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.
After expanding 0.3% quarter-on-quarter in Q4, our Consensus is for GDP to have expanded at a similar pace in Q1. Slightly softer private consumption growth and a fall in government spending should have been broadly offset by a rebound in fixed investment. Available data is fairly encouraging: In Q1, retail sales rose from Q4, consumer sentiment improved markedly and manufacturing conditions worsened less on average than in Q4, according to the PMI survey. However, the services PMI weakened. Turning to the second quarter, our Consensus is for a slight pick-up in economic growth. Exports will likely benefit from a recovering EU economy, and domestic demand from one of the world’s lowest unemployment rates, low inflation and the Central Bank’s recent rate cut.
Projections out to 2033.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 38 expert analysts.

Want to get insight on the economic outlook for Switzerland in the coming years? FocusEconomics collects projections out to 2033 on 45 economic indicators for Switzerland from a panel of 38 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

2018 2019 2020 2021 2022
Population (million) 8.5 8.5 8.6 8.7 8.7
GDP (USD bn) 725 722 741 812 819
GDP per capita (USD) 85,485 84,469 86,135 93,665 93,667
GDP (EUR bn) 615 645 650 687 779
GDP per capita (EUR) 72,453 75,464 75,557 79,235 89,112
GDP (CHF bn) 710 717 696 742 782
GDP per capita (CHF) 83,656 83,943 80,850 85,634 89,446
Economic Growth (Nominal GDP, ann. var. %) 3.6 1.1 -3.0 6.7 5.3
Economic Growth (GDP, ann. var. %) 2.9 1.2 -2.3 5.4 2.7
Domestic Demand (ann. var. %) 0.7 1.1 -1.9 2.3 2.6
Private Consumption (ann. var. %) 0.7 1.2 -3.4 1.8 4.2
Government Consumption (ann. var. %) 0.8 0.8 3.8 3.3 -0.8
Fixed Investment (ann. var. %) 0.8 0.9 -1.4 2.8 1.2
Exports (G&S, ann. var. %) 3.3 -0.6 -5.6 13.6 6.3
Imports (G&S, ann. var. %) 0.7 0.3 -3.0 5.6 6.0
Industrial Production (ann. var. %) 5.9 4.5 -3.9 8.8 6.4
Retail Sales (ann. var. %) 0.8 1.0 1.4 4.6 -0.1
Disposable Income (ann. var. %) 1.7 1.8 2.9 0.3 5.1
Unemployment (% of active population, eop) 2.4 2.3 3.4 2.5 2.0
Unemployment (% of active population, aop) 2.5 2.3 3.2 3.0 2.2
Fiscal Balance (% of GDP) 1.3 1.3 -3.0 -0.3 1.2
Public Debt (% of GDP) 26.1 25.5 28.2 27.1 -
Money (ann. var. of M2 %) 3.5 0.1 6.0 1.5 -3.1
Inflation (CPI, ann. var. %, eop) 0.7 0.2 -0.8 1.5 2.8
Inflation (CPI, ann. var. %, aop) 0.9 0.4 -0.7 0.6 2.8
SNB Policy Rate (%, eop) -0.75 -0.75 -0.75 -0.75 1.00
10-Year Bond Yield (%, eop) -0.15 -0.46 -0.53 -0.13 1.57
Stock Market (ann. var. of Swiss Market Index, %) -10.2 26.0 0.8 20.3 -16.7
Exchange Rate (CHF per USD, eop) 0.99 0.97 0.88 0.91 0.93
Exchange Rate (CHF per USD, aop) 0.98 0.99 0.94 0.91 0.95
Exchange Rate (CHF per EUR, eop) 1.13 1.09 1.08 1.04 0.99
Exchange Rate (CHF per EUR, aop) 1.15 1.11 1.07 1.08 1.00
Current Account Balance (USD bn) 40.6 29.7 3.6 56.0 77.2
Current Account Balance (% of GDP) 5.6 4.1 0.5 6.9 9.4
Merchandise Trade Balance (USD bn) 72.3 71.4 63.4 116.1 120.0
Foreign Direct Investment (USD bn) -101 -83 -50 -88 13

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