Exports from Switzerland declined 0.4 percent from a month earlier to CHF 17.8 billion in October 2020, dragged down by sales of chemical & pharmaceutical products, precision instruments, and food and beverages. It is an important indicator of the economic strength of a country. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion. Switzerland supports international efforts to promote human and economic development, reduce poverty, and boost shared prosperity around the world. Switzerland, officially called the Swiss Confederation, is a small country in Central Europe made up of 16,000 square miles of glacier-carved Alps, lakes and valleys. In 1499, the Confederation became independent from the Holy Roman Empire. Latest official GDP figures published by the World Bank. See more from the 2020 Index. The country contains one of the most competitive pharmaceutical industries in the world. The average applied tariff rate is 1.7 percent, and 152 nontariff measures are in force. Labor productivity is high outside of the heavily subsidized agricultural sector. In nominal ranking, Australia will enter Brazil in the top 10 list. © 2020 by The Heritage Foundation. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita Germany (4,15), Canada (9,18), Australia (13,10), Netherlands (17,11), and Switzerland (18,2) are in the top twenty list of GDP and GDP per capita ranking. The Gross Domestic Product (GDP) in Switzerland was worth 703.08 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Switzerland has the second highest gross domestic product (GDP) per capita in the world. Switzerland was placed fourth globally in the 2016 Economic Freedom index published by the Heritage Foundation on Monday. The economy of Switzerland is driven by the manufacturing industry which contributed 25.6% of its GDP in 2017. In PPP, United States (2,7) is present in the top ten of both rankings. World Economic Forum: Global Competitiveness Report ranked 1 out of 133 (2010-2014) World Intellectual Property Organization: Global Innovation Index ranked 1 out of 143 (2014) Legatum Institute: Prosperity Index ranked 2 out of 142 (2014) United Nations Development Programme: Human Development Index ranked 2 out of 187 (2016) Reflecting voters’ concerns about climate change, the Green Party surged to fourth place in October 2019 elections and overtook one of the parties in the coalition government, the Christian Democrats. The Finnish nuclear safety watchdog says a radiation spike has been detected inside one of the Nordic country’s nuclear plants, leading to an automatic shutdown of a reactor, but there was no radioactivity leak and no one was injured. This page provides the latest … The U.S., by … The overall tax burden equals 28.5 percent of total domestic income. A group of Dead Sea hotels and resorts are attempting to create virus-free zones to jump-start Israel’s tourism industry. The service sector now employs the greatest number of people. With two notable exceptions: the United Kingdom, leaving the European Union on Jan. 31, is ranked as only the 16th most economically stable country, a drop of five positions from 2019. As a result, Switzerland, particularly Geneva, is a popular headquarter location for international organizations, such as the International Committee of the Red Cross and the United Nations, though Switzerland did not join the latter until 2002. Based on global opinion, these 25 nations are the world's best. Switzerland has low unemployment, a skilled labor force and one of the highest gross domestic products per capita in the world, according to the CIA World Factbook. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator: 101.45 Amplitude adjusted Long-term average = 100 Oct-2020 ... % of GDP 2017 Switzerland % of GDP: Total % of GDP 1997-2017 Switzerland (red), OECD - Total (black) Total % of GDP 2018 OECD - … Robust international trade fuels its strong economic performance, whilst its scientific infrastructure and health and education systems show steadfast displays. The GDP per Capita in Switzerland is equivalent to 629 percent of the world's average. Switzerland has been gradually edging towards a podium position, from 5 th to 4 th and now 3 rd in 2020. Swiss public administration enjoys the highest public confidence of any national government in the OECD. country comparison to the world (CIA rank, may be based on non-current data): 21. Switzerland scored 85 points out of 100 on the 2019 Corruption Perceptions Index reported by Transparency International. Switzerland’s federal canton system of government disperses power widely. GDP per capita in Switzerland averaged 63908.66 USD from 1970 until 2019, reaching an all time high of 79406.70 USD in 2019 and a record low of 49581.20 USD in 1970. In 2018, Switzerland exported $310B and imported $294B, resulting in a positive trade balance of $16.9B. Switzerland has one of the most competitive economies in the world thanks above all to its highly developed service sector. It would also occupy top spot in ppp per capita ranking by replacing Macao SAR as gdp per capita of Macao SAR will reduced by 50% in 2020. The court system is independent, competent, and fair. The Swiss economy has been rated free for more than a decade. ... “The rise in the GII by economic powerhouses like China and India has transformed the geography of innovation, and this reflects deliberate policy action to promote innovation”. Switzerland has few price controls, but the government intervenes if it finds monopolistic pricing and maintains price and margin controls for all agricultural goods. Additionally, Switzerland has one of the most competitive economies in the world, with a highly developed service sector and the second-highest GDP per capita in the world of US$82,504.32 (December 2018). Main article: Economy of Switzerland. The draft 2020 budget that the government proposed in June 2019 features a surplus of 600 million Swiss francs. Focus on future medical innovation. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. GDP in Switzerland averaged 264.55 USD Billion from 1960 until 2019, reaching an all time high of 709.18 USD Billion in 2014 and a record … Banking remains well capitalized and sound. The main areas include microtechnology, hitech, biotechnology and pharmaceuticals, as well as banking and insurance know-how. The country prides itself on its diversity, and is home to regions with distinct cultural identities. ... Switzerland. Culturally significant in terms of entertainment, offshore entities and various intermediaries, California Do Not Sell My Personal Information Request. GDP growth has slowed in recent years because of risks from the escalating trade war between China and the United States, the rising Swiss franc, and the drastic economic slowdown in neighboring Germany. It’s one of the world’s wealthiest countries, and has been well-known for centuries for its neutrality. Switzerland’s economy is based on a highly qualified labour force performing highly skilled work. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and third in the 2020 Global Competitiveness Report. 1 in innovation again last year. 33.9% of GDP (2015 est.) Report: American Quality of Life Declines, Countries Seen to Care About Human Rights. Best Countries is a rankings, news and analysis project created to capture how countries are perceived on a global scale. Its overall score has increased by 0.1 point due to slightly higher scores for property rights and government integrity. Trade Freedom 86.6 Create a Graph using this measurement, Investment Freedom 85.0 Create a Graph using this measurement, Financial Freedom 90.0 Create a Graph using this measurement. The country’s strong economy is powered by low corporate tax rates, a highly-developed service sector led by financial services and a high-tech manufacturing industry. The total value of exports and imports of goods and services equals 118.8 percent of GDP. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. The country’s strong economy is powered by low corporate tax rates, a highly-developed service sector led by financial services and a high-tech manufacturing industry. The country is also a member of the IMF, WTO and World Bank. United States. Its lowest-scored Index indicator is government spending, but even there the federal government projected a 2019 budget surplus of 2.8 billion Swiss francs, more than double the initially budgeted amount. The Global Innovation Index ranked Switzerland No. Reporting rules and legislation have led to more transparency, but secrecy rules persist and nonresidents are allowed to conduct business through offshore entities and various intermediaries. The GDP value of Switzerland represents 0.58 percent of the world economy. The U.S. has … Education and skills development are vital to our economic success and have made us highly competitive. One of only five countries declared economically free, Switzerland ranked top in Europe and was the only country in the top five not to lose any ground. This content was published on May 28, 2019 - … However, the uncertain evolution of the virus and tense relations with the EU due to disagreements over the renegotiation of the trading relationship pose downside risks. The Swiss Confederation was initially founded in 1291 as a defensive alliance among cantons. From Switzerland to Singapore: Scenes from nations examined in U.S. News' Best Countries report. The government is free from pervasive corruption. The economy of Switzerland is one of the world's most advanced free market economies. United States (1,5) is present in both lists of the top ten GDP and GDP per capita ranking at nominal terms. The rankings evaluate 73 countries across 24 rankings drawn from a survey of more than 20,000 global citizens, measuring 75 dimensions that have the potential to drive trade, travel and investment and directly affect national economies. For example, Switzerland’s Exports rank is higher than (please wait...) of the countries in the dataset. See how Switzerland compares to another country using any of the measures in the Index. 32.3% of GDP (2016 est.) As FDA officials discuss approval of a COVID-19 vaccine, the U.S. set records for deaths and hospitalizations. The top federal personal income tax rate is 11.5 percent, and the federal corporate tax rate is 8.5 percent. The modern and highly developed financial sector provides a wide range of financing instruments. Switzerland is ranked 3rd out of 180 countries in Transparency International’s 2018 Corruption Perceptions Index. Switzerland’s neutrality has long been honored by its European neighbors – the country didn’t take a side in either of the world wars and is not a member of the European Union. Business Freedom 74.2 Create a Graph using this measurement, Labor Freedom 72.4 Create a Graph using this measurement, Monetary Freedom 84.4 Create a Graph using this measurement. In 2019, GDP in Switzerland amounted to around 566.23 billion international dollars. In 2018 Switzerland was the number 20 economy in the world in terms of GDP (current US$), the number 18 in total exports, the number 17 in total imports, and the number 2 most complex economy according to the Economic Complexity Index (ECI). Commercial and bankruptcy laws are applied consistently and efficiently. A large majority of people see an increased need for more government regulation of big technology companies, a new global survey shows. Government spending has amounted to 34.0 percent of the country’s output (GDP) over the past three years, and budget surpluses have averaged 0.4 percent of GDP. Policy proposals are frequently subjected to referenda, including 2019 measures on gun control and the financing of the Swiss pension system. Switzerland and Canada rank second and third, respectively, as the best countries to conduct business, trailing only Luxembourg. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. The statistic shows the growth of the real gross domestic product (GDP) in Switzerland from 2009 to 2019, with projections up until 2021. × Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Switzerland is one of the world's largest exporters. The highly competitive business climate reflects strong regulatory efficiency and openness to free trade. The investment code is transparent and efficiently administered. Tax Burden 70.1 Create a Graph using this measurement, Government Spending 65.3 Create a Graph using this measurement, Fiscal Health 96.7 Create a Graph using this measurement. About 74% of Swiss GDP is generated by the service sector and 25% by industry. Switzerland Economic Growth Following a likely sharp contraction in 2020, the economy is set to expand strongly next year as external demand recovers. Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Read More About SwitzerlandSwitzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. Economic freedom is well established and institutionalized in Switzerland. Switzerland is ranked 1st among 45 countries in the Europe region, and its overall score is well above the regional and world averages. Since 2016, the U.S. has experienced the greatest drop in global confidence, while Canada continues to be seen as the most trusted. [see also: Gross national saving country ranks ] GDP - composition, by end use: household consumption: 53.7% (2017 est.) Population figures based on United Nations data. Executive authority is exercised by a seven-member Federal Council. Among key trade partners, exports decreased to China and the US, but rose to the EU and the UK. Swiss citizens have won more Nobel Prizes and registered more patents per capita than most other nations. Switzerland is Europe’s most competitive nation, coming fourth in the annual global ranking of the Lausanne-based IMD business school. EUR 73,000 or USD 81,000). Luxembourg would remain at top spot for next few years as it are ahead of 2nd ranked occupier Switzerland by huge margin of $27,735. In 1848, a new constitution turned the Confederation into a centralized federal government, ending a period of conflict. All Rights Reserved. The economy relies on financial services, precision manufacturing, metals, pharmaceuticals, chemicals, and electronics. Cantonal-level taxation is more burdensome than federal-level taxation. Economy and gross domestic product … Switzerland is a federal republic made up of 26 cantons and an administrative capital in Bern. Public debt is equivalent to 40.5 percent of GDP. Our country’s lack of natural resources forces us to rely on brain power. Property Rights 87.4 Create a Graph using this measurement, Judicial Effectiveness 81.5 Create a Graph using this measurement, Government Integrity 90.1 Create a Graph using this measurement. Switzerland's life expectancy is even higher than Norway's at 83.6 years. Most of its citizens live in towns and cities, the largest of which is Zurich – the most cosmopolitan of the country’s cities. Switzerland economic growth for 2018 was $592.26B, a 0.65% increase from 2018. … Corruption Index in Switzerland averaged 87.37 Points from 1995 until 2019, reaching an all time high of 91 Points in 2004 and a record low of 84 Points in 2001. Read more about Switzerland Economy. The Gross Domestic Product per capita in Switzerland was last recorded at 79406.70 US dollars in 2019. Switzerland has one of the world’s highest per capita GDPs and a highly skilled labor force. Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. German, French, Italian and Romansh language all enjoy national status. Following Switzerland in the rankings are Sweden, the United States, the Netherlands and the United Kingdom. And its neutrality during periods of conflict attracted some of the world’s greatest minds to immigrate, including James Joyce, George Byron and Voltaire. Switzerland is also notable for its secretive banking sector. . Physical property rights and intellectual property rights are recognized and enforced. At the end of 2015 Swiss GDP per capita stood at CHF 77,943 (approx. Switzerland has a long tradition of openness to the world but jealously guards its independence and neutrality. Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. The country’s cultural contributions are disproportionate to its small size. Since then, the country has enjoyed relative tranquility. The law provides criminal penalties for official corruption, and the government generally implements the law effectively. 33.8% of GDP (2017 est.)
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