Economy of Switzerland
Switzerland is a land locked mountainous country in South Central Europe bordered by Austria, France, Germany, Italy and Liechtenstein. About two-third of Switzerland is covered with forests,
lakes and mountains. It has no mineral resources and thus depends upon imports, processes and resells them as products.
The capital city is Bern, and Zurich, Geneva, Basel, St. Gallen are among the famous 20 cities
of Switzerland. The currency is called as Swiss franc. Mostly spoken languages are German,
French & Italian in different regions as well.
Switzerland's independence and neutrality have been honored by major European powers and
it was not involved in any of the two World wars.Its neutrality was acknowledged about 200
years back by a treaty of Paris.
The economy of Switzerland is one of world's advanced economies. The service sector plays
significant role particularly Banking, Insurance and Tourism industry employing more than
75% of its works force. The country is a prosperous & modern market economy with low
unemployment, highly skilled labor force and per capita GDP is among the highest in the
world. Around 78% of imports are from European Union and 43% exports to European
countries. Most important trade goods are Chemicals, Agricultural products, Textiles, Vehicles,
Rubber, Leather and Plastic. The agriculture employs about 3% of the work force. Although
many foreigners associate Switzerland with with peaceful Alpine meadows cows and home
made cheese. Agriculture depends upon the Govt's subsidies.
The country has several large companies like- Nestle, Adecco, UBS, Zurich financial services, Swatch & Credit Suisse. However, small to medium size enterprises play significant role
in shaping up Swiss economy. European Union is the major trading partner followed by USA
and China.
The country has a low- tax economy. It has double taxation agreements with number of
countries in the world. They follow OECD guidelines and allow two ways of avoiding double
taxation, tax credits and tax exemptions.
lakes and mountains. It has no mineral resources and thus depends upon imports, processes and resells them as products.
The capital city is Bern, and Zurich, Geneva, Basel, St. Gallen are among the famous 20 cities
of Switzerland. The currency is called as Swiss franc. Mostly spoken languages are German,
French & Italian in different regions as well.
Switzerland's independence and neutrality have been honored by major European powers and
it was not involved in any of the two World wars.Its neutrality was acknowledged about 200
years back by a treaty of Paris.
The economy of Switzerland is one of world's advanced economies. The service sector plays
significant role particularly Banking, Insurance and Tourism industry employing more than
75% of its works force. The country is a prosperous & modern market economy with low
unemployment, highly skilled labor force and per capita GDP is among the highest in the
world. Around 78% of imports are from European Union and 43% exports to European
countries. Most important trade goods are Chemicals, Agricultural products, Textiles, Vehicles,
Rubber, Leather and Plastic. The agriculture employs about 3% of the work force. Although
many foreigners associate Switzerland with with peaceful Alpine meadows cows and home
made cheese. Agriculture depends upon the Govt's subsidies.
The country has several large companies like- Nestle, Adecco, UBS, Zurich financial services, Swatch & Credit Suisse. However, small to medium size enterprises play significant role
in shaping up Swiss economy. European Union is the major trading partner followed by USA
and China.
The country has a low- tax economy. It has double taxation agreements with number of
countries in the world. They follow OECD guidelines and allow two ways of avoiding double
taxation, tax credits and tax exemptions.
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