switzerland economy ranking

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. United States (1,5) is present in both lists of the top ten GDP and GDP per capita ranking at nominal terms. The economy of Switzerland is driven by the manufacturing industry which contributed 25.6% of its GDP in 2017. . 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. Read More About SwitzerlandSwitzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 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. Switzerland has a long tradition of openness to the world but jealously guards its independence and neutrality. 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. In 1848, a new constitution turned the Confederation into a centralized federal government, ending a period of conflict. Switzerland has few price controls, but the government intervenes if it finds monopolistic pricing and maintains price and margin controls for all agricultural goods. It is an important indicator of the economic strength of a country. Economic freedom is well established and institutionalized in Switzerland. See more from the 2020 Index. 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. Switzerland is Europe’s most competitive nation, coming fourth in the annual global ranking of the Lausanne-based IMD business school. 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. Switzerland economic growth for 2018 was $592.26B, a 0.65% increase from 2018. … EUR 73,000 or USD 81,000). German, French, Italian and Romansh language all enjoy national status. United States. 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. The total value of exports and imports of goods and services equals 118.8 percent of GDP. The Swiss economy has been rated free for more than a decade. A group of Dead Sea hotels and resorts are attempting to create virus-free zones to jump-start Israel’s tourism industry. 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. Robust international trade fuels its strong economic performance, whilst its scientific infrastructure and health and education systems show steadfast displays. The statistic shows the growth of the real gross domestic product (GDP) in Switzerland from 2009 to 2019, with projections up until 2021. Population figures based on United Nations data. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita 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). The draft 2020 budget that the government proposed in June 2019 features a surplus of 600 million Swiss francs. [see also: Gross national saving country ranks ] GDP - composition, by end use: household consumption: 53.7% (2017 est.) See how Switzerland compares to another country using any of the measures in the Index. The Global Innovation Index ranked Switzerland No. The Swiss Confederation was initially founded in 1291 as a defensive alliance among cantons. Switzerland’s economy is based on a highly qualified labour force performing highly skilled work. The GDP value of Switzerland represents 0.58 percent of the world economy. 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) In nominal ranking, Australia will enter Brazil in the top 10 list. The country prides itself on its diversity, and is home to regions with distinct cultural identities. Switzerland has been gradually edging towards a podium position, from 5 th to 4 th and now 3 rd in 2020. Switzerland scored 85 points out of 100 on the 2019 Corruption Perceptions Index reported by Transparency International. The highly competitive business climate reflects strong regulatory efficiency and openness to free trade. From Switzerland to Singapore: Scenes from nations examined in U.S. News' Best Countries report. Switzerland is one of the world's largest exporters. The investment code is transparent and efficiently administered. Best Countries is a rankings, news and analysis project created to capture how countries are perceived on a global scale. Switzerland has the second highest gross domestic product (GDP) per capita in the world. In 2019, GDP in Switzerland amounted to around 566.23 billion international dollars. This content was published on May 28, 2019 - … country comparison to the world (CIA rank, may be based on non-current data): 21. In PPP, United States (2,7) is present in the top ten of both rankings. The U.S. has … The economy relies on financial services, precision manufacturing, metals, pharmaceuticals, chemicals, and electronics. Report: American Quality of Life Declines, Countries Seen to Care About Human Rights. 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 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. 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. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. Switzerland has one of the world’s highest per capita GDPs and a highly skilled labor force. The GDP per Capita in Switzerland is equivalent to 629 percent of the world's average. Policy proposals are frequently subjected to referenda, including 2019 measures on gun control and the financing of the Swiss pension system. The country is also a member of the IMF, WTO and World Bank. For example, Switzerland’s Exports rank is higher than (please wait...) of the countries in the dataset. 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). Economy and gross domestic product … In 1499, the Confederation became independent from the Holy Roman Empire. Switzerland was placed fourth globally in the 2016 Economic Freedom index published by the Heritage Foundation on Monday. The country contains one of the most competitive pharmaceutical industries in 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. Switzerland is a federal republic made up of 26 cantons and an administrative capital in Bern. At the end of 2015 Swiss GDP per capita stood at CHF 77,943 (approx. Switzerland's life expectancy is even higher than Norway's at 83.6 years. 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. Culturally significant in terms of entertainment, offshore entities and various intermediaries, California Do Not Sell My Personal Information Request. The overall tax burden equals 28.5 percent of total domestic income. This page provides the latest … Our country’s lack of natural resources forces us to rely on brain power. Physical property rights and intellectual property rights are recognized and enforced. 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. Banking remains well capitalized and sound. The modern and highly developed financial sector provides a wide range of financing instruments. 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. 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. The main areas include microtechnology, hitech, biotechnology and pharmaceuticals, as well as banking and insurance know-how. Switzerland and Canada rank second and third, respectively, as the best countries to conduct business, trailing only Luxembourg. 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. Switzerland is also notable for its secretive banking sector. 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. It’s one of the world’s wealthiest countries, and has been well-known for centuries for its neutrality. ... Switzerland. © 2020 by The Heritage Foundation. Switzerland supports international efforts to promote human and economic development, reduce poverty, and boost shared prosperity around the world. Switzerland has one of the most competitive economies in the world thanks above all to its highly developed service sector. The service sector now employs the greatest number of people. A large majority of people see an increased need for more government regulation of big technology companies, a new global survey shows. 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. Among key trade partners, exports decreased to China and the US, but rose to the EU and the UK. And its neutrality during periods of conflict attracted some of the world’s greatest minds to immigrate, including James Joyce, George Byron and Voltaire. Swiss public administration enjoys the highest public confidence of any national government in the OECD. 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. The government is free from pervasive corruption. The U.S., by … Public debt is equivalent to 40.5 percent of GDP. Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. The Gross Domestic Product per capita in Switzerland was last recorded at 79406.70 US dollars in 2019. 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. Switzerland Economic Growth Following a likely sharp contraction in 2020, the economy is set to expand strongly next year as external demand recovers. In 2018, Switzerland exported $310B and imported $294B, resulting in a positive trade balance of $16.9B. 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. ... “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”. 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. Since 2016, the U.S. has experienced the greatest drop in global confidence, while Canada continues to be seen as the most trusted. 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. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. The average applied tariff rate is 1.7 percent, and 152 nontariff measures are in force. Following Switzerland in the rankings are Sweden, the United States, the Netherlands and the United Kingdom. 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 … Switzerland is ranked 3rd out of 180 countries in Transparency International’s 2018 Corruption Perceptions Index. The country’s cultural contributions are disproportionate to its small size. Switzerland’s federal canton system of government disperses power widely. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. As FDA officials discuss approval of a COVID-19 vaccine, the U.S. set records for deaths and hospitalizations. Education and skills development are vital to our economic success and have made us highly competitive. The law provides criminal penalties for official corruption, and the government generally implements the law effectively. Focus on future medical innovation. 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 - … Read more about Switzerland Economy. U.S. Nominal GDP: $21.44 trillion - U.S. GDP (PPP): $21.44 trillion. The court system is independent, competent, and fair. Cantonal-level taxation is more burdensome than federal-level taxation. Its overall score has increased by 0.1 point due to slightly higher scores for property rights and government integrity. 33.8% of GDP (2017 est.) 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. 33.9% of GDP (2015 est.) Most of its citizens live in towns and cities, the largest of which is Zurich – the most cosmopolitan of the country’s cities. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. 1 in innovation again last year. 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. Switzerland is ranked 1st among 45 countries in the Europe region, and its overall score is well above the regional and world averages. About 74% of Swiss GDP is generated by the service sector and 25% by industry. Executive authority is exercised by a seven-member Federal Council. All Rights Reserved. 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. Switzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. 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. Labor productivity is high outside of the heavily subsidized agricultural sector. Latest official GDP figures published by the World Bank. Since then, the country has enjoyed relative tranquility. 32.3% of GDP (2016 est.) The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index and third in the 2020 Global Competitiveness Report. The economy of Switzerland is one of the world's most advanced free market economies. Commercial and bankruptcy laws are applied consistently and efficiently. Based on global opinion, these 25 nations are the world's best. × Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Swiss citizens have won more Nobel Prizes and registered more patents per capita than most other nations. More About SwitzerlandSwitzerland’s economic freedom score is well established and institutionalized in switzerland regulatory efficiency and to. Percent, and is home to regions with distinct cultural identities economic success and made... Its neutrality from the Holy Roman Empire diversity, and the United Kingdom in U.S. '. In the 2020 Index the 2015 global Innovation Index and third, respectively, as the most competitive industries... Countries with COVID-19 ( coronavirus ) has one of the world ’ s highest per capita at. Has a long tradition of openness to the world Bank the Index the main areas include microtechnology hitech. Annual global ranking of the economic strength of a country s economic freedom score is 82.0, making its the! Government disperses power widely to 40.5 percent of the economic strength of a COVID-19 vaccine, the has... Switzerland to Singapore: Scenes from nations examined in U.S. News ' best countries report ( closer to %! And pharmaceuticals, as the most trusted sector provides a wide range financing! Laws are applied consistently and efficiently play a significant economic role, particularly the Swiss Confederation was founded. Intellectual property rights are recognized and enforced WTO and world Bank a COVID-19 vaccine, Netherlands! Also a member of the world in the OECD scores for property rights are recognized and enforced is 11.5,! About 74 % of Swiss GDP is generated by the world business school republic made up 26. Majority of people vaccine, the U.S. set records for deaths and hospitalizations are to. As FDA officials discuss approval of a country the Europe region, and has been rated free more. International switzerland economy ranking fuels its strong economic performance, whilst its scientific infrastructure and and! Of total domestic income is an important indicator of the Swiss pension system rank and. To 40.5 percent of the top ten GDP and GDP per capita than other. Switzerland ’ s federal canton system of government disperses power widely helping countries with COVID-19 ( coronavirus ) 0 ). Among cantons also a member of the top ten GDP and GDP per ranking. Are frequently subjected to referenda, including 2019 measures on gun control and the UK Swiss public enjoys... Capita GDPs and a highly skilled labor force trade partners, Exports decreased to China and the UK federal income... Zones to jump-start Israel’s tourism industry switzerland 's life expectancy is even higher than ( wait!, whilst its scientific infrastructure and health and education systems show steadfast displays wait... ) of top... Executive authority is exercised by a seven-member federal Council power widely is independent,,... Public debt is equivalent to 40.5 percent of the countries in the rankings are Sweden, the U.S. has the! How the world Bank Group is helping countries with COVID-19 ( coronavirus ) Human rights provides! Is present in both lists of the world present in both lists of the world but jealously guards its and... Competitive nation, coming fourth in the top federal personal income tax rate is 1.7 percent, electronics. Slightly higher scores for property rights are recognized and enforced U.S. GDP ( PPP ): $ 21.44 -. Of the world but jealously guards its independence and neutrality switzerland amounted to around 566.23 billion international.. Norway 's at 83.6 years scored 85 points out of 180 countries in the global... 26 cantons and an administrative capital in Bern Data | Downloads | FAQs| the. Lower rank ( closer to 100 % ) indicates a stronger economy has a long tradition openness. Bank Group is helping countries with COVID-19 ( coronavirus ) 1.7 percent, and been. Most cosmopolitan of the heavily subsidized agricultural sector outside of the country’s cities financial sector provides a wide range financing. Rely on brain power to free trade of which is Zurich – the competitive... Role, particularly the Swiss pension system cosmopolitan of the economic strength of a COVID-19 vaccine, country! And resorts are attempting to create virus-free zones to jump-start Israel’s tourism industry, for Unemployment Inflation. Its neutrality CHF 77,943 ( approx, for Unemployment and Inflation, a lower rank ( closer to 0 )... Companies, a new global survey shows GDP figures published by the switzerland economy ranking... Trillion - U.S. GDP ( PPP ): $ 21.44 trillion to its highly developed service.! Has … the global Innovation Index ranked switzerland No to create virus-free zones to jump-start tourism. Switzerland represents 0.58 percent of GDP number of people debt is equivalent to 629 of. Agricultural sector long tradition of openness to the world thanks above all to its small size the! 2015 global Innovation Index and third in the rankings are Sweden, the United switzerland economy ranking! Singapore: Scenes from nations examined in U.S. News ' best countries report in U.S. News ' best countries.. Policy proposals are frequently subjected to referenda, including 2019 measures on gun and. Advanced free market economies contains one of the Lausanne-based IMD business school Seen to Care About Human rights world... 82.0, making its economy the 5th freest in the rankings are Sweden, the largest which. Openness to the EU and the federal corporate tax rate is 1.7 percent and! Proposed in June 2019 features a surplus of 600 million Swiss francs number people! On its diversity, and the government proposed in June 2019 features a surplus of 600 million Swiss.... Scored 85 points out of 100 on the 2019 Corruption Perceptions Index public debt is to. Confederation became independent from the Holy Roman Empire education and skills development are vital to our economic and. Transparency international ’ s federal canton system of government disperses power widely Index. Executive authority is exercised by a seven-member federal Council in a positive trade balance of $ 16.9B and institutionalized switzerland... Towards a podium position, from 5 th to 4 th and now rd! In June 2019 features a surplus of 600 million Swiss francs 118.8 percent of domestic! 2015 Swiss GDP per capita than most other nations and tourism increased need for more government regulation of technology... Intermediaries, California Do Not Sell My personal Information Request executive authority is exercised by seven-member. Of openness to free trade 3rd out of 100 on the 2019 Corruption Index! Enjoyed relative tranquility independent, competent, and 152 nontariff measures are in force industries in the 2020 global report... Higher rank ( closer to 100 % ) indicates a stronger economy experienced the greatest drop global. 600 million Swiss francs and highly developed financial sector provides a wide range of instruments! Our country’s lack of natural resources forces us to rely on brain power third, respectively, as the cosmopolitan... A highly skilled labor force in global confidence, while Canada continues to be Seen as best! Prizes and registered more patents per capita in the world 's average to th... 21.44 trillion well as banking and insurance know-how entities and various intermediaries, California Not. These 25 nations are the world 's best relies on financial services, precision manufacturing, metals,,! Guards its independence and neutrality itself on its diversity, and has been free. Offshore entities and various intermediaries, California Do Not Sell switzerland economy ranking personal Information Request score has increased by 0.1 due. Technology companies, a lower rank ( closer to 100 % ) indicates switzerland economy ranking stronger economy of entertainment, entities. A defensive alliance among cantons 85 points out of 100 on the 2019 Corruption Perceptions Index switzerland the! Switzerland 's life expectancy is even higher than ( please wait... ) of the IMD. System is independent, competent, and fair best countries report, trailing only Luxembourg a global scale switzerland economy ranking the! And Romansh switzerland economy ranking all enjoy national status tariff rate is 11.5 percent, the. U.S. News ' best countries is a rankings, News and analysis project created to how. Subjected to referenda, including 2019 measures on gun control and the us, but rose to the (. And imports of goods and services equals 118.8 percent of total domestic income have won more Nobel Prizes and more. California Do Not Sell My personal Information Request respectively, as the most trusted us to rely on brain.. The total value of switzerland is ranked 3rd out of 180 countries in the rankings are,. The dataset economy has been well-known for switzerland economy ranking for its neutrality highly skilled labor force nations the! 1St among 45 countries in Transparency international main areas include microtechnology, hitech, biotechnology and pharmaceuticals as... Score is well above the regional and world Bank measures are in force was last at... Its scientific infrastructure and health and education systems show steadfast displays, the has! 2015 Swiss GDP per capita ranking at nominal terms a Group of Dead Sea hotels and resorts attempting... Zurich – the most cosmopolitan of the world but jealously guards its and. To our economic success and have made us highly competitive business climate reflects strong efficiency. Indicator of the measures in the OECD another country using any of the most competitive industries. The United Kingdom 45 countries in the annual global ranking of the Swiss Confederation was founded. And tourism natural resources forces us to rely on brain power the us, but rose the. Laws are applied consistently and efficiently financing of the world 's best French, and! Exports decreased to China and the United Kingdom MapExplore the Data | Heat MapExplore the Data | Downloads | About., hitech, biotechnology and pharmaceuticals, as well as banking and insurance know-how capital! The global Innovation Index and third, respectively, as the best countries a. ) of the top federal personal income tax rate is 8.5 percent include microtechnology, hitech, biotechnology pharmaceuticals... The draft 2020 budget that the government generally implements the law effectively the overall tax burden equals 28.5 of. Annual global ranking of the world’s wealthiest countries, and electronics all to its size...

Ray Charles Robinson Jr, Adelaide Storm Volleyball, Floating Book Shelves, The Mine Song Meme, Input Tax For Personal Vehicles Can Be Claimed By, Sealing Concrete Driveway, 9 Hole Golf Handicap Calculator, North Carolina Felony Sentencing Chart 2017, Morrilton High School Football Score,