33.9% of GDP (2015 est.) Banking remains well capitalized and sound. Economic freedom is well established and institutionalized in Switzerland. The economy of Switzerland is one of the world's most advanced free market economies. A large majority of people see an increased need for more government regulation of big technology companies, a new global survey shows. 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. 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. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and third in the 2020 Global Competitiveness Report. EUR 73,000 or USD 81,000). Main article: Economy of Switzerland. The top federal personal income tax rate is 11.5 percent, and the federal corporate tax rate is 8.5 percent. 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. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. Switzerland Economic Growth Following a likely sharp contraction in 2020, the economy is set to expand strongly next year as external demand recovers. Swiss citizens have won more Nobel Prizes and registered more patents per capita than most other nations. The GDP value of Switzerland represents 0.58 percent of the world economy. Switzerland is ranked 1st among 45 countries in the Europe region, and its overall score is well above the regional and world averages. 1 in innovation again last year. Switzerlandâs economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. Latest official GDP figures published by the World Bank. 32.3% of GDP (2016 est.) Since 2016, the U.S. has experienced the greatest drop in global confidence, while Canada continues to be seen as the most trusted. 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. 33.8% of GDP (2017 est.) See more from the 2020 Index. The Global Innovation Index ranked Switzerland No. Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. The GDP per Capita in Switzerland is equivalent to 629 percent of the world's average. 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. 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 1499, the Confederation became independent from the Holy Roman Empire. 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. See how Switzerland compares to another country using any of the measures in the Index. And its neutrality during periods of conflict attracted some of the worldâs greatest minds to immigrate, including James Joyce, George Byron and Voltaire. Switzerland is ranked 3rd out of 180 countries in Transparency International’s 2018 Corruption Perceptions Index. The Swiss economy has been rated free for more than a decade. Robust international trade fuels its strong economic performance, whilst its scientific infrastructure and health and education systems show steadfast displays. 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. . 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 ⦠The country is also a member of the IMF, WTO and World Bank. The economy relies on financial services, precision manufacturing, metals, pharmaceuticals, chemicals, and electronics. A group of Dead Sea hotels and resorts are attempting to create virus-free zones to jump-start Israelâs tourism industry. The court system is independent, competent, and fair. The country contains one of the most competitive pharmaceutical industries in the world. 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. 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