SWITZERLAND

Solid economic fundamentals help cushion the growth headwinds

AA1

LOW RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2022.

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GDP
USD812.867bn (World ranking 20, World Bank 2021)
Population
8.698mn (World ranking 99, World Bank 2021)
Form of state Confederation (but similar to a federal republic)
Head of government
Guy Parmelin (President of the Swiss Confederation)
Next elections October 2023, legislative
  • Competitive high-income economy
  • Sound political institutions
  • Specialization in high-quality exports for which demand is relatively insensitive to exchange rate moves
  • Healthy public finances
  • Strong external position
  • Overvalued CHF due to safe haven role
  • Strong dependence on financial and export sectors
  • Rising labor costs and stagnant productivity growth
  • Financial sector’s exposure to real estate lending (around 85% of domestic assets are concentrated in mortgages)
  • Unfavorable demographics

Trade structure by destination/origin

(% of total, 2021)

Exports Rank Imports
United States 16.5%
1
19.3% Germany
Germany 14.5%
2
11.2% United Kingdom
China 8.7%
3
7.5% United States
India 8.3%
4
7.4% Italy
Italy 5.3%
5
6.1% China

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Medicinal and pharmaceutical products 27.1%
1
29.0% Gold, non-monetary (excluding gold ores and concentrates)
Gold, non-monetary (excluding gold ores and concentrates) 22.9%
2
13.3% Medicinal and pharmaceutical products
Organic chemicals 7.3%
3
6.2% Miscellaneous manufactured articles, n.e.s.
Photo apparatus, optical goods, watches and clocks 6.6%
4
4.9% Road vehicles
Miscellaneous manufactured articles, n.e.s. 6.3%
5
3.5% Electrical machinery, apparatus and appliances, n.e.s.
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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