Switzerland Economy

Switzerland may be one of the smallest countries in the world, but it is also one of the richest. It boasts an average wealth of close to half a million dollars per adult. That is higher than any other country in the world. It is ranked as having the best standard of living and as being the most competitive. The European Union named Switzerland as the most innovative European country by far. This thriving Switzerland Economy is credited to the labor force.

The Swiss labor force is made up of highly skilled and qualified people working in areas such as microtechnology, biotechnology, hitech and pharmaceuticals, plus insurance and banking. Although the majority of people work in the service industry, catering to the millions of tourists that flock to Switzerland on a regular basis. These small and medium-sized businesses play a vital role in the Switzerland economy.

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Swiss wages are considered high, but when you think about the high cost of living, it all balances out. Switzerland is the third most expensive country in Europe. Meats, fish, cooking oil and vegetables are particularly expensive in Switzerland.

The Switzerland economy has for years been described as modern, stable and one of the most capitalistic in the world. They have the highest rating in the Index of Economic Freedom in Europe, while at the same time they also provide the largest public services coverage for their citizens. The Swiss nominal GDP per capita is higher than that of larger Central and Western European economies, and even higher than Japan.

Large Swiss cities rely on industry and technology, however farming is not dead in Switzerland. Agriculture is so important to the Swiss way of life that its role has been enshrined in the Switzerland Constitution. The purpose of farming is more than just a means of providing food it is responsible for preserving the countryside and ensuring that outer regions remain populated. Unfortunately, the number of people working in agriculture and forestry continues to decline as younger generations reject the farming way of life in favor of high city wages.

Tourism is another big revenue generator towards the Switzerland economy. In fact, it is the fourth most important source of revenue in the country. The metal and machinery industry are number one, followed by the chemical industry at number two and watch matching ranks number three. Switzerland receives approximately 8.4 million visitors per year and is ranked among the top twenty tourism earners in the world.

All is not rosy, though. For several years now, the fear of unemployment has loomed over the country economy. It seems the era of limitless economic growth is over.

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