Switzerland - Economy
How is the economy of Switzerland? Based on the information we have, Switzerland has a high-income, non-EU European economy; top ten in GDP per capita; renowned banking and financial hub; low unemployment and inflation; slowed GDP growth post-pandemic; highly skilled but aging workforce; key pharmaceutical and precision manufacturing exporter; leader in innovation and competitiveness indices. Key agricultural products in this country include: milk, sugar beets, wheat, potatoes, pork, apples, barley, beef, grapes, maize (2022).
More about the economy of Switzerland
Labor force 4.991 million (2023 est.)
Industrial production growth rate -1.66% (2023 est.)
Industries machinery, chemicals, watches, textiles, precision instruments, tourism, banking, insurance, pharmaceuticals
Population below poverty line 14.7% (2020 est.)
Taxes and other revenues 9.1% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Swiss francs (CHF) per US dollar -
Exchange rates 2023 0.898 (2023 est.)
Exchange rates 2022 0.955 (2022 est.)
Exchange rates 2021 0.914 (2021 est.)
Exchange rates 2020 0.939 (2020 est.)
Exchange rates 2019 0.994 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $863.892 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $923.628 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $1.11 trillion (2021 est.)
Current account balance
Current account balance 2023 $67.821 billion (2023 est.)
Current account balance 2022 $77.245 billion (2022 est.)
Current account balance 2021 $56.091 billion (2021 est.)
Public debt
Public debt 2022 17.8% of GDP (2022 est.)
Budget
Revenues $143.411 billion (2022 est.)
Expenditures $136.348 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.28% of GDP (2023 est.)
Remittances 2022 0.38% of GDP (2022 est.)
Remittances 2021 0.39% of GDP (2021 est.)
Household income
Lowest 10% 2.9% (2020 est.)
Highest 10% 26.4% (2020 est.)
Average household expenditures
On food 9.3% of household expenditures (2022 est.)
On alcohol and tobacco 3.5% of household expenditures (2022 est.)
Imports
Imports 2023 $554.358 billion (2023 est.)
Imports 2022 $516.517 billion (2022 est.)
Imports 2021 $481.27 billion (2021 est.)
Imports (partners) Germany 21%, US 10%, Italy 8%, France 6%, China 5% (2022)
Comodities Imports force gold, packaged medicine, vaccines, cars, garments (2022)
Exports
Imports 2023 $554.358 billion (2023 est.)
Imports 2022 $516.517 billion (2022 est.)
Imports 2021 $481.27 billion (2021 est.)
Exports (partners) US 15%, Germany 13%, China 11%, Italy 6%, France 5% (2022)
Comodities Exports force gold, vaccines, packaged medicine, nitrogen compounds, base metal watches (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $733.779 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $728.562 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $710.319 billion (2021 est.)
GDP (official exchange rate) $884.94 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $82,900 (2023 est.)
Real GDP per capita 2022 $83,000 (2022 est.)
Real GDP per capita 2021 $81,600 (2021 est.)
GDP - composition, by sector of origin
Agriculture 0.6% (2023 est.)
Industry 24.9% (2023 est.)
Services 71.9% (2023 est.)
GDP - composition, by end use
Household consumption 51.6% (2023 est.)
Government consumption 11.4% (2023 est.)
Investment in fixed capital 25.9% (2023 est.)
Investment in inventories -1.4% (2023 est.)
Exports of goods and services 75.3% (2023 est.)
Imports of goods and services -62.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 4.05% (2023 est.)
Unemployment rate 2022 4.3% (2022 est.)
Unemployment rate 2021 5.1% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 8% (2023 est.)
Male 8.3% (2023 est.)
Female 7.7% (2023 est.)
All Important Facts about Switzerland

Want to know more about Switzerland? Check all different factbooks for Switzerland below.

Switzerland is found in Western Europe