Switzerland TOURISM

Switzerland Economy

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Switzerland is an open economy with one of the highest standards of living in the world. Switzerland's GDP was estimated at US$419 billion in 2007 with one of the highest per capita incomes in the world. Switzerland's prosperity is based on labour skills and technological expertise in manufacturing, as well as earnings from services such as tourism and banking.

Switzerland is an important trading nation and a net exporter. In 2007, goods and services exports are estimated, at US$235 billion, exceeding imports by US$37 billion. The strong growth is due in part to services exports which increased by 13.7 per cent. Switzerland's export of goods and services amount to about two-thirds of its GDP. Major merchandise exports are machinery, chemicals and jewellery and the main services exports are in the financial sector. Its major trading partner, Germany, accounts for a fifth of exports and a third of imports.

Switzerland has made efforts to liberalise its economy but agriculture is still highly protected. Farm subsidies are the highest in the world, with Swiss farmers receiving supports equivalent to three-quarters of the value of production.

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Switzerland Tourism