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 is one of the top 10 economies by GDP per capita ranking (USD 92,000 in 2022).
- 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 67% of Swiss imports are from the EU, while 50% 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 one of the lowest rates of VAT in Europe. VAT at a rate of 8.1% is payable on most goods and services. A reduced rate of 3.8% is levied on accommodation services, while 2.6% applies to everyday items.
- Switzerland spends approximately CHF 23 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.