alcohols (chemical products) — 0.03% — US$ 77,704,660Binoculars and telescopes (instruments) — 0.03% — US$ 77,641,871Sports equipment (miscellaneous) — 0.03% — US$ 77,459,742Recovered paper (paper goods) — 0.02% — US$ 76,872,524Brochures (paper goods) — 0.02% — US$ 76,700,015Pulley systems (machines) — 0.02% — US$ 76,660,728Opto-electric instrument parts (instruments) — 0.02% — US$ 76,478,792Plastic housewares (plastics and rubbers) — 0.02% — US$ 76,466,347Artificial graphite (chemical products) — 0.02% — US$ 76,381,717Steam boilers (machines) — 0.02% — US$ 75,340,818Pasta (foodstuffs) — 0.02% — US$ 75,044,736Other metal fasteners (metals) — 0.02% — US$ 74,698,506Essential oils (chemical products) — 0.02% — US$ 74,656,459Hair products (chemical products) — 0.02% — US$ 73,249,870Video displays (machines) — 0.02% — US$ 73,185,704Stranded iron wire (metals) — 0.02% — US$ 72,268,476Compasses (instruments) — 0.02% — US$ 71,922,247Raw iron bars (metals) — 0.02% — US$ 71,837,567Cocoa paste (foodstuffs) — 0.02% — US$ 71,249,013Synthetic filament yarn woven fabric (textiles) — 0.02% — US$ 70,535,899Iron blocks (metals) — 0.02% — US$ 70,037,003Hand tools (metals) — 0.02% — US$ 70,001,254Steam turbines (machines) — 0.02% — US$ 69,683,782Glass fibers (stone and glass) — 0.02% — US$ 69,457,620Electrical lighting and signalling equipment (machines) — 0.02% — US$ 68,690,248Other knit garments (textiles) — 0.02% — US$ 68,601,972Tanned equine and bovine hides (animal hides) — 0.02% — US$ 68,155,176Other precious metal products (precious metals) — 0.02% — US$ 66,843,815Other organo-inorganic compounds (chemical products) — 0.02% — US$ 66,629,801Padlocks (metals) — 0.02% — US$ 66,585,077Dyeing finishing agents (chemical products) — 0.02% — US$ 66,575,831Iron cloth (metals) — 0.02% — US$ 66,249,398Prepared cereals (foodstuffs) — 0.02% — US$ 65,472,623Batteries (machines) — 0.02% — US$ 65,261,457Stainless steel wire (metals) — 0.02% — US$ 64,730,002Glass bottles (stone and glass) — 0.02% — US$ 64,285,101Ethylene polymers (plastics and rubbers) — 0.02% — US$ 63,313,501Telephones (machines) — 0.02% — US$ 62,643,079Soups and broths (foodstuffs) — 0.02% — US$ 62,074,209Buses (transportation) — 0.02% — US$ 62,064,690Processed tobacco (foodstuffs) — 0.02% — US$ 62,049,439Wood carpentry (wood products) — 0.02% — US$ 61,843,045Stone working machines (machines) — 0.02% — US$ 61,823,408Railway passenger cars (transportation) — 0.02% — US$ 61,254,724Other clocks (instruments) — 0.02% — US$ 61,089,054Imitation jewellery (precious metals) — 0.02% — US$ 60,327,051Knit women's undergarments (textiles) — 0.02% — US$ 60,073,125Small iron containers (metals) — 0.02% — US$ 59,781,141Rough wood (wood products) — 0.02% — US$ 59,364,434Pearl products (precious metals) — 0.02% — US$ 59,090,615Light rubberized knitted fabric (textiles) — 0.02% — US$ 58,211,960Nonaqueous pigments (chemical products) — 0.02% — US$ 57,976,035Vinyl chloride polymers (plastics and rubbers) — 0.02% — US$ 57,778,468Semi-finished iron (metals) — 0.02% — US$ 57,417,645Concentrated milk (animal products) — 0.02% — US$ 56,539,377Knit active wear (textiles) — 0.02% — US$ 56,263,861Harvesting machinery (machines) — 0.02% — US$ 56,095,326Tractors (transportation) — 0.02% — US$ 55,951,500Other steel bars (metals) — 0.02% — US$ 55,867,025Non-knit men's shirts (textiles) — 0.02% — US$ 55,779,391Looms (machines) — 0.02% — US$ 55,761,789Used clothing (textiles) — 0.02% — US$ 55,663,753Safety glass (stone and glass) — 0.02% — US$ 55,307,178Peptones (chemical products) — 0.02% — US$ 55,127,059Cermets (metals) — 0.02% — US$ 54,881,978Air conditioners (machines) — 0.02% — US$ 54,791,426Plastic wash basins (plastics and rubbers) — 0.02% — US$ 54,497,352Acrylic polymers (plastics and rubbers) — 0.02% — US$ 54,170,276Scales (machines) — 0.02% — US$ 53,813,077Fairground amusements (miscellaneous) — 0.02% — US$ 53,806,759Dental products (chemical products) — 0.02% — US$ 53,481,634Bandages (chemical products) — 0.02% — US$ 53,282,961Instructional models (instruments) — 0.02% — US$ 53,200,604Felt carpets (textiles) — 0.02% — US$ 53,084,192Preserved meat (animal products) — 0.02% — US$ 52,994,949Other domestic electric housewares (machines) — 0.02% — US$ 52,965,557Non-woven textiles (textiles) — 0.02% — US$ 52,378,083Drafting tools (instruments) — 0.02% — US$ 52,297,559Sawn wood (wood products) — 0.02% — US$ 52,227,922Cyclic alcohols (chemical products) — 0.02% — US$ 52,167,138Large flat-rolled iron (metals) — 0.02% — US$ 50,697,150Raw copper (metals) — 0.02% — US$ 50,670,052Reaction and catalytic products (chemical products) — 0.02% — US$ 49,867,622Copper fasteners (metals) — 0.02% — US$ 49,853,795Prefabricated buildings (miscellaneous) — 0.02% — US$ 49,331,100Eyewear (instruments) — 0.02% — US$ 48,465,435Copper pipe fittings (metals) — 0.02% — US$ 48,327,115Weapons parts and accessories (weapons) — 0.02% — US$ 48,037,694Margarine (animal and vegetable bi-products) — 0.01% — US$ 46,396,521Other women's undergarments (textiles) — 0.01% — US$ 46,178,432Plastic building materials (plastics and rubbers) — 0.01% — US$ 45,654,189Other nitrogen compounds (chemical products) — 0.01% — US$ 45,092,223Aqueous paints (chemical products) — 0.01% — US$ 44,835,750Other paints (chemical products) — 0.01% — US$ 44,014,140Non-knit active wear (textiles) — 0.01% — US$ 43,906,447Prepared pigments (chemical products) — 0.01% — US$ 42,896,878Iron toiletry (metals) — 0.01% — US$ 42,691,552Steel bars (metals) — 0.01% — US$ 42,030,316Hydraulic brake fluid (chemical products) — 0.01% — US$ 41,416,850Military weapons (weapons) — 0.01% — US$ 41,113,023Sewing machines (machines) — 0.01% — US$ 40,913,482Utility meters (instruments) — 0.01% — US$ 40,871,677Metal-clad products (precious metals) — 0.01% — US$ 40,870,727Unsaturated acyclic monocarboxylic acids (chemical products) — 0.01% — US$ 40,660,863Corrugated paper (paper goods) — 0.01% — US$ 40,408,206Carboxyimide compounds (chemical products) — 0.01% — US$ 39,832,131Titanium (metals) — 0.01% — US$ 39,643,507Other stone articles (stone and glass) — 0.01% — US$ 39,256,061Other construction vehicles (machines) — 0.01% — US$ 37,969,794Knit socks and hosiery (textiles) — 0.01% — US$ 37,403,878Rolling machines (machines) — 0.01% — US$ 37,347,623Other footwear (footwear and headwear) — 0.01% — US$ 36,487,973Wood ornaments (wood products) — 0.01% — US$ 36,290,321Paper labels (paper goods) — 0.01% — US$ 35,574,713Medical furniture (miscellaneous) — 0.01% — US$ 35,419,458Metal-rolling mills (machines) — 0.01% — US$ 35,137,155Polymer ion-exchangers (plastics and rubbers) — 0.01% — US$ 35,112,529Ferroalloys (metals) — 0.01% — US$ 34,772,948Ice cream (foodstuffs) — 0.01% — US$ 34,693,212Unprocessed synthetic staple fibers (textiles) — 0.01% — US$ 34,377,820House linens (textiles) — 0.01% — US$ 33,801,196Rubber sheets (plastics and rubbers) — 0.01% — US$ 33,486,819Gelatin (chemical products) — 0.01% — US$ 33,094,980Embroidery (textiles) — 0.01% — US$ 32,367,497Synthetic reconstructed jewellery stones (precious metals) — 0.01% — US$ 31,920,135Uncoated kraft paper (paper goods) — 0.01% — US$ 31,656,668Mattresses (miscellaneous) — 0.01% — US$ 31,640,331Hand-woven rugs (textiles) — 0.01% — US$ 31,453,633Mixed mineral or chemical fertilizers (chemical products) — 0.01% — US$ 31,280,273Other esters (chemical products) — 0.01% — US$ 31,214,234Models and stuffed animals (miscellaneous) — 0.01% — US$ 31,134,502Values below 0.01% (metals) — 0.28% — US$ 852,897,737Values below 0.01% (chemical products) — 0.23% — US$ 701,156,695Values below 0.01% (textiles) — 0.18% — US$ 542,570,504Values below 0.01% (machines) — 0.17% — US$ 515,089,308Values below 0.01% (stone and glass) — 0.11% — US$ 343,460,231Values below 0.01% (plastics and rubbers) — 0.10% — US$ 295,702,189Values below 0.01% (paper goods) — 0.08% — US$ 236,667,897Values below 0.01% (foodstuffs) — 0.07% — US$ 226,454,681Values below 0.01% (instruments) — 0.07% — US$ 211,381,489Values below 0.01% (mineral products) — 0.06% — US$ 183,571,412Values below 0.01% (transportation) — 0.06% — US$ 182,179,277Values below 0.01% (vegetable products) — 0.05% — US$ 157,453,693Values below 0.01% (animal products) — 0.05% — US$ 142,081,150Values below 0.01% (wood products) — 0.03% — US$ 89,891,665Values below 0.01% (footwear and headwear) — 0.02% — US$ 68,738,478Values below 0.01% (miscellaneous) — 0.02% — US$ 49,747,332Values below 0.01% (arts and antiques) — 0.01% — US$ 43,658,327Values below 0.01% (precious metals) — 0.01% — US$ 43,615,173Values below 0.01% (animal hides) — 0.01% — US$ 37,495,006Values below 0.01% (animal and vegetable bi-products) — 0.01% — US$ 37,105,047Values below 0.01% (weapons) — 0.01% — US$ 17,101,704
Exports of Switzerland by product category (2019)
  Chemical products
  Transportation
  Machines
  Mineral products
  Plastics and rubbers
  Metals
  Foodstuffs
  Precious metals
  Textiles
  Instruments
  Animal products
  Vegetable products
  Paper goods
  Footwear and headwear
  Miscellaneous
  Stone and glass
  Wood products
  Animal and vegetable bi-products
  Animal hides
  Arts and antiques
  Weapons

The CIA World Factbook estimates Switzerland's 2011 exports at $308.3 billion and the 2010 exports at $258.5 billion. Imports are estimated to be $299.6 billion in 2011 and $246.2 billion in 2010. According to the World Factbook numbers, Switzerland is the 20th largest exporter and the 18th largest importer.[114]

The United Nations Commodity Trade Statistics Database has lower numbers for Switzerland's exports and imports. The UN calculates exports at $223.5 billion in 2011 and $185.8 billion in 2010. The value of all imports in 2011 was $197.0 billion and in 2010 it was $166.9 billion.[115]

Switzerland's largest trading partner is Germany. In 2017, 17% of Switzerland's exports and 20% of its imports came from Germany. The United States was the second largest destination of exports (10% of total exports) and the second largest source of imports (7.8%). China was the third largest destination of exports (9.2%) but only provided 4.8% of imports.[116]

The next largest destinations of exports include India (7.3%), France (5.4%), Hong Kong (5.4%), the United Kingdom (4.5%) and Italy (4.4%). Other major sources of imports include: Italy (7.6%), the United Kingdom (7.1%), France (6.0%), China (mentioned above), the United Arab Emirates (3.7%) and Hong Kong (3.4%).[116]

As a developed country with a skilled labor force, the majority of Swiss exports are precision or 'high tech' finished products. Switzerland's largest specific SITC categories of exports include medicaments (13%), heterocyclic compounds (2.2%), watches (6.4%), orthopaedic appliances (2.1%), and precious jewellery (2.5%). While watches and jewellery remained an important part of the economy, in 2017 about 24% of Swiss exports were gold bullion or coins. Agricultural products that Switzerland is famous for such as cheese (0.23%), wine (0.028%), and chocolate (0.35%) all make up only a small portion of Swiss exports.[116] Switzerland is also a significant exporter of arms and ammunition, and the third largest for small calibers[117] which accounted for 0.33% of the total exports in 2012.[118]

Switzerland's main imports include gold (21%), medicaments (7.4%), cars (4.0%), precious jewellery (3.7%), and other unclassified transactions (18%). While Switzerland has a long tradition of manufacturing cars,[119] there are currently no large-scale assembly line automobile manufacturers in the country.

Economic policy

[edit]

Recent economic measures

[edit]

On 6 June 2025, following the collapse and following UBS takeover of Credit Suisse, the Federal Council outlined a series of amendments to existing legislation, aiming to prevent such a crisis from happening again. This collection of proposed amendments, called "Too Big To Fail measures", is specifically intended to address the risks caused by banks and other institutions that are critical to Swiss and global financial infrastructure.[120] The four banks that are currently deemed "systemically important banks" are UBS, Postfinance, Raiffeisen, and the Zurich Cantonal Bank.[121] Among the proposed measures is a requirement to fully finance the purchase of and continued involvement in foreign subsidiaries with capital, rather than partially using debt as is the current standard.[122] An expert report was commissioned by the State Secretariat for International Finance on the potential effects of this measure for banks such as UBS. The report indicates that among potential consequences to this increased requirement for capital is a temporary increase of borrowing costs. However, it also highlights how such a measure would increase the resilience of Swiss banks in the case of a crisis.[123]

A preliminary version of the measures in the Too Big To Fail (TBTF) package were first set forward in April 2024. However, the Federal Council waited to announce a final version of the plan until June 2025, waiting for input from a report from the Parliamentary Investigation Committee.[124] The measures in the TBTF plan are divided into three categories according to their role in ensuring banking stability.[125] The first, "Strengthening prevention" involves measures such as legislation to prevent encouragement for risk-taking in senior banking executives in systemically important banks, such as with variable bonuses. This proposed legislation makes such bonuses subject to retention periods and even cancellation and repayment in the event of misconduct. This area of the package also provides for an increase in clear allocation of responsibility within senior management structures of all banks in order to increase accountability and prevent misconduct.[125][126] The second, "Strengthening liquidity" includes measures such as requirements to prepare collateral to ensure liquidity of the central bank, with increased requirements for systemically important banks based on risk.[125] The third and final area addressed in the Too Big To Fail package is "Expanding the crisis toolkit", with measures that include requirements for recovery planning on the part of the banks and revision of legislature to include criteria for such recovery plans, and similar such requirements and legislation for resolution planning.[125] These measures affect both "going concern" issues, where the bank is still viable, and "gone concern" issues, when the bank is being liquidated and wound down.[127] In all, there are 31 proposed measures, consisting of amendments to current legislation and ordinances alike.[124] The TBTF package is expected to enter into force in stages, with amendments to existing ordinances already in consultation until September 2025. The first stage is expected to enter into force in 2027 at the earliest.[120][121] The next stage, legislative amendments on foreign capital requirements, is to be drafted in late 2025, and is expected to enter into force in 2028. The last stage, consisting of the remaining legislative amendments, is to be drafted in early 2026. This last stage is expected to enter into force in 2028/2029.[120]

Terrorism

[edit]

Through the United States-Swiss Joint Economic Commission (JEC), Switzerland has passed strict legislation covering anti-terrorism financing and the prevention of terrorist acts, marked by the implementation of several anti-money laundering procedures and the seizure of al-Qaeda accounts.

European Union

[edit]

Apart from agriculture, there are minimal economic and trade barriers between the European Union and Switzerland. In the wake of the Swiss voters' rejection of the European Economic Area Agreement in 1992, the Swiss Government set its sights on negotiating bilateral economic agreements with the EU. Four years of negotiations culminated in Bilaterals, a cross-platform agreement covering seven sectors: research, public procurement, technical barriers to trade, agriculture, civil aviation, land transport, and the free movement of persons. Parliament officially endorsed the Bilaterals in 1999 and it was approved by general referendum in May 2000. The agreements, which were then ratified by the European Parliament and the legislatures of its member states, entered into force on 1 June 2002.[128] The Swiss government then embarked on a second round of negotiations, called the Bilaterals II, approved by the Swiss electorate on 5 June 2005, which further strengthens the country's economic ties with the organisation.[129][130]

Switzerland has since brought most of their practices into conformity with European Union policies and norms in order to maximise the country's international competitiveness. While most of the EU policies are not contentious, police and judicial cooperation to international law enforcement and the taxation of savings are controversial, mainly because of possible side effects on bank secrecy.

Swiss and EU finance ministers agreed in June 2003 that Swiss banks would levy a withholding tax on EU citizens' savings income. The tax would increase gradually to 35% by 2011, with 75% of the funds being transferred to the EU. Recent estimates value EU capital inflows to Switzerland to $8.3 billion.

Institutional membership

[edit]

Switzerland is a member of a number of international economic organizations, including the United Nations, the World Trade Organization, the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development.

International comparison

[edit]
CountryDistribution of employment
by sector (%)		Unemployment rates (%)Average hours
worked per
week
AgriculturalManufacturingServicesOverallFemalesMales
Switzerland (2006)[52]3.82373.24.04.73.441.6
European Union-25 countries (2006)[131]4.727.467.98.297.640.5
Germany (2014)[132]2.124.473.55.24.95.541.2
France (2006)[133]3.924.371.88.89.58.139.1
Italy (2006)[134]4.229.8666.68.55.239.3
United Kingdom (2006)[135]1.32276.75.34.85.742.4
United States (2005)[136]1.620.677.85.1[137]5.6[138]5.9[138]41[139]
Myanmar (2021–2022) 22.5[140] 22.8[140] 54.7[140] 1.8[141] 2.1[141] 1.6%[141] 49.0

Regional disparities

[edit]
CantonTax index
for all
federal, cantonal and church taxes
2006		Median church, local and cantonal tax rate (2011) by family status and pre-tax income[142]Pop. under 20 as % of pop. aged 20–64
(2007)		National income per person in CHF
2005		Change in national income per person
2003–2005
UnmarriedMarried with 2 children
80,000 CHF150,000 CHF80,000 CHF150,000 CHF
Switzerland 10014.4321.124.912.2934.5954,0315.3
Zurich 82.911.0117.314.5010.5231.1268,8034.6
Berne 123.114.7521.966.7914.2333.0545,6435
Lucerne 11913.4918.045.0711.1837.1943,9105.3
Uri 144.211.9515.765.9110.8437.0645,7115.3
Schwyz 66.58.5313.043.337.7736.9550,1706.3
Obwald 146.511.2114.887.1111.0140.8839,6454.7
Nidwald 79.110.7315.073.669.3934.5573,28515.6
Glaris 134.811.99175.5111.2236.8573,23610.9
Zoug 50.35.9512.981.134.9135.4593,7525.4
Friburg 126.415.1821.88512.8940.239,5592.6
Soleure 116.915.8721.967.2614.1234.3446,8444.9
Basle-City 113.114.9820.613.913.3626.6115,17815.9
Basle-Country 92.514.5222.073.3712.643353,5013.9
Schaffhouse 114.613.6820.15.6311.4432.9255,1255.4
Appenzell Outer-Rhodes 121.713.4419.026.7312.8837.644,2154.7
Appenzell Inner-Rhodes 105.611.6816.685.1310.7944.4645,9367.4
St Gall 115.514.4120.714.711.8937.6644,8664
Grisons 112.213.7920.163.9711.3733.9749,35511.7
Argovia 87.413.5619.624.7911.7834.949,2092.5
Thurgovia 86.613.5818.894.3811.5237.5244,9183.2
Tessin 64.612.4719.351.9610.3131.1441,3353.4
Vaud 106.215.4421.775.0913.1437.8752,9013.4
Valais 121.314.7122.944.2910.4135.1838,3856
Neuchâtel 137.118.4425.58.516.9438.0649,7756.6
Geneva 89.814.2921.610.8310.2735.462,8395.1
Jura 126.617.2224.767.716.1640.0938,0696.4
Source:[143]

See also

[edit]

Notes and references

[edit]

Notes

[edit]
  1. ↑ trade data exclude trade with Switzerland
  2. ↑ general government gross debt; gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future; includes debt liabilities in the form of Special Drawing Rights (SDRs), currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the GFSM (Government Financial Systems Manual) 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options
  3. ↑ Includes federal, cantonal and municipal accounts

References

[edit]
  1. ↑ "World Economic Outlook Database Groups and Aggregates Information". IMF.org. International Monetary Fund.
  2. ↑ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. 1 2 Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  4. 1 2 Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  5. ↑ "Effectif de population à la fin du 1er trimestre 2024 | Office fédéral de la statistique". 21 June 2024.
  6. 1 2 3 4 5 6 "IMF DataMapper: Switzerland | database: 2025". imf.org. International Monetary Fund.
  7. ↑ "GDP per capita growth (annual %), World Bank Group, accessed June 2026".
  8. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Switzerland". The World Factbook (2023 ed.). Central Intelligence Agency.
  9. ↑ "Poverty before social transfers". Federal Statistical Office. 16 February 2026. Retrieved 19 March 2026.
  10. ↑ "People at risk of poverty or social exclusion". ec.europa.eu. Eurostat.
  11. ↑ "Poverty rates before and after social transfers - 2024". Federal Statistical Office. 16 February 2026. Retrieved 19 March 2026.
  12. ↑ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 8 March 2024.
  13. ↑ "Human Development Index (HDI)" (PDF). hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 13 March 2024.
  14. ↑ United Nations. "Inequality-adjusted HDI (IHDI)" (PDF). hdr.undp.org. UNDP. Retrieved 13 March 2024.
  15. ↑ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  16. ↑ "Labor force, total - Switzerland". data.worldbank.org. World Bank. Retrieved 5 November 2019.
  17. ↑ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  18. ↑ "Unemployment, total (% of total labor force) (modeled ILO estimate)". World Bank Open Data (in Latin). 17 January 2026. Retrieved 10 June 2026.
  19. ↑ "Unemployment, youth total (% of total labor force ages 15-24)". World Bank Open Data (in Latin). 2026. Retrieved 10 June 2026.
  20. 1 2 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.
  21. 1 2 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.
  22. ↑ "Increase in Swiss official development assistance". Swiss Agency for Development and Cooperation - SDC. 17 September 2010. Retrieved 11 October 2010.
  23. ↑ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  24. 1 2 3 Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  25. ↑ "Scope affirms Switzerland's AAA rating with Stable Outlook". Scope Ratings. Retrieved 5 October 2024.
  26. ↑ WIPO (2022). Global Innovation Index 2022, 15th Edition. World Intellectual Property Organization. doi:10.34667/tind.46596. ISBN 9789280534320. Retrieved 16 November 2022.
  27. ↑ "The Global Innovation Index 2015 : Effective Innovation Policies for Development" (PDF). Globalinnovationindex.org. Retrieved 31 March 2016.
  28. ↑ World Intellectual Property Organization (29 September 2026). "WIPO Global Innovation Index 2026: Switzerland, Sweden, US, Republic of Korea and Singapore Top Ranking; AI Reshaping Innovation Investments as Deep Science Startups Top $7.6 Trillion". www.wipo.int. Retrieved 30 September 2026.
  29. ↑ World Intellectual Property Organization (29 September 2026). Global Innovation Index 2026: Powering Entrepreneurs at the Frontier of Science. World Intellectual Property Organization. p. 16. doi:10.34667/TIND.59194.
  30. ↑ "Switzerland ranked third in global competitiveness ranking". SWI swissinfo.ch. 16 June 2020.
  31. ↑ "These are the world's 10 most competitive economies". World Economic Forum. 26 September 2017. Retrieved 27 September 2017.
  32. ↑ National Accounts Main Aggregates Database, 2016 Archived 5 February 2016 at the Wayback Machine by United Nations Statistics Division
  33. ↑ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
  34. ↑ Regina Wecker, "Frauenlohnarbeit - Statistik und Wirklichkeit in der Schweiz an der Wende zum 20," Jahrhundert Schweizerische Zeitschrift für Geschichte (1984) 34#3 pp 346-356.
  35. ↑ "Switzerland | History, Flag, Map, Capital, Population, & Facts". Encyclopedia Britannica. 12 June 2023.
  36. ↑ Roman Studer, "When Did the Swiss Get so Rich?" Comparing Living Standards in Switzerland and Europe, 1800-1913, Journal of European economic history (2008) 37 (2), 405-452.
  37. ↑ National report on the Swiss Energy regime, BARENERGY project of EU,"Archived copy" (PDF). Archived from the original (PDF) on 26 May 2012. Retrieved 22 January 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  38. 1 2 "Switzerland during the Cold War (1945-1989)". www.eda.admin.ch - Federal Department of Foreign Affairs FDFA. Retrieved 19 September 2018.
  39. 1 2 3 Swiss Federal Statistical Office. "Bruttoenergieverbrauch: Anteil der Primärenergieträger und Entwicklung - 1910-2014". Bundesamt für Statistik (in German). Retrieved 19 September 2018.
  40. ↑ "GDP growth (annual %) - Switzerland | Data". data.worldbank.org.
  41. ↑ "Öffentliche Finanzen - Panorama" (in German). Bundesamt für Statistik (BFS). February 2013. p. 18.3. Archived from the original on 28 April 2013. Retrieved 22 May 2013.
  42. 1 2 "Amstat.ch". www.amstat.ch (in German). Retrieved 19 September 2018.
  43. ↑ "Unemployment statistics - Statistics Explained". ec.europa.eu. Retrieved 19 September 2018.
  44. ↑ "SNB reports CHF142 billion nine-month loss". SWI swissinfo.ch. 31 October 2022. Retrieved 5 December 2022.
  45. ↑ "The most critical questions about the Swiss central bank's huge losses". 7 February 2023.
  46. ↑ "Gross domestic product - quarterly estimates". Archived from the original on 23 September 2010. Retrieved 11 October 2010.
  47. ↑ "Outlook T1" (PDF). Archived from the original (PDF) on 5 September 2014. Retrieved 27 April 2011.
  48. ↑ Office, Federal Statistical. "Gross Domestic Product". www.bfs.admin.ch.
  49. ↑ World Economic Outlook Database IMF
  50. ↑ SDA-Keystone/NZZ/ds (4 April 2019). "Fewer Swiss shares: Foreign investors own 60% of Swiss corporations". Berne, Switzerland: swissinfo.ch – a SRG SSR Swiss Broadcasting Corporation.
  51. ↑ "Majority of Swiss company CEOs are foreign". 17 December 2018.
  52. 1 2 Swiss Federal Statistical Office - Switzerland (in German) accessed 21 December 2009
  53. ↑ SWI swissinfo.ch (4 July 2026). "Temu lands in top five of e-commerce sites in Switzerland". SWI swissinfo.ch. Retrieved 4 July 2026.
  54. ↑ Morant, David (3 July 2026). "Die umsatzstärksten Onlineshops der Schweiz 2026". Carpathia: E-Business. Retrieved 4 July 2026.
  55. 1 2 Organic Farming in Switzerland Archived 2009-03-26 at the Wayback Machine By Urs Niggli.
  56. ↑ "Food and Agriculture - Pocket Statistics 2017". Federal Statistical Office. 2017.
  57. ↑ "SWISS ENVIRONMENTAL STATISTICS : 2006" (PDF). Bfs.admin.ch. Retrieved 31 March 2016.
  58. ↑ "MAX - Unsupported Browser Warning" (PDF). Ustr.gov. Archived from the original (PDF) on 6 May 2009. Retrieved 31 March 2016.
  59. ↑ Switzerland Tourism, "Swiss Tourism in Figures - 2007 Archived 2012-03-31 at the Wayback Machine"
  60. ↑ Swiss Federal Statistical Office - Tourism accessed 7 May 2012
  61. ↑ SECO Gross domestic product - quarterly estimates Archived September 23, 2010, at the Wayback Machine accessed 7 May 2012
  62. ↑ Swiss Bankers Association - Positions and press-releases Accessed January 12th, 2018 (content added at an earlier date)
  63. ↑ "The economic significance of the Swiss financial centre" (PDF). Swiss Bankers Association. Archived from the original (PDF) on 17 February 2010. Retrieved 20 May 2010. Kommunikation Unternehmen Archived 2014-01-22 at the Wayback Machine
  64. ↑ "The World Factbook - Switzerland - Introduction". Central Intelligence Agency. 13 June 2006. Archived from the original on 5 July 2006. Retrieved 17 June 2006.
  65. ↑ "Country profile: Switzerland". BBC News. 26 March 2006. Retrieved 17 June 2006.
  66. ↑ The Boston Consulting Group "Global Wealth 2009"
  67. ↑ "The economic significance of the Swiss financial centre" (PDF). Swiss Bankers Association. Archived from the original (PDF) on 17 February 2010. Retrieved 20 May 2010.
  68. ↑ "Origins: Why Basel?". Bank of International Settlements. Archived from the original on 9 June 2010. Retrieved 16 June 2006.
  69. ↑ "Foreign Banks In Switzerland Manage CHF870 Billion In Assets". Dow Jones. 29 May 2006. Retrieved 15 June 2006.{{cite web}}: CS1 maint: deprecated archival service (link)
  70. ↑ Giles Broom (20 May 2014). "Foreign Banks in Switzerland Increase Client Assets, Group Says". Bloomberg.com. Bloomberg. Retrieved 31 March 2016.
  71. ↑ "Credit Suisse collapse: consequences and open questions". swissinfo.ch. 20 March 2023. Retrieved 6 July 2024.
  72. ↑ "Credit Suisse: the rise and fall of the bank that built modern Switzerland". ft.com. ft.com. 6 July 2024. Retrieved 6 July 2024.
  73. ↑ "Credit Suisse collapse threatens Switzerland's wealth management crown". reuters.com. reuters.com. 6 July 2024. Retrieved 6 July 2024.
  74. ↑ "Banking: A Crack In The Swiss Vault". 60 Minutes. CBS. 30 December 2009. Archived from the original on 21 May 2014.
  75. ↑ "Swiss banks accused over tax evasion". Financial Times. 12 August 2012. Archived from the original on 10 December 2022.
  76. ↑ Hjelmgaard, Kim. "Secret's out on the Swiss bank account". USA TODAY.
  77. 1 2 "'It has become very difficult to finance trading with Russia'". June 2022.
  78. ↑ "Commodity trading in Switzerland, explained". 5 July 2021.
  79. ↑ "Sberbank says Swiss operations unaffected by sanctions". 3 March 2022.
  80. ↑ SWI swissinfo.ch (23 November 2023). "Switzerland seeks data on commodity trading in face of Russia-Ukraine war". SWI swissinfo.ch. Retrieved 15 June 2025.
  81. ↑ "Neutral Switzerland's economy shaken by sanctions on Russia". France24. 5 March 2022. Retrieved 7 March 2022.
  82. 1 2 "Swiss trading hub adapts to new wartime reality". 2 March 2022.
  83. ↑ Dupraz-Dobias, Paula (2 March 2022). "Swiss trading hub adapts to new wartime reality". SWI swissinfo.ch. Retrieved 12 July 2025.
  84. ↑ "Switzerland: The world's gold hub". 12 October 2012.
  85. ↑ "Counting gold in Switzerland". 8 May 2015.
  86. ↑ "Swiss gold imports come under scrutiny as G7 targets Russia". 27 June 2022.
  87. ↑ "Switzerland must regulate its opaque shipping industry". 5 April 2022.
  88. ↑ "'It has become very difficult to finance trading with Russia'". June 2022.
  89. ↑ "Russia-Iran: how the wheat trade is flourishing despite sanctions". SWI swissinfo.ch. 13 July 2023. Retrieved 16 July 2023.
  90. ↑ "Glencore probed by U.S. CFTC for 'corrupt practices'". Reuters. 25 April 2019.
  91. ↑ "Trafigura ends use of middlemen after corruption probes". 15 July 2019.
  92. ↑ "Trafigura paid $390m in share deal with Angola's 'General Dino'". 28 September 2021.
  93. ↑ "Il ne suffit plus de faire du profit pour justifier son existence". Le Temps. 7 October 2021.
  94. ↑ "Statistik Schweiz - Mindestlohn-Initiative". Retrieved 1 April 2016.
  95. ↑ "Geneva: Why the world's highest minimum wage was needed". BBC News. 2 November 2020. Retrieved 15 March 2021.
  96. ↑ "Why Switzerland needs workers from abroad". 8 March 2023.
  97. ↑ "One in four Swiss has second job, survey finds". SWI swissinfo.ch. 23 July 2023. Retrieved 4 August 2023.
  98. ↑ Haushaltseinkommen und -ausgaben 2013 Archived 2016-09-19 at the Wayback Machine Federal Statistical Office (Switzerland); exchange rate 0.90 in December 2013 (xe.com), PPP factor 1.322 as of 2013 (down from 1.851 in 2000) according to oecd.org
  99. ↑ National Accounts at a Glance 2014 Archived 3 December 2024 at the Wayback Machine, OECD Publishing (2014), p. 66.
  100. ↑ Global Wealth Report 2016. Credit Suisse. 2016. Archived from the original on 15 May 2017. Retrieved 22 July 2017.
  101. ↑ "Inequality in Switzerland". February 2016.
  102. ↑ O'Sullivan, Domhnall (30 November 2025). "Why calls to 'tax the rich' are loud, popular – and rarely successful". SWI swissinfo.ch. Retrieved 30 November 2025.
  103. 1 2 SWI swissinfo.ch (4 July 2026). "The week in Switzerland". SWI swissinfo.ch. Retrieved 4 July 2026.
  104. ↑ "Switzerland clings on as world's top offshore wealth centre". SWI swissinfo.ch. 27 June 2023. Retrieved 29 June 2023.
  105. ↑ "Swiss fortunes in 2011 have more than doubled since 2000 in dollar terms" Franc's rise puts Swiss top of rich list, Simon Bowers, The Guardian, 19 October 2011. CHF 500,000 in late 2007 corresponded to USD 403,000 (USD 252,000 PPP), in late 2011 to USD 540,000 (USD 380,000 PPP) and in 2015 to USD 510,000 (USD 400,000 PPP). Exchange rates: xe.com, PPP conversion: 1.601 (2007), 1.433 (2011), 1.275 (2015) oecd.org.
  106. ↑ Tages Anzeiger, Das reichste Land der Welt (20 October 2011) reports 3,820 individuals with a wealth of USD 50 million or more, out of a total population of just above 8 million.
  107. ↑ "Are most Swiss residents rich?". SWI swissinfo.ch. 29 July 2019.
  108. ↑ "Cost-of-living squeeze puts Swiss households at poverty risk". 15 June 2023.
  109. ↑ "One in seven Swiss pensioners lives in poverty, study says". 2 October 2022.
  110. ↑ "Are most Swiss residents rich? - SWI swissinfo.ch". www.swissinfo.ch. Archived from the original on 20 February 2020. Retrieved 3 October 2022.
  111. ↑ SWI swissinfo.ch (26 November 2025). "Switzerland to develop national poverty strategy". SWI swissinfo.ch. Retrieved 1 December 2025.
  112. ↑ "Table 14 - Poverty and Income Distribution Indicators". doi.org. doi:10.1787/763006236207. Retrieved 15 November 2025.
  113. ↑ "La Suisse face à ses clichés: est-ce vraiment un pays riche?". Agefi.com (in French). 26 January 2026. Retrieved 28 January 2026.
  114. ↑ Cite error: The named reference CIA was invoked but never defined (see the help page).
  115. ↑ "United Nations Statistics Division - Trade Statistics". Unstats.un.org. 1 August 2014. Retrieved 31 March 2016.
  116. 1 2 3 4 5 Simoes, AJG; Hidalgo, CA. "OEC: The Observatory of Economic Complexity". oec.world. The Observatory of Economic Complexity. Retrieved 13 November 2019.
  117. ↑ C.G. Schmutz (18 August 2015) Wenn die Armee immer weniger Munition kauft (German) Neue Zürcher Zeitung (Wirtschaft) accessed 18 August 2015
  118. ↑ Seco - Ausfuhr von Kriegsmaterialien im Jahr 2013 (German) accessed 18 August 2015
  119. ↑ Swiss car register Archived 2013-06-07 at the Wayback Machine accessed 7 May 2012
  120. 1 2 3 "Too Big To Fail". Archived from the original on 26 July 2025. Retrieved 24 August 2025.
  121. 1 2 swissinfo.ch, S. W. I. (6 June 2025). "Switzerland outlines stricter too-big-to-fail banking rules". SWI swissinfo.ch. Retrieved 31 August 2025.
  122. ↑ www.finma.ch. p. 4 https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/finma-publikationen/informationsblaetter/20250606-ib-eigenmittelunterlegung.pdf?sc_lang=en. Archived (PDF) from the original on 6 June 2025. Retrieved 24 August 2025. {{cite web}}: Missing or empty |title= (help)
  123. ↑ backend.efd.admin.ch. pp. 8, 9 https://backend.efd.admin.ch/fileservice/sdweb-docs-prod-efdadminch-files/files/2025/06/06/d7bd9cbf-e465-47f9-8975-9dc39c1996b1.pdf. Archived (PDF) from the original on 20 June 2025. Retrieved 25 August 2025. {{cite web}}: Missing or empty |title= (help)
  124. 1 2 Keller-Sutter, Karin (6 June 2025), Speaking Notes TBTF / Karin Keller-Sutter, President of the Federal Council (PDF), pp. 1, 2
  125. 1 2 3 4 The Federal Council's parameters for amendments to the Banking Act (PDF), Federal Department of Finance FDF, 6 June 2025, p. 1
  126. ↑ Remuneration (PDF), Federal Department of Finance FDF
  127. ↑ Factsheet: Capital backing of foreign subsidiaries by the Swiss parent company (Measure 15) (PDF), Federal Department of Finance FDF, p. 5
  128. ↑ "Bilateral agreements I (1999)". www.eda.admin.ch. Retrieved 13 January 2024.
  129. ↑ "Bilateral agreements II (2004)". www.eda.admin.ch. Retrieved 13 January 2024.
  130. ↑ Bilateral agreements Switzerland–EU
  131. ↑ Swiss Federal Statistical Office - European Union (in German) accessed 21 December 2009
  132. ↑ Swiss Federal Statistical Office - Germany (in German) accessed 21 December 2009
  133. ↑ Swiss Federal Statistical Office - France (in German) accessed 21 December 2009
  134. ↑ Swiss Federal Statistical Office - Italy (in German) accessed 21 December 2009
  135. ↑ Swiss Federal Statistical Office - United Kingdom (in German) accessed 21 December 2009
  136. ↑ Swiss Federal Statistical Office - United States (in German) accessed 21 December 2009
  137. ↑ 2006 statistics
  138. 1 2 2002 statistics
  139. ↑ 2003 statistics
  140. 1 2 3 "World Bank Open Data". World Bank Open Data. Retrieved 15 November 2025.
  141. 1 2 3 "Data tools to find and download labour statistics". ILOSTAT. Retrieved 15 November 2025.
  142. ↑ Swiss Federal Tax Administration - Grafische Darstellung der Steuerbelastung 2011 in den Kantonen Archived 16 October 2013 at the Wayback Machine (in German and French) accessed 17 June 2013
  143. ↑ Regionale Disparitäten in der Schweiz - Schlüsselindikatoren Archived June 14, 2013, at the Wayback Machine (in German and French) accessed 20 December 2011

Further reading

[edit]
  • Katzenstein, Peter J. "Capitalism in one country? Switzerland in the international economy." International Organization (1980): 507- 540. Online
  • Milward, Alan S, and S. B. Saul, eds. The economic development of continental Europe: 1780–1870 (1973) online; pp 296–298, 453–463.
  • Pfister, Christian. "Climate and economy in eighteenth-century Switzerland." Journal of Interdisciplinary History 9.2 (1978): 223-243 online Archived 10 February 2021 at the Wayback Machine.
  • Trampusch, Christine, and André Mach, eds. Switzerland in Europe: Continuity and change in the Swiss political economy (Taylor & Francis, 2011).
[edit]

While most of the Swiss economic practices have been brought largely into conformity with the European Union's policies, some trade protectionism remains, particularly for the small agricultural sector.[1]

In 2022, the sector with the highest number of companies registered in Switzerland is Services with 230,494 companies followed by Finance, Insurance, and Real Estate and Retail Trade with 107,547 and 45,935 companies respectively.[2]

Switzerland is considered as the "land of Cooperatives" with the ten largest cooperative companies accounting for more than 11% of GDP in 2018. They include Migros and Coop, the two largest retail companies in Switzerland.[3]

Two out of three Swiss do volunteer work, including in politics, care for the elderly or sports.[4] Volunteering is recognized in the Swiss Constitution.

Watches

[edit]

Switzerland is a leading exporter of high-end watches and clocks. Swiss companies produce most of the world's high-end watches: in 2011 exports reached nearly 19.3 billion CHF, up 19.2% over the previous year. Watch manufacturing is mostly located around the Jura mountains, in the cantons of Geneva, Vaud, Neuchâtel, Bern, and Jura. Notable watchmaking firms include Rolex, Patek Philippe, Swatch, and Richemont.

The watches go to Asia (55%), Europe (29%), Americas (14%), Africa and Oceania (both 1%).[5]

In 2011, Switzerland led the world by exporting watches of all kinds to the value of over US$20 billion, followed by Hong Kong, at under US$10 billion. China exported the highest number of watches by far in 2011.[5]

In July 2024, the Swatch Group's annual profits fell by 70%.[6]

  1. ↑ Switzerland. The World Factbook. Central Intelligence Agency.
  2. ↑ "Industry Breakdown of Companies in Switzerland". HitHorizons.
  3. ↑ von Wy, Benjamin (4 March 2023). "Switzerland: the land of cooperatives". SWI swissinfo.ch. Illustration by Philip Schaufelberger. Archived from the original on 5 March 2023. Retrieved 5 March 2023.
  4. ↑ Wyl, Benjamin von (25 August 2025). "How important is volunteer work to Swiss democracy?". www.swissinfo.ch. Retrieved 10 September 2026.
  5. 1 2 "The Swiss Watch Industry - Facts and figures". Archived from the original on 18 February 2013. Retrieved 20 February 2013.
  6. ↑ "Swatch, l'utile crolla (-70%) a 147 milioni di franchi svizzeri. Il titolo cade in borsa". milanofinanza.it. milanofinanza.it. 15 July 2024. Retrieved 15 July 2024.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_Switzerland&oldid=1378185330"