Switzerland is a peaceful, prosperous and modern market economy. It boasts a highly skilled labour force, low unemployment and a per capita GDP that is amongst the highest in the world.
The country’s economy benefits from a highly developed service sector led by financial services. It also specialises in high-technology, knowledge-based production.
In order to enhance international competitiveness, Swiss economic practises have been brought largely in line with the rest of the EU. Some trade protectionism remains, though, particularly in the agricultural sector.
Like many European countries, Switzerland was pulled into a recession as a result of the global economic crisis. The Swiss bank implemented what was essentially a zero-interest rate policy in order to boost the economy and to prevent appreciation of the Franc, and 2010 saw the economy begin to recover. GDP growth fell below 2% per year between 2011 and 2013.
Composition of GDP (2013)