Economy of Switzerland - Wikipedia Economy of Switzerland hide This article has multiple issues. Please help improve it or discuss these issues on the talk page. ( Learn how and when to remove these template messages ) This article may require cleanup to meet Wikipedia 's quality standards. The specific problem is : many unsubstantiated claims Please help improve this article if you can. ( May 2012 ) This article needs to be updated. Please update this article to reflect recent events or newly available information. ( June 2013 ) Economy of Switzerland The city of Zurich, the most important economic center of the country Currency Swiss franc ( CHF ) ≈ 1 USD Fiscal year Calendar year Trade organisations EFTA, WTO and OECD Statistics GDP $659 billion ( nominal ; 2017 ) GDP rank 19th ( nominal ) / 40th ( PPP ) GDP growth 1.8 % ( 2014 ) GDP per capita $78,245 ( nominal ; 2017 ) GDP by sector agriculture ( 1.3 % ) industry ( 27.7 % ) services ( 71.0 % ) ( 2012 est. ) Inflation ( CPI ) 0.01 % ( CPI, 2014 ) Population below poverty line 9.1 % ( 2012 ) Gini coefficient 0.296 ( 2015 ) Labour force 4.8 million ( 2016 ) Labour force by occupation agriculture ( 3.4 % ) Industry ( 23.4 % ) services ( 73.2 % ) ( 2010 ) Unemployment 4.54 % ( 2014 ) 4.38 % ( 2013 ) 4.18 % ( 2012 ) Average gross salary $60,642, annual ( 2015 ) Main industries Machinery chemicals watches textiles precision instruments tourism banking insurance pharmaceuticals Ease - of - doing - business rank 33rd ( 2018 ) External Exports $0.22 trillion ( 2014 ) Export goods machinery, chemicals, metals, watches, agricultural products Main export partners Germany 14.2 % United States 10.6 % Hong Kong 8.7 % India 7.3 % China 6.9 % France 6.1 % Italy 5.4 % United Kingdom 4.8 % ( 2015 ) Imports $0.20 trillion ( 2014 ) Import goods machinery, chemicals, vehicles, metals ; agricultural products, textiles Main import partners Germany 20.7 % United Kingdom 12.8 % United States 8.1 % Italy 7.8 % France 6.7 % China 5.1 % ( 2015 ) FDI stock $747.4 billion ( 31 December 2013 ) Gross external debt $1.346 trillion ( 30 June 2011 ) Public finances Public debt 45.47 % of GDP ( 2013 ) Revenues $19.197 ( 2014, per capita ) Expenses $19,312 ( 2014, per capita ) Economic aid Donor : ODA 2.31 billion CHF ( 0.47 % of GDP ) Credit rating Standard & Poor 's : AAA ( Domestic ) AAA ( Foreign ) AAA ( T&C Assessment ) Outlook : Stable Moody 's : Aaa Outlook : Stable Fitch : AAA Outlook : Stable Foreign reserves $731 billion ( 31 March 2017 ) Main data source : CIA World Fact Book All values, unless otherwise stated, are in US dollars. The economy of Switzerland is one of the world 's most stable economies. The service sector has also come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and the 2017 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg, and together with Norway the only two countries in the world with a GDP per capita above US $70,000 that are neither island nations nor ministates. Contents 1 History 1.1 19th century 1.2 20th century 1.3 2000s 2 Economic sectors 2.1 Watches 2.2 Industrial 2.3 Agriculture 2.4 Trade 2.5 Tourism 2.6 Banking and finance 3 Workforce 4 Income and wealth distribution 5 Economic policy 5.1 Terrorism 5.2 European Union 6 Institutional membership 7 International comparison 8 Regional disparities 9 See also 10 Notes and references 10.1 Notes 10.2 References 11 External links History 19th century Switzerland as a federal state was established in 1848. Before that time, the city - cantons of Zurich and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and under - developed. 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 topography while there are no significant deposits of coal. By 1814, hand weaving had been mostly replaced by the power loom. Both tourism and banking began to develop as an economic factor from 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 the wage earners. Nearly half the women worked in the textile mills, with household servants the second largest job category. The share of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s. Gotthard line in 1882 Railways played a major part in industrialization with the first railway appearing in 1847 between Zurich and Baden. Due to competition between private players, Switzerland was covered with more than 1000 km of track by 1860. 20th century 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 / early 20th century, among other things tied to the role of Switzerland during the World Wars. Switzerland 's total energy consumption, which was dropping from the mid 1910s to the early 1920s, started increasing during the early 1920s. The same got stagnated during the 1930s before dropping again during the early 1940s before an exponential growth which started in the mid 1940s. In the 1940s, particularly during World War II, the economy profited from the increased export and delivery of weapons to the German Reich, France, Great Britain, and other neighbouring and close countries. However, Switzerland 's energy consumption decreased rapidly. The conduct of the banks cooperating with the Nazis ( but not exclusively ; they also cooperated extensively with the British and French ) and commercial relations with the Axis powers during the war became the subject of sharp criticism, resulting in a short period of international isolation of Switzerland from the world. After World War II, Switzerland 's production facilities remained to a great extent undamaged, which facilitated the country 's swift economic resurgence. In the 1950s, annual GDP growth averaged 5 % and Switzerland 's energy consumption doubled. Coal lost its rank as Switzerland 's primary energy source, as other fossil fuels such as crude and refined oil and natural and refined gas imports increased. This decade also marked the transition from an industrial economy to a service economy. Since then the service sector has been growing faster than the agrarian and industrial sectors. In the 1960s, annual GDP growth averaged 4 % and Switzerland 's energy consumption doubled. By the end of the decade oil was Switzerland 's primary energy source. In the 1970s GDP growth rates gradually declined from a peak of 6.5 % in 1970 until contracting 7.5 % in 1975 and 1976. Switzerland became increasingly dependent on oil imported from its main supplier, the OPEC cartel. The 1973 international oil crisis caused Switzerland 's energy consumption to decrease in the years from 1973 to 1977. 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, although Switzerland was also affected by the 1979 energy crisis which resulted in a short - term decrease in Switzerland 's energy consumption. In the 1980s, Switzerland 's economy contracted by 1.3 % in 1982 before going on to grow substantially for the rest of the decade with annual gdp growth between approximately 3 % and 4 % apart from 1986 and 1987 where growth decreased to 1.9 % and 1.6 % respectively. 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 3 - 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 gross domestic product ( GDP ). After having unemployment rates lower than 1 % prior to 1990, the 3 - year - recession also caused the unemployment rate to rise to its all - time peak of 5.3 % in 1997. As of 2008, Switzerland was at the second place among European countries with populations above one million in terms of nominal and purchasing power parity Gross Domestic Product per capita, behind Norway ( see list ). On numerous occasions 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. 2000s The labour productivity level of Switzerland OECD, 2015 In the early 2000s recession, being so closely linked to the economies of Western Europe and the United States, Switzerland was not able to escape the slowdown felt in these countries. After the worldwide stock market crashes in the wake of the 9 / 11 terrorism attacks there were more announcements of false enterprise statistics and exaggerated managers ' wages. In 2001 the rate of growth dropped to 1.2 %, to 0.4 % in 2002 and in 2003 the real GDP contracted by 0.2 %. That 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 1.9 % in June 2000 to its peak of 3.9 % in October 2004, although well below the European Union ( EU ) unemployment average of 8.9 %. The consumer mood worsened and domestic consumption decreased. The exports of goods and services in the EU and the USA decreased as a result of the Swiss Franc 's appreciation in value which caused an increase in prices of exported goods and services. On the other hand, Switzerland 's tourism sector slumped and room occupation rates by foreign guests decreased. Besides that a deficit of market competition in many branches of Switzerland 's economy persisted. On the 10.11. 2002 the economics magazine Cash published 5 measures which political and economic factors were suggested to implement so that Switzerland would once again experience an economic revival : 1. Private consumption should be promoted with decent wage increases. In addition to that families with children should get discounts on their health insurances. 2. Switzerland 's national bank should revive investments by lowering interest rates. Besides that monetary institutes should increasingly credit consumers and offer cheaper land zones which are to be built on. 3. Switzerland 's national bank is 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 infrastructural and educational 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 along with the government 's policy of the Magical Hexagon which consists 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 stood at 2.6 % The stock market collapse has deeply affected investment income earned abroad. This has 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. As of the first quarter 2010, Switzerland house prices are still edging up. The chart below shows the trend of the gross domestic product of Switzerland at market prices : Year GDP ( billions of CHF ) US Dollar Exchange 1980 184 1.67 Francs 1985 244 2.43 Francs 331 1.38 Francs 1995 374 1.18 Francs 2000 422 1.68 Francs 2005 464 1.24 Francs 2006 491 1.25 Francs 2007 521 1.20 Francs 2008 547 1.08 Francs 2009 535 1.09 Francs 546 1.04 Francs 2011 659 0.89 Francs 2012 632 0.94 Francs 2013 635 0.93 Francs 2014 644 0.92 Francs 2015 646 0.96 Francs Economic sectors The city of Zurich, the most important economic center of the country and one of the world 's major financial centers, hosts the SIX Swiss Exchange. The Swiss economy follows the typical First World 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 ). 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. Watches Switzerland is one of the leaders in exports of high - end watches as well as clocks, Swiss watch making companies produce most of the world 's high - end watches, in 2011, the exports of Switzerland reached nearly 19.3 billion CHF. Swiss watch manufacturers exceeded their previous annual result by 19.2 %. The exports of those watches mainly go to Asia ( 55 % ), Europe ( 29 % ), Americas ( 14 % ), Africa and Oceania ( both 1 % ). In 2011, Switzerland had a total export of over 20 billion USD, making it the country with the highest export value of watches, followed by Hong Kong, at under USD $10 billion. However, Mainland China exports the highest number of watches, at a total of over 682.1 units ( in millions ), followed by Hong Kong at 402.7, then Switzerland at 29.8 million units. Industrial See also : Pharmaceutical industry in Switzerland Switzerland has an extensive industrial sector, which is not very well known around the world, but present with companies in different industrial sectors, such as : food processing like Nestlé, chemical for industrial and construction use like Sika AG, pharmaceutical like Novartis and Roche and roof coating chemicals Sarnafil. LafargeHolcim is the largest construction materials group in the world. Agriculture See also : Bio Suisse Swiss free - range cattle. Emmentaler ( also known as Swiss Cheese ), while some Swiss types are AOC restricted, generic Emmentaler is produced around the world. The examples and perspective in this article may not include all significant viewpoints. Please improve the article or discuss the issue. ( January 2011 ) Switzerland is extremely 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. 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, recently adopted by the Swiss Federal Assembly, will increase 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. In 2016 the Swiss government spent about 5.5 % of its total budget ( over CHF 3.5 billion ) on supporting food production. 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. '' 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. Moreover, Swiss consumers consider less important the drawback of higher prices for organic food compared to conventional locally produced food. Trade Imports in 2010 Exports in 2010 A chart of Switzerland 's import and export products from 2010. 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. 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. Switzerland 's largest trading partner is Germany. In 2009, 21 % of Switzerland 's exports and 29 % of its imports came from Germany. The United States was the second largest destination of exports ( 9.1 % of total exports ) and the fourth largest source of imports ( 6.7 % ). Switzerland 's neighbors made up next largest group ; Italy was third for exports ( 8.6 % ) and second for imports ( 10 % ), France was fourth for exports ( 8 % ) and third for imports ( 8.1 % ) and Austria was fifth for exports ( 4.6 % ) and sixth for imports ( 3.7 % ). Major non-European trading partners included ; Japan ( seventh for exports with 3.6 % and twelfth for imports with 2 % ), China ( eighth for exports and imports with 3.1 % and 2.5 % respectively ) and Turkey ( sixteenth for exports with 1.2 % and ninth for imports with 2.3 % ). As a first world 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, glycosides and vaccines, watches, orthopaedic appliances and precious jewellery. Some raw ores or metals are exported, but the majority of the exports in this category are finished jewellery or other finished products. Agricultural products that Switzerland is famous for, such as cheese ( 0.29 % ), wine ( 0.05 % ) and chocolate ( 0.39 % ) all make up only a small portion of Swiss exports. Switzerland is also a significant exporter of arms and ammunition, and the third largest for small calibers, which accounted for 0.33 % of the total exports in 2012. Switzerland 's main imports include ; medicaments, cars, precious jewellery and other unclassified transactions. While Switzerland has a long tradition of manufacturing cars, there are currently no large - scale assembly line automobile manufacturers in the country. Top 25 imports and exports for Switzerland for 2009 Top 25 Imports into Switzerland for 2009 Ranking SITC4 Product Names ( SITC ) Value ( USD ) % 5417 Medicaments $12,609 MM 8.1 % 7810 Cars $7,173 MM 4.6 % 9310 Unclassified transactions $7,171 MM 4.6 % 8973 Precious jewellery $5,924 MM 3.8 % 5 6812 Unwrought metals of platinum $3,814 MM 2.5 % 6 5416 Glycosides & vaccines $3,597 MM 2.3 % 7 3510 Electric current $2,801 MM 1.8 % 8 5156 Heterocyclic compound ; nucleic acids $2,432 MM 1.6 % 9 3330 Crude petroleum $2,126 MM 1.4 % 10 5148 Other nitrogen - function compounds $1,948 MM 1.3 % 11 8219 Furniture parts N.E.S. $1,755 MM 1.1 % 12 6672 Not mounted diamonds $1,670 MM 1.1 % 13 7721 Switchboards, relays & fuses $1,557 MM 1.0 % 14 8996 Orthopaedic appliances $1,551 MM 1.0 % 15 3414 petroleum gases $1,388 MM 0.9 % 16 8851 Watches $1,320 MM 0.9 % 17 8939 Miscellaneous articles of plastic $1,311 MM 0.8 % 18 8960 Works of art $1,273 MM 0.8 % 19 8720 Medical instruments N.E.S. $1,251 MM 0.8 % 20 5989 Chemical products $1,146 MM 0.7 % 21 7643 Television & radio transmitters $1,125 MM 0.7 % 22 7924 Aircraft of more than 15 tons $1,123 MM 0.7 % 23 8510 Footwear $1,108 MM 0.7 % 24 1121 Wine $1,028 MM 0.7 % 25 7284 Specialized industry machinery & parts N.E.S $1,026 MM 0.7 % Top 25 exports from Switzerland for 2009 Ranking SITC4 Product Names ( SITC ) Value ( USD ) % 5417 Medicaments $26,059 MM 15.0 % 5416 Glycosides & vaccines $14,373 MM 8.3 % 8851 Watches $11,694 MM 6.8 % 8996 Orthopaedic appliances $5,714 MM 3.3 % 5 8973 Precious jewellery $4,824 MM 2.8 % 6 3510 Electric current $4,184 MM 2.4 % 7 5148 Other nitrogen - function compounds $4,030 MM 2.3 % 8 7721 Switchboards, relays & fuses $3,438 MM 2.0 % 9 7284 Specialized industry machinery & parts N.E.S $3,098 MM 1.8 % 10 6812 Unwrought metals of platinum $2,789 MM 1.6 % 11 5156 Heterocyclic compound ; nucleic acids $2,684 MM 1.5 % 12 5147 Amide - function compounds, excluding urea $2,396 MM 1.4 % 13 7149 Parts of gas & reaction engines $2,214 MM 1.3 % 14 8720 Medical instruments N.E.S. $2,100 MM 1.2 % 15 5415 Bulk hormones $1,718 MM 1.0 % 16 5413 Antibiotics $1,631 MM 0.9 % 17 5514 Odoriferous substances $1,417 MM 0.8 % 18 6672 Not mounted diamonds $1,318 MM 0.8 % 19 1110 Non-alcoholic beverages N.E.S. $1,269 MM 0.7 % 20 8939 Miscellaneous articles of plastic $1,237 MM 0.7 % 21 9310 Unclassified transactions $1,232 MM 0.7 % 22 7452 Non-electrical machines parts N.E.S. $1,145 MM 0.7 % 23 8960 Works of art $1,057 MM 0.6 % 24 7492 Valves $1,054 MM 0.6 % 25 7416 Heating & cooling equipment N.E.S. $1,034 MM 0.6 % Top 25 trading partners for Switzerland for 2009 Top 25 Trading Partners Importing into Switzerland for 2009 Ranking Country Value ( USD ) % Germany $48,530 MM 28.0 % Italy $15,958 MM 9.0 % France $14,311 MM 8.1 % United States $10,083 MM 5.7 % 5 Netherlands $6,701 MM 3.8 % 6 Japan $6,698 MM 3.8 % 7 Austria $6,607 MM 3.7 % 8 United Kingdom $5,902 MM 3.3 % 9 China $4,589 MM 2.6 % 10 Peru $3,981 MM 2.3 % 11 Belgium $3,952 MM 2.2 % 12 Ireland $3,842 MM 2.2 % 13 United Arab Emirates $3,587 MM 2.0 % 14 Spain $3,536 MM 2.0 % 15 Thailand $3,155 MM 1.8 % 16 Zambia $2,027 MM 1.1 % 17 Brazil $1,978 MM 1.1 % 18 Viet Nam $1,971 MM 1.1 % 19 Russia $1,924 MM 1.1 % 20 South Africa $1,591 MM 0.9 % 21 Czech Republic $1,498 MM 0.9 % 22 Sweden $1,191 MM 0.7 % 23 Poland $1,055 MM 0.6 % 24 Hong Kong $1,054 MM 0.6 % 25 Argentina $974 MM 0.6 % Top 25 trading partners exporting from Switzerland for 2009 Ranking Country Value ( USD ) % Germany $39,238 MM 21.0 % United States $16,260 MM 8.6 % Italy $14,566 MM 7.7 % France $13,610 MM 7.2 % 5 India $10,203 MM 5.4 % 6 Austria $8,050 MM 4.3 % 7 China $6,938 MM 3.7 % 8 United Kingdom $6,451 MM 3.4 % 9 Japan $6,274 MM 3.3 % 10 Hong Kong $4,666 MM 2.5 % 11 Belgium $3,686 MM 2.0 % 12 Spain $3,685 MM 2.0 % 13 Israel $3,277 MM 1.7 % 14 Canada $3,016 MM 1.6 % 15 United Arab Emirates $2,833 MM 1.5 % 16 Thailand $2,504 MM 1.3 % 17 Singapore $2,471 MM 1.3 % 18 Netherlands $2,358 MM 1.3 % 19 Saudi Arabia $2,317 MM 1.2 % 20 Brazil $2,040 MM 1.1 % 21 Turkey $2,012 MM 1.1 % 22 Australia $2,004 MM 1.1 % 23 Russia $1,986 MM 1.1 % 24 Korea, Rep. $1,661 MM 0.9 % 25 Poland $1,406 MM 0.8 % Tourism Main article : Tourism in Switzerland The Mont Cervin Palace in Zermatt. Switzerland has a 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 ) 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. Banking and finance The Bank for International Settlements in Basel. Main article : Banking in Switzerland In 2003, the financial sector 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. 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. Currently an estimated 28 percent of all funds held outside the country of origin ( sometimes called `` offshore '' funds ) are kept in Switzerland. In 2009 Swiss banks managed 5.4 trillion Swiss Francs. 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. In May 2006, foreign banks operating in Switzerland managed 870 billion Swiss francs worth of assets. In 2014, this number was estimated to be 960 billion Swiss francs. Workforce 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. With the peak of 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 have strained the traditional Swiss labour peace. 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. Income and wealth distribution Further information : Demographics of Switzerland In 2013 the mean household income in Switzerland was CHF 120,624 ( c. USD 134,000 nominal, USD 101,000 PPP ), the mean household income after social security, taxes and mandatory health insurance was CHF 85,560 ( c. USD 95,000 nominal, USD 72,000 PPP ). The OECD lists Swiss household gross adjusted disposable income per capita USD 32,594 PPP for 2011. As of 2016, Switzerland had the highest average wealth per adult, at $ 561,900. This development was tied to the exchange rate 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 in the wake of the financial crisis of 2007 -- 2008, without any direct increase in value in terms of domestic purchasing power. Switzerland has a relatively high Gini coefficient of 0.8, similar to the US, indicating unequal distribution. The high average wealth is explained by a comparatively high number of individuals who are extremely wealthy ; the median ( 50th percentile ) wealth of a Swiss adult is five times lower than the average, at USD 100,900 ( USD 70,000 PPP as of 2011 ). Economic policy Terrorism 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 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 June 1, 2002. The Swiss government has since embarked on a second round of negotiations, called the Bilaterals II, which will further strengthen the country 's economic ties with the organisation. 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 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 Countries Agricultural sector % Manufacturing sector % Services sector % Unemployment rate % Unemployment rate ( females ) % Unemployment rate ( males ) % Average hours worked per week Switzerland ( 2006 ) 3.8 23 73.2 4.0 4.7 3.4 41.6 European Union - 25 countries ( 2006 ) 4.7 27.4 67.9 8.2 9 7.6 40.5 Germany ( 2014 ) 2.1 24.4 73.5 5.2 4.9 5.5 41.2 France ( 2006 ) 3.9 24.3 71.8 8.8 9.5 8.1 39.1 Italy ( 2006 ) 4.2 29.8 66 6.6 8.5 5.2 39.3 United Kingdom ( 2006 ) 1.3 22 76.7 5.3 4.8 5.7 42.4 United States ( 2005 ) 1.6 20.6 77.8 5.1 5.6 5.9 41 Regional disparities Cantons Tax index for all Federal, Cantonal and Church Taxes ( Switzerland = 100.0 ) 2006 Median Church, Local and Cantonal Tax Rate ( 2011 ) by Family Status and Pre-Tax Income Population under 20 as a percentage of total population aged 20 -- 64 2007 National Income per person in CHF 2005 Change in National Income per person 2003 - 2005 Unmarried Married with 2 children 80,000 CHF 150,000 CHF 80,000 CHF 150,000 CHF Switzerland 100 14.43 21.12 4.9 12.29 34.59 54,031 5.3 ZH Zurich 82.9 11.01 17.31 4.50 10.52 31.12 68,803 4.6 BE Berne 123.1 14.75 21.96 6.79 14.23 33.05 45,643 5 LU Lucerne 119 13.49 18.04 5.07 11.18 37.19 43,910 5.3 UR Uri 144.2 11.95 15.76 5.91 10.84 37.06 45,711 5.3 SZ Schwyz 66.5 8.53 13.04 3.33 7.77 36.95 50,170 6.3 OW Obwald 146.5 11.21 14.88 7.11 11.01 40.88 39,645 4.7 NW Nidwald 79.1 10.73 15.07 3.66 9.39 34.55 73,285 15.6 GL Glaris 134.8 11.99 17 5.51 11.22 36.85 73,236 10.9 ZG Zoug 50.3 5.95 12.98 1.13 4.91 35.45 93,752 5.4 FR Friburg 126.4 15.18 21.88 5 12.89 40.2 39,559 2.6 SO Soleure 116.9 15.87 21.96 7.26 14.12 34.34 46,844 4.9 BS Basle - City 113.1 14.98 20.61 3.9 13.36 26.6 115,178 15.9 BL Basle - Country 92.5 14.52 22.07 3.37 12.64 33 53,501 3.9 SH Schaffhouse 114.6 13.68 20.1 5.63 11.44 32.92 55,125 5.4 AR Appenzell Outer - Rhodes 121.7 13.44 19.02 6.73 12.88 37.6 44,215 4.7 AI Appenzell Inner - Rhodes 105.6 11.68 16.68 5.13 10.79 44.46 45,936 7.4 SG St Gall 115.5 14.41 20.71 4.7 11.89 37.66 44,866 GR Grisons 112.2 13.79 20.16 3.97 11.37 33.97 49,355 11.7 AG Argovia 87.4 13.56 19.62 4.79 11.78 34.9 49,209 2.5 TG Thurgovia 86.6 13.58 18.89 4.38 11.52 37.52 44,918 3.2 TI Tessin 64.6 12.47 19.35 1.96 10.31 31.14 41,335 3.4 VD Vaud 106.2 15.44 21.77 5.09 13.14 37.87 52,901 3.4 VS Valais 121.3 14.71 22.94 4.29 10.41 35.18 38,385 6 NE Neuchâtel 137.1 18.44 25.5 8.5 16.94 38.06 49,775 6.6 GE Geneva 89.8 14.29 21.61 0.83 10.27 35.4 62,839 5.1 JU Jura 126.6 17.22 24.76 7.7 16.16 40.09 38,069 6.4 Source : See also Taxation in Switzerland Science and technology in Switzerland Swiss labour law Merchant Marine of Switzerland Economy of Europe Federation of the Swiss Watch Industry FH 2000 - watt society Swiss National Bank Banking in Switzerland Notes and references Notes Jump up ^ Includes federal, cantonal and municipal accounts References ^ Jump up to : `` 5. Report for Selected Countries and Subjects : Switzerland ''. Washington, DC, U.S. : International Monetary Fund. Retrieved 1 April 2017. Jump up ^ Field listing - GDP ( PPP ), CIA World Factbook ^ Jump up to : `` OECD. Stat -- General Statistics -- Country statistical progiles : Switzerland ''. Organisation for economic co-operation and development. Retrieved 2016 - 01 - 18. Jump up ^ `` Gini coefficient of equivalised disposable income ( source : SILC ) ''. Luxembourg : Eurostat. 15 June 2017. Retrieved 24 June 2017. Jump up ^ `` Labor force, total ''. World Bank. World Bank. Retrieved 2 September 2016. Jump up ^ https://data.oecd.org/earnwage/average-wages.htm Jump up ^ `` Ease of Doing Business in Switzerland ''. Doingbusiness.org. Retrieved 2017 - 11 - 21. ^ Jump up to : `` Foreign trade -- Indicators -- Balance of trade : Principal business partners in 2014 ''. Neuchâtel, Switzerland : Swiss Federal Statistical Office. 2016. Retrieved 2016 - 01 - 18. Jump up ^ `` Export Partners of Switzerland ''. CIA World Factbook. 2015. Retrieved 26 July 2016. Jump up ^ `` Import Partners of Switzerland ''. CIA World Factbook. 2015. Retrieved 26 July 2016. Jump up ^ `` Increase in Swiss official development assistance ''. Swiss Agency for Development and Cooperation - SDC. 2010 - 09 - 17. Retrieved 2010 - 10 - 11. Jump up ^ `` Sovereigns rating list ''. Standard & Poor 's. Retrieved 26 May 2011. ^ Jump up to : 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. Jump up ^ Swiss National Bank Jump up ^ `` The Global Innovation Index 2015 : Effective Innovation Policies for Development '' ( PDF ). Globalinnovationindex.org. Retrieved 2016 - 03 - 31. Jump up ^ `` These are the world 's 10 most competitive economies ''. World Economic Forum. Retrieved 2017 - 09 - 27. Jump up ^ National Accounts Main Aggregates Database, 2016 by United Nations Statistics Division Jump up ^ 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. Jump up ^ World War 1 and Economic crisis, Britannica Encyclopedia Jump up ^ 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. ( 1 ) Jump up ^ National report on the Swiss Energy regime, BARENERGY project of EU, `` Archived copy '' ( PDF ). Archived from the original ( PDF ) on 2012 - 05 - 26. Retrieved 2014 - 01 - 22. Jump up ^ Graph of GDP growth annual % `` World Bank '' Jump up ^ `` Öffentliche Finanzen - Panorama '' ( in German ). Bundesamt für Statistik ( BFS ). February 2013. p. 18.3. Retrieved 2013 - 05 - 22. Jump up ^ https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart Jump up ^ `` Gross domestic product - quarterly estimates ''. Archived from the original on 2010 - 09 - 23. Retrieved 2010 - 10 - 11. Jump up ^ `` Outlook T1 '' ( PDF ). Retrieved 2011 - 04 - 27. Jump up ^ https://www.bfs.admin.ch/bfs/en/home/statistics/national-economy/national-accounts/gross-domestic-product.html ^ Jump up to : Swiss Federal Statistical Office - Switzerland ( in German ) accessed 21 December 2009 ^ Jump up to : `` Switzerland ''. The World Factbook. Central Intelligence Agency. ^ Jump up to : `` Archived copy ''. Archived from the original on February 18, 2013. Retrieved February 20, 2013. ^ Jump up to : Organic Farming in Switzerland Archived 2009 - 03 - 26 at the Wayback Machine. By Urs Niggli. Jump up ^ `` Food and Agriculture - Pocket Statistics 2017 ''. Federal Statistical Office. 2017. Jump up ^ `` SWISS ENVIRONMENTAL STATISTICS : 2006 '' ( PDF ). Bfs.admin.ch. Retrieved 2016 - 03 - 31. Jump up ^ `` MAX - Unsupported Browser Warning '' ( PDF ). Ustr.gov. Archived from the original ( PDF ) on 2009 - 05 - 06. Retrieved 2016 - 03 - 31. Jump up ^ `` United Nations Statistics Division - Trade Statistics ''. Unstats.un.org. 2014 - 08 - 01. Retrieved 2016 - 03 - 31. ^ Jump up to : The Observatory of Economic Complexity database accessed 7 May 2012 Jump up ^ C.G. Schmutz ( 18 August 2015 ) Wenn die Armee immer weniger Munition kauft ( German ) Neue Zürcher Zeitung ( Wirtschaft ) accessed 18 August 2015 Jump up ^ Seco - Ausfuhr von Kriegsmaterialien im Jahr 2013 ( German ) accessed 18 August 2015 Jump up ^ Swiss car register Archived 2013 - 05 - 27 at WebCite accessed 7 May 2012 Jump up ^ Switzerland Tourism, `` Swiss Tourism in Figures - 2007 ( 2 ) '' Jump up ^ Swiss Federal Statistical Office - Tourism accessed 7 May 2012 Jump up ^ SECO Gross domestic product - quarterly estimates Archived September 23, 2010, at the Wayback Machine. accessed 7 May 2012 Jump up ^ Swiss Bankers Association - Positions and press - releases Accessed January 12th, 2018 ( content added at an earlier date ) Jump up ^ `` The economic significance of the Swiss financial centre '' ( PDF ). Swiss Bankers Association. Archived from the original ( PDF ) on 2010 - 02 - 17. Retrieved 2010 - 05 - 20. Kommunikation Unternehmen Archived 2014 - 01 - 22 at the Wayback Machine. Jump up ^ `` The World Factbook - Switzerland - Introduction ''. Central Intelligence Agency. 2006 - 06 - 13. Archived from the original on 2006 - 07 - 05. Retrieved 2006 - 06 - 17. Jump up ^ `` Country profile : Switzerland ''. BBC News. 2006 - 03 - 26. Retrieved 2006 - 06 - 17. Jump up ^ The Boston Consulting Group `` Global Wealth 2009 '' Jump up ^ `` The economic significance of the Swiss financial centre '' ( PDF ). Swiss Bankers Association. Archived from the original ( PDF ) on February 17, 2010. Retrieved 2010 - 05 - 20. Jump up ^ `` Origins : Why Basel ? ''. Bank of International Settlements. Retrieved 2006 - 06 - 16. Jump up ^ `` Foreign Banks In Switzerland Manage CHF870 Billion In Assets ''. Dow Jones. 2006 - 05 - 29. Retrieved 2006 - 06 - 15. Jump up ^ Giles Broom ( 2014 - 05 - 20 ). `` Foreign Banks in Switzerland Increase Client Assets, Group Says ''. Bloomberg. Retrieved 2016 - 03 - 31. Jump up ^ `` Statistik Schweiz - Mindestlohn - Initiative ''. Retrieved 2016 - 04 - 01. Jump up ^ Haushaltseinkommen und - ausgaben 2013 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 Jump up ^ National Accounts at a Glance 2014, OECD Publishing ( 2014 ), p. 66. Jump up ^ Global Wealth Report 2016. Credit Suisse. 2016. Jump up ^ `` 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. Jump up ^ comparable to the United States, which also has a Gini coefficient close to 0.8, and a median wealth five times lower than average wealth. Switzerland 's neighboring countries have Gini coefficients ranging between 0.6 and 0.73. See list of countries by distribution of wealth. Jump up ^ 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. Jump up ^ Swiss Federal Statistical Office - European Union ( in German ) accessed 21 December 2009 Jump up ^ Swiss Federal Statistical Office - Germany ( in German ) accessed 21 December 2009 Jump up ^ Swiss Federal Statistical Office - France ( in German ) accessed 21 December 2009 Jump up ^ Swiss Federal Statistical Office - Italy ( in German ) accessed 21 December 2009 Jump up ^ Swiss Federal Statistical Office - United Kingdom ( in German ) accessed 21 December 2009 Jump up ^ Swiss Federal Statistical Office - United States ( in German ) accessed 21 December 2009 Jump up ^ 2006 statistics ^ Jump up to : 2002 statistics Jump up ^ 2003 statistics Jump up ^ Swiss Federal Tax Administration - Grafische Darstellung der Steuerbelastung 2011 in den Kantonen ( in German ) ( in French ) accessed 17 June 2013 Jump up ^ Regionale Disparitäten in der Schweiz - Schlüsselindikatoren Archived June 14, 2013, at the Wayback Machine. 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Question: what service industry is an important part of the swiss economy
Answer: Swiss banking industry