Switzerland has one of the highest levels of per capita GDP in the world. Its strong economic performance is largely driven by the services sector. The European Union is Switzerland's main trading partner.
Swiss Economy – Facts and Figures
- Switzerland has the second highest per capita GDP in the world (USD 86,850 in 2020 based on IMF statistics).
- Approximately 74% of Swiss GDP is generated by the services sector and 25% by industry. The agricultural sector contributes less than 1%.
- The EU is Switzerland's main trading partner. Around 66% of Swiss imports are from the EU, while 43% of Swiss exports are to EU countries.
- The vast majority of Swiss businesses (over 99%) are SMEs employing fewer than 250 staff.
- Switzerland has maintained a low level of public debt relative to other countries even during the COVID-19 crisis. At the start of 2021, gross government debt (before deduction of financial assets) stood at approximately CHF 100 billion, representing 15% of GDP.
- Switzerland has the lowest VAT rate in Europe. VAT is payable on most goods and services. A reduced rate of 3.7% is levied on accommodation services, while a 2.5% VAT rate applies to basic necessities and other everyday items.
- Switzerland spends over CHF 22.5 billion on research and development (R&D) annually, which equates to around 3% of GDP. The private sector contributes over two-thirds of this amount.
- The currency of Switzerland is the Swiss franc. The franc is divided into 100 centimes. The currency code for the Swiss franc is CHF.