Swiss housing on the lake with mountains in switzerland

Switzerland Economy

Switzerland's economy in numbers:

Nominal GDP of USD 819 billion in 2022.

GDP per capita of USD 93,664 compared to the global average of USD 10,589.

Average real GDP growth of 1.8% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 74% of overall GDP, manufacturing 19%, other industrial activity 6%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 50% of GDP in 2021, government consumption 12%, fixed investment 24%, and net exports 14%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 71% of total merchandise exports, mineral fuels 1%, food 3%, ores and metals 2% and agricultural raw materials 0%, with other categories accounting for 23% of the total. In the same period, manufactured products made up 59% of total merchandise imports, mineral fuels 3%, food 5%, ores and metals 3% and agricultural raw materials 1%, with other goods accounting for 29% of the total. Total exports were worth USD 475 billion in 2022, while total imports were USD 355 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.8% in the decade to 2022. To read more about GDP growth in Switzerland, go to our dedicated page.

Fiscal policy:

Switzerland's fiscal surplus averaged 0.2% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.9% in the decade to 2022. For more information on Switzerland's unemployment click here.

Inflation:

Inflation averaged 0.2% in the decade to 2022. Go to our Switzerland inflation page for extra insight.

Monetary Policy:

Switzerland's monetary policy rate ended 2022 at 1.00%, up from 0.13% a decade earlier. See our Switzerland monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the franc stayed on the same level vs the U.S. dollar. For more info on the franc, click here.
GDP growth accelerated to 0.5% in the first quarter from 0.3% in the previous quarter, the highest rate since Q2 2022. That said, adjusted for distortions from major sporting events, growth matched the Euro area's 0.3% average. The headline acceleration was supported by improved outturns for private consumption, government spending, fixed investment, and exports. Our panelists expect the economy to have decelerated somewhat in Q2, and for growth to have broadly matched that in European neighbors. Rock-bottom unemployment, sub-2% inflation and monetary easing will all have supported activity. Moreover, surveys measuring manufacturing- and service-sector operating conditions averaged close to Q1 levels in Q2, while retail sales were broadly in line with their Q1 average in April–May.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 37 expert analysts.

Want to get insight on the economic outlook for Switzerland in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Switzerland from a panel of 37 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Switzerland economy. To download a sample report on the Switzerland's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Switzerland Economic Data

2019 2020 2021 2022 2023
Population (million) 8.5 8.6 8.7 8.7 8.8
GDP (USD bn) 722 741 812 819 885
GDP per capita (USD) 84,469 86,139 93,670 93,665 100,389
GDP (EUR bn) 645 650 687 779 818
GDP per capita (EUR) 75,465 75,560 79,239 89,110 92,851
GDP (CHF bn) 717 696 742 782 795
GDP per capita (CHF) 83,943 80,855 85,639 89,444 90,210
Economic Growth (Nominal GDP, ann. var. %) 1.1 -3.0 6.7 5.3 1.7
Economic Growth (GDP, ann. var. %) 1.2 -2.3 5.4 2.7 0.7
Domestic Demand (ann. var. %) 1.1 -1.9 2.3 2.6 0.5
Private Consumption (ann. var. %) 1.2 -3.4 1.8 4.2 2.1
Government Consumption (ann. var. %) 0.8 3.8 3.3 -0.8 -2.0
Fixed Investment (ann. var. %) 0.9 -1.4 2.8 1.2 -1.4
Exports (G&S, ann. var. %) -0.6 -5.6 13.6 6.3 1.1
Imports (G&S, ann. var. %) 0.3 -3.0 5.6 6.0 2.6
Industrial Production (ann. var. %) 4.5 -3.9 8.8 6.4 1.2
Retail Sales (ann. var. %) 1.0 1.4 4.6 -0.1 -1.6
Disposable Income (ann. var. %) 1.8 2.9 0.3 5.1 -
Unemployment (% of active population, eop) 2.3 3.4 2.5 1.9 2.2
Unemployment (% of active population, aop) 2.3 3.2 3.0 2.2 2.0
Fiscal Balance (% of GDP) 1.3 -3.0 -0.3 1.2 0.5
Public Debt (% of GDP) 25.5 28.2 27.1 - -
Money (ann. var. of M2 %) 0.1 6.0 1.5 -3.1 -12.4
Inflation (CPI, ann. var. %, eop) 0.2 -0.8 1.5 2.8 1.7
Inflation (CPI, ann. var. %, aop) 0.4 -0.7 0.6 2.8 2.1
SNB Policy Rate (%, eop) -0.75 -0.75 -0.75 1.00 1.75
10-Year Bond Yield (%, eop) -0.46 -0.53 -0.13 1.57 0.66
Stock Market (ann. var. of Swiss Market Index, %) 26.0 0.8 20.3 -16.7 3.8
Exchange Rate (CHF per USD, eop) 0.97 0.88 0.91 0.93 0.84
Exchange Rate (CHF per USD, aop) 0.99 0.94 0.91 0.95 0.90
Exchange Rate (CHF per EUR, eop) 1.09 1.08 1.04 0.99 0.93
Exchange Rate (CHF per EUR, aop) 1.11 1.07 1.08 1.00 0.97
Current Account Balance (USD bn) 29.7 3.6 56.0 78.2 61.8
Current Account Balance (% of GDP) 4.1 0.5 6.9 9.5 7.0
Merchandise Trade Balance (USD bn) 71.4 63.4 116.1 120.7 127.1
Foreign Direct Investment (USD bn) -84 -50 -77 -43 14

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