Switzerland is a beautiful country located at the intersection of southern, central and western Europe. Switzerland is famous for its mountainous terrain, with the Alps and Jura in the south and northwest, respectively. Switzerland has a population of 8.2 million and its capital is Berne. The legal currency of Switzerland is: Swiss Franc (Swiss Franc), and its code on the foreign exchange trading platform is: CHF.
Currently, the main industries in Switzerland include:
Service industry (banking & financial industry, tourism, etc.)
Among them, Switzerland's core economic pillars (pillar industries) are: banking and finance. However, other important economic sectors in the country include industry and agriculture. In fact, Switzerland is world-famous for its chocolates and watches.
Banking & Finance
The Swiss banking industry is known for its policies to protect foreign accounts. The country’s customer secrecy and bank secrecy systems can be traced back to the 18th century. In 1934, the Federal Government approved the Federal Act on Banks and Savings Banks, codifying the secrets of the Swiss banking industry. In 2018, the Swiss Bankers Association estimated that the value of assets held by Swiss banks was approximately US$6.5 trillion. The three largest banks in Switzerland are: Credit Suisse, Union Bank of Switzerland and Bank Julius Baer. Switzerland's banking supervisory agencies are the Swiss Financial Market Supervisory Authority and the Swiss National Bank. In addition, the Zurich Cantonal Bank is considered one of the safest banks in the world.
In addition to the banking industry, the Swiss financial industry also includes: insurance, securities markets, and gold markets, which are important engines of the Swiss economy.
In terms of tourism, Switzerland’s annual revenue is as high as 16.8 billion Swiss francs. The most popular tourist attractions in Switzerland include Matterhorn (one of the highest mountains in the Alps), Jungfraujoch (Jungfraujoch, translated as "Top of Europe"), Jungfrau Railway, Rhine Falls (150 meters high), Geneva Lake, Qilong Castle, the city of Bern and the Swiss National Park. Because of these magnificent tourist destinations, many tourists are attracted to Switzerland every year.
Switzerland's service industry accounts for more than 70% of GDP.
The Swiss economy is driven by manufacturing, which accounted for 25.6% of Swiss GDP in 2017. Switzerland is one of the largest exporters in the world. The country has one of the most competitive pharmaceutical industries in the world. The most popular pharmaceutical companies in Switzerland are Roche and Novartis, the two largest biotech companies in the world.
Switzerland is also famous for making high-end watches. Most of these watches are exported to Asia, America and Europe. In 2011, Switzerland was the world's largest exporter of watches, with an export value of US$20 billion. Switzerland has a highly skilled workforce. Therefore, most of its export products are high-tech manufactured products sold at high prices. Examples of these exports are precious jewelry, watches, vaccines, weapons and ammunition, medicines and orthopedic appliances.
Agriculture accounts for 0.7% of Swiss GDP. Although the industry does not contribute much to the Swiss economy, the Swiss government strictly protects it. The government provided many subsidies to farmers and imposed high tariffs to encourage domestic agricultural production. Therefore, 60% of the food consumed in Switzerland is grown and produced locally. These foods include potatoes, wheat, barley, beets, fruits (apples and grapes), dairy products, meat products (such as veal, pork and beef) and vegetables. As Swiss agriculture meets about 65% of the country's food needs, the government has allocated a large portion of the budget (about 5.5% of the annual budget) to increase food production. Although the Swiss government has been working hard to protect its agricultural sector, the European Union (EU) has been pressing the Swiss government to relax strict policies and allow foreign goods to enter the Swiss market. Swiss agricultural exports include chocolate, wine and cheese.