Swiss economy

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Switzerland
Flag of Switzerland
World economic rank 19. (nominal) (2015)
currency Swiss Francs (CHF)
Conversion rate CHF 1.– = EUR 0.93
Key figures
Gross domestic
product (GDP) 		USD 664.6 billion (nominal) (2015)
USD 482.35 billion (PPP) (2015)
GDP per capita USD 80,675 (nominal) (2015)
USD 58,551 (PPP) (2015)
GDP by economic sector Agriculture : 1.2% (2009)
Industry : 26.8% (2009)
Services : 72% (2009)
growth 1.1% (2017)
inflation rate 0.5% (2017)
Employed approx. 4.53 million (2009)
Activity rate approx. 58% (2009)
Unemployed 111,378 (June 30, 2011)
Unemployment rate 2.8% (June 30, 2011)
Foreign trade
export EUR 124.1 billion (2009)
Export goods Pharmaceuticals, industrial machines, precision instruments, clocks
Export partner Germany : 19.2% (2009)
USA : 10% (2009)
Italy : 8.4% (2009)
import EUR 111.9 billion (2009)
Import goods Pharmaceuticals, industrial machinery, metal goods
Import partner Germany : 32.5% (2009)
Italy : 10.7% (2009)
France : 9.3% (2009)
Foreign trade balance EUR 12.2 billion (2009)
public finances
Public debt 29.7% of GDP (2017)
Government revenue 34.7% of GDP (2016)
Government spending 34.3% of GDP (2016)
Budget balance −0.4% of GDP (2016)

The Swiss economy is one of the most stable economies in the world. In terms of gross domestic product , Switzerland ranks 10th worldwide. Calculated according to the gross domestic product per capita, it even ranks second. The main employer is the service sector with its trading and financial center. In addition, tourism and industry are also important branches of the Swiss economy.

history

Swiss industrialization initially took place mainly in the canton of Zurich and the surrounding area. Initially it was mainly the textile industry , but it quickly developed into an active machine industry - at first only for personal use . This produced the textile machines, steam engines and locomotives for the new railway . That was the first industrial focus, soon the chemical industry, e.g. B. Follow at the knee of the Rhine around Basel . The watch industry developed mainly in western Switzerland and along the Jura arc . Their knowledge and skills lay much more in handicraft and precision work . Mechanical clockworks were initially produced in many small home workshops and micro-factories.

Electrical engineering reached maturity at the end of the 19th century. That meant the chance for the upswing of the electricity industry in Switzerland . Due to a lack of coal deposits, she was denied access. Forced to explore the possibilities of mechanization without steam propulsion, Switzerland found ways and means in hydropower to make up for its energy handicap. This also led to Switzerland's pioneering role in the electrification of its rail network.

Turbine production in the second half of the 19th century

The manufacture of turbines for power plants as one of the «engines» of industrialization and the export economy:

Manufacturer Period Total production exported from it
Escher Wyss AG , Zurich 1844-1875 801 turbines 65.8%
Benjamin Roy , Vevey 1866-1875 226 turbines 45% (Europe)
JJRieter , Winterthur 1854-1883 350 installations 30% (Russia, Norway)
Socin & Wick, Basel 1867-1883 320 turbines (95% Girard) 70% of the Girard turbines
Theodor Bell , Kriens 1859-1883 200 turbines 50% (of which 70% to Italy)
Machine workshop iron foundry M. Less , St. Georgen (St. Gallen) 1856-1883 130 turbines 28%

Economic data

gross domestic product

The gross domestic product of Switzerland in 2012 was around 592 billion Swiss francs , which corresponds to around 74,010 francs per capita (per capita also for the non-employed population). In comparison with the GDP of the EU expressed in purchasing power standards in 2015 reached Switzerland an index value of 162 (EU-28: 100) and therefore about 130% of the German value.

labour market

Switzerland has a liberal labor market. In particular, protection against dismissal is not as developed as in other European countries. This allows companies to react flexibly to the economy.

In the course of the global economic slowdown, unemployment in Switzerland rose at the beginning of the 3rd millennium from a low of 1.6% in 2001 to the high of the unemployment rate of 3.9% in 2004. In recent years, the economy has increased however, it picked up again and the unemployment rate began to fall again.

In 2007, an average of 109,189 people were registered as unemployed in Switzerland, which corresponds to an unemployment rate of 2.8%. In German-speaking Switzerland it was 2.2%, while it was 4.2% in French-speaking Switzerland and Ticino.

Key figures

Various macroeconomic indicators of the Swiss economy from 1980 to 2017. All GDP values ​​are given in Swiss francs.

year GDP
(in CHF billion) 		GDP per capita
(in Swiss francs) 		GDP growth
(real) 		Inflation rate
(in percent) 		Unemployment rate
(in percent) 		Public debt
(in% of GDP)
1980 199.3 31,620   5.1%   4.0% 0.2% k. A.
1981   214.0   33,767   1.6%   6.5%   0.2% k. A.
1982   226.5   35,546   −1.3%   5.7%   0.4% k. A.
1983   233.6   36,441   0.6%   3.0%   0.9% k. A.
1984   249.7   38,846   3.1%   2.9%   1.1% k. A.
1985   264.8   41,020   3.7%   3.4%   1.0% k. A.
1986   277.8   42,844   1.9%   0.7%   0.8% k. A.
1987   288.3   44,209   1.6%   1.4%   0.8% k. A.
1988   306.4   46,652   3.3%   1.9%   0.7% k. A.
1989   330.8   49,970   4.4%   3.2%   0.6% k. A.
1990   358.4   53,705   3.6%   5.4%   0.5% 34.4%
1991   374.5   55,432   −0.8%   5.9%   1.0%   36.1%
1992   381.8   55,808   −0.2%   4.0%   2.5%   40.9%
1993   390.3   56,507   −0.1%   3.2%   4.5%   46.7%
1994   400.3   57,439   2.4%   2.7%   4.7%   50.1%
1995   405.3   57,745   0.5%   1.8%   4.2%   52.9%
1996   408.2   57,792   0.6%   0.8%   4.7%   54.4%
1997   415.8   58,733   2.3%   0.5%   5.2%   57.2%
1998   427.4   60,238   2.9%   0.0%   3.9%   59.6%
1999   435.2   61,087   1.7%   0.8%   2.7%   55.9%
2000   459.7   64,173   4.0%   1.6%   1.8%   54.7%
2001   470.3   65,341   1.3%   1.0%   1.7%   52.9%
2002   471.1   64,968   0.2%   0.6%   2.5%   59.1%
2003   475.6   65,025   0.1%   0.6%   3.7%   58.2%
2004   489.6   66,483   2.6%   0.8%   3.9%   59.6%
2005   508.9   68,636   3.2%   1.2%   3.8%   56.8%
2006   540.5   72,465   4.1%   1.1%   3.3%   50.5%
2007   576.4   76,763   4.1%   0.7%   2.8%   46.5%
2008   599.8   78,991   2.1%   2.4%   2.6%   46.8%
2009   589.4   76'530   −2.2%   −0.5%   3.7%   45.2%
2010   608.2   78,121   2.9%   0.7%   3.5%   44.0%
2011   621.3   78,946   1.8%   0.2%   2.8%   44.1%
2012   626.2   78,723   1.0%   −0.7%   2.9%   44.7%
2013   638.3   79,404   1.8%   −0.2%   3.2%   43.8%
2014   649.8   79,827   2.5%   0.0%   3.0%   43.7%
2015   653.7   79,346   1.2%   −1.1%   3.2%   43.6%
2016   659.0   79,137   1.4%   −0.4%   3.2%   43.3%
2017   668.1   79,357   1.1%   0.5%   3.2%   42.8%

Structure of the Swiss economy

Agriculture and raw materials

In the highly industrialized service state of Switzerland, less than four percent of the population now work in agriculture . Nevertheless, this branch of industry is supported by the federal government with considerable funds ( subsidies ). Agricultural production is very different from region to region. In the foothills of the Alps , in the Alps and in the Jura , cattle and dairy farming dominate , in the Central Plateau cereals , potatoes and beets are grown , in eastern Switzerland and in the Valais fruit . Viticulture is practiced in different areas. Hard cheese ( Emmentaler , Gruyère (Gruyère) , and Sbrinz ) are primarily exported .

Integrated production dominates agriculture in Switzerland . The share of organically farmed agricultural area was 10.8% in 2011. In 2005 the proportion of organic farms reached its peak to date with 6,320 so-called Bud farms , after which this proportion decreased again and even more so than the general structural change. This trend has reversed since 2011 and the number of organic farms is growing again, most recently to 5731 in 2012. There is no cultivation of genetically modified plant varieties, except for research purposes.

Switzerland is poor in raw materials. Gravel , limestone (Jura), clay , granite ( Graubünden , Ticino ) and salt ( Rheinfelden , Bex ) are mined . So far, only traces of coal, uranium and oil have been found. Several mines that in the past supplied iron ore ( Sargans , Fricktal , Stechelberg ), asphalt ( La Presta , Travers), copper (Zinal) or gold (Gondo) have now been closed.

An important raw material in Switzerland is hydropower , which covers two thirds of Switzerland's electricity needs with storage power plants and run-of- river power plants . See also: List of reservoirs in Switzerland .

Commercial and industrial

Most of the gross domestic product is generated in the secondary and tertiary sectors. The secondary sector (industry) has lost a lot of its importance in terms of employment, but around 24% of employees work in industry.

In the secondary sector, the watch industry ( e.g. Swatch Group , IWC ) and mechanical engineering (e.g. ABB , Sulzer ) dominate. Switzerland is also known for the manufacture of precision instruments and apparatus as well as for the pharmaceutical industry ( Novartis , Roche ), chemistry ( Clariant ), food production ( Nestlé ) and medical technology .

energy

One of the few raw materials that Switzerland has is the water used to generate electricity ; the country is known as the "moated castle of continental Europe". Nevertheless, electricity production with the help of run-of-river power plants (along the rivers) and pumped storage power plants (use of mountain reservoirs) only contributed around 15% to the country's final energy consumption in 2015. By far the largest share of consumption is accounted for by 51% of petroleum products (16% fuels and 35% fuels). Gas contributes around 14%, electricity from five nuclear power plant blocks around 10%. The efforts to reduce fossil fuels and thus the carbon dioxide pollution of the earth's atmosphere (according to the Paris Agreement ) are still lagging well behind the reduction targets in Switzerland (see above all energy efficiency ); Solar and wind energy together contribute around 3 percent to covering energy needs.

Services

The tertiary sector is becoming increasingly important: 73% of the workforce worked in the service sector in 2003 (15.1% in retail, 5.7% in hotels and restaurants, 5.1% in banks and insurance companies).

UBS  AG, one of the largest banks in the world, and Credit Suisse are based in Switzerland. Both banks together had gross income of CHF 60 billion in 2003. The Swiss Re is one of the world's largest reinsurers.

For almost 200 years, tourism , aided by the Alps and the lakes, has been a considerable branch of the economy in Switzerland, although it is on the decline. In 2012 the share of the gross domestic product (GDP) was still 2.6% and employed 4.4% of the working people.

The monetary and financial system

The Swiss financial system essentially consists of banks , insurance companies and lawyers who act as financial intermediaries . The share of the total economic output (gross domestic product GDP) of banks and insurance companies is 10.5% in Switzerland. In comparison, this share is 3.6% in Germany and 6.8% in Great Britain.

The highly developed banking system plays an international role that is disproportionate to the economic size of the country. Favorable interest rates of the Swiss franc, the long history of social, political and economic stability, the extensive renunciation of restrictions on trade and capital movements, and the traditional understanding of discretion in financial matters have created favorable conditions for the development of the banking sector. The UBS AG is the largest bank in Switzerland and one of the largest in the world. The 2011 balance sheet total was CHF 1,419 billion. The Credit Suisse is the second largest bank with total assets in 2010 of 1,049 billion francs. Internationally known insurance companies are z. B. Swiss Re and Zurich Insurance Group .

There are over 9,000 lawyers in Switzerland . This professional group is considered to be particularly influential politically. Many of them work as financial intermediaries, for example they set up and manage offshore companies in tax havens . These often serve to avoid taxes or to manage black money . The President of the Swiss Bar Association said in 2013: ... lawyers who have systematically built offshore structures for foreigners to reduce taxes are exposed to a considerable risk, and a paradigm shift similar to that of bankers is currently taking place. Managing untaxed money is no longer a business model.

The largest companies

The following list shows the 15 largest companies in Switzerland according to turnover in 2008. This is an extract from the list of the largest companies in Switzerland . Banks and insurance companies follow in their own list according to total assets in 2008 or according to premium income in 2008.

The largest companies by sales in 2008

rank Surname Headquarters Sales
(billion CHF )		 EBIT
(million CHF )		 Employees Branch
1. Glencore Baar 165,000 n / A 190000 Commodity trading
2. Nestlé Vevey 109.908 15000 283000 food
3. Roche Basel 45.617 13924 80080 Pharma
4th Novartis Basel 44.154 9547 96717 Pharma
5. FIG Zurich 37.181 4848 120000 Machine industry
6th Cargill International Geneva 34,600 n / A 600 Commodity trading
7th Adecco Chéserex 32.164 1205 34000 Temporary work
8th. Petroplus train 29,871 414 2882 Mineral oil trade
9. Xstrata train 29.767 7732 40049 Commodity trading
10. Mercuria Energy Trading Geneva 28.671 384 119 Commodity trading
11. Migros Zurich 25.750 1113 62412 Retail trade
12. Holcim Rapperswil-Jona 25.157 3723 86713 Construction supplier
13. Kuehne + Nagel Schindellegi 21,599 736 53823 Logistics / forwarding
14th Coop Basel 18.271 659 53880 Retail trade
15th Schindler Holding Hergiswil 14.027 889 45063 Machine industry

The largest banks by total assets in 2008

rank Surname Headquarters Balance sheet total
(billion CHF )
assets under management
(billion CHF )		 Equity
(billion CHF )		 Net profit
(million CHF )		 Employee
1. UBS Zurich and Basel 2015.098 2174 40,802 −20887 77783
2. Credit Suisse Zurich 1170.350 1106 32,302 −8218 46800
3. Raiffeisen Switzerland St. Gallen 131.575 125 7.979 564 9133
4th Zürcher Kantonalbank Zurich 113.131 122 7.436 503 4685
5. HSBC Private Bank (Suisse) SA Geneva 73.670 146 3,684 672 2669
6th BNP Paribas (Suisse) SA Geneva 52.332 37 3,766 510 1756
7th Julius Baer Zurich 46.240 338 6.573 852 4335

The largest insurance companies by gross premium income in 2008

rank Surname Headquarters Gross premium
income
(billion CHF )		 Investments
(billion CHF )		 Net profit
(million CHF )		 Employee Main activity
1. Zurich Insurance Group 1 Zurich USD 51,894 USD 185,558 USD 3039 57609 Personal and property insurance
2. Swiss Re Zurich 25.501 163.965 −864 11560 reinsurance
3. Swiss Life Zurich 13,392 124.178 345 8184 Personal and property insurance
4th AXA Winterthur Winterthur 10,344 n / A 69 4075 Personal and property insurance
5. Baloise Basel 6,954 56,332 387 9200 Personal and property insurance
6th Helvetia St. Gallen 5.627 30.759 231 4591 Personal and property insurance
7th Helsana Dubendorf 5.437 4,250 −215 3149 Health insurance

1 Figures at Zurich Financial Services in US dollars (balance sheet currency)

Competitiveness in international comparison

According to two independent rankings, Switzerland is placed 3rd and 1st in terms of international competitiveness :

  • World Competitiveness Yearbook 2012: 1st Hong Kong, 2nd USA, 3rd Switzerland, 4th Singapore, 5th Sweden, 6th Canada. Germany is in 9th place, Austria in 21st place (out of 59 countries).
  • Growth Competitiveness Index 2011/12: 1. Switzerland, 2. Singapore, 3. Sweden, 4. Finland, 5. USA, 6. Germany, 7. Netherlands, 8. Denmark, 19. Austria (out of 142 countries).

The English Economist Intelligence Unit has compiled a ranking of the ten countries with the best business environment, which is valid for the years 2007–2011: 1st place: Denmark with 8.8 out of 10 possible points. 2. Finland (8.8), 3. Singapore, 4. Switzerland, 5. Canada, 6. Hong Kong, 7. USA with 8.7 points each, 8. Netherlands, 9. Australia, 10. Great Britain with 8 each , 6 points. (Source: The Economist, September 1, 2007).

See also

Individual evidence

  1. ↑ Gross domestic product 2015. (PDF) In: World Development Indicators database. World Bank, July 22, 2016, accessed September 3, 2016 .
  2. ^ IMF - World Economic Outlook Database, April 2016 ; Retrieved August 28, 2016
  3. ^ IMF - World Economic Outlook Database, April 2016 ; Retrieved August 28, 2016
  4. ↑ IMF - World Economic Outlook Database, April 2016. Retrieved September 3, 2016
  5. ↑ IMF - World Economic Outlook Database, April 2016. Retrieved September 3, 2016
  6. ↑ Eurostat - Gross Value Added in Agriculture. Accessed October 2, 2010
  7. ↑ Eurostat - Gross Value Added Industry. Accessed October 2, 2010
  8. ↑ Eurostat - Gross Value Added in Services. Accessed on October 2, 2010
  9. ↑ [1] Retrieved January 29, 2018
  10. ↑ [2] Retrieved January 29, 2018
  11. ↑ Eurostat - Employment. Accessed October 2, 2010
  12. ↑ a b Swiss labor market statistics , accessed on July 8, 2011.
  13. ↑ Eurostat - Foreign trade by declaring country.Retrieved on October 2, 2010
  14. ^ Federal Statistical Office - Export of Important Goods. Accessed October 2, 2010
  15. ↑ Federal Statistical Office - Foreign Trade Accessed on October 2, 2010
  16. ↑ Eurostat - Foreign trade by declaring country.Retrieved on October 2, 2010
  17. ↑ Federal Statistical Office - Import of Important Goods Retrieved on October 2, 2010
  18. ↑ Federal Statistical Office - Foreign Trade Accessed on October 2, 2010
  19. ↑ Eurostat - Foreign trade by declaring country.Retrieved on October 2, 2010
  20. ↑ Switzerland's national debt ratio from 2009 to 2016 and forecast for 2017 to 2019 (in relation to gross domestic product). Statista, accessed on September 23, 2018 .
  21. ↑ Eurostat - Total government revenue. Accessed October 2, 2010
  22. ↑ Eurostat - General government expenditure. Accessed October 2, 2010
  23. ↑ [3]
  24. ^ The International Monetary Fund (IMF): GDP (nominal). 2019, accessed on April 12, 2020 .
  25. ^ The International Monetary Fund (IMF): GDP per capita (purchasing power parity). 2019, accessed on April 12, 2020 .
  26. ↑ Simon Leresche, Laurent Tissot: 150 ans de production de turbines à Vevey (1863-2013). The Benjamin Roy à Andritz Hydro en passant par les Ateliers de Constructions Mécaniques de Vevey. Éditions Alphil-Presses universitaires suisses, Neuchâtel 2013, ISBN 978-2-940489-49-7 . TV Vevey: 150 ans de production de turbines à Vevey (1863-2013)
  27. ^ Federal Statistical Office
  28. ↑ Gross domestic product (GDP) per capita in PPS. Eurostat , June 1, 2016, accessed December 4, 2016 .
  29. ^ Report for Selected Countries and Subjects. Retrieved September 2, 2018 (American English).
  30. ↑ http://www.bio-suisse.ch/media/Aktuell/Dokumente2011/Mediendossier/d_grafik_bio_suisse_11.pdf
  31. ↑ Switzerland has more organic farmers - www.schweizerbauer.ch
  32. ↑ Federal Office of Energy: Total Energy Statistics 2015
  33. ↑ Gerhard Lob: In Ticino, almost 10 percent of the gross domestic product is generated by tourism. This added value is above the Swiss average, but below the Graubünden and Valais reference value. Tessiner Zeitung TZ February 20, 2015, p. 3.
  34. ↑ Is Switzerland really the country of bankers?
  35. ↑ Peter Boumberger, William Gasser: Switzerland: monetary and financial system. In: The new Palgrave dictionary of money and finance. 1992.
  36. ↑ Membership statistics 2013 of the Swiss Bar Association SAV (PDF; 8 kB)
  37. ↑ zeit.de April 14, 2011: The real powerful in the country. - Anyone who thinks Switzerland is run by politicians and managers is wrong. The lawyers rule in secret.
  38. ↑ a b The flight of money into paradise
  39. ↑ www.sav-fsa.ch ( Memento of the original from December 26, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.sav-fsa.ch
  40. ↑ http://www.imd.org/research/publications/wcy/upload/scoreboard.pdf
  41. ↑ http://www3.weforum.org/docs/WEF_GCR_CompetitivenessIndexRanking_2011-12.pdf