Switzerland Economy - 2004

Economy - overview:
Switzerland is a prosperous and stable modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP larger than that of the big Western European economies. The Swiss in recent years have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness. Switzerland remains a safe haven for investors, because it has maintained a degree of bank secrecy and has kept up the franc's long-term external value. Reflecting the anemic economic conditions of Europe, GDP growth dropped in 2001 to about 0.8%, to 0.2% in 2002, and to -0.3% in 2003.

GDP:
purchasing power parity - $239.8 billion (2003 est.)

GDP - real growth rate:
-0.3% (2003 est.)

GDP - per capita:
purchasing power parity - $32,800 (2003 est.)

GDP - composition by sector:
agriculture: 1.5%
industry: 34%
services: 64.5% (2003 est.)

Population below poverty line:
NA% (2000)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 25.2% (1992)

Distribution of family income - Gini index:
33.1 (1992)

Inflation rate (consumer prices):
0.5% (2003 est.)

Labor force:
4 million (2001)

Labor force - by occupation:
services 69.1%, industry 26.3%, agriculture 4.6% (1998)

Unemployment rate:
3.9% (2003 est.)

Budget:
revenues: $30 billion
expenditures: $30 billion, including capital expenditures of $NA (2001 est.)

Industries:
machinery, chemicals, watches, textiles, precision instruments

Industrial production growth rate:
3.2% (2001)

Electricity - production:
68.68 billion kWh (2001)

Electricity - production by source:
fossil fuel: 1.3%
hydro: 59.5%
other: 2% (2001)
nuclear: 37.1%

Electricity - consumption:
53.43 billion kWh (2001)

Electricity - exports:
34.54 billion kWh (2001)

Electricity - imports:
24.1 billion kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
290,400 bbl/day (2001 est.)

Oil - exports:
10,420 bbl/day (2001)

Oil - imports:
289,500 bbl/day (2001)

Natural gas - production:
0 cu m (2001 est.)

Natural gas - consumption:
3.093 billion cu m (2001 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
3.093 billion cu m (2001 est.)

Agriculture - products:
grains, fruits, vegetables; meat, eggs

Exports:
$110 billion f.o.b. (2003 est.)

Exports - commodities:
machinery, chemicals, metals, watches, agricultural products

Exports - partners:
Germany 20.4%, US 11.9%, France 9.1%, Italy 8.2%, UK 5.1% (2002)

Imports:
$102.2 billion f.o.b. (2003 est.)

Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles

Imports - partners:
Germany 31.4%, Italy 10.3%, France 10%, US 6.6%, Netherlands 5.1%, UK 4.9%, Austria 4.1% (2002)

Debt - external:
$NA (2000)

Economic aid - donor:
ODA, $1.1 billion (1995)

Currency:
Swiss franc (CHF)

Currency code:
CHF

Exchange rates:
Swiss francs per US dollar - 1.35 (2003), 1.56 (2002), 1.69 (2001), 1.69 (2000), 1.5 (1999)