The economy in Switzerland is known to be one of the most stable economies in the world. They also are known to have one of the highest per capita incomes and one of the lowest unemployment rates in the world.
What is driving the economy? How are they so successful?
The following industries are the leaders in the Swiss economy.
Throughout the world, the reputation of the Swiss made watch is unrivaled. The quality and innovative technology is like no other. They are the leader in high end watch manufacturing. This industry has recently been having some difficulty due to a weakened foreign demand. Most of the downfall is believed to be due to the popularity of smart watches.
Switzerland is known for their industrial sector such as chemicals and pharmaceuticals. The pharmaceutical giant Novartis is from this country. Another household name that was formed in Switzerland is Nestlé.
Switzerland encourages domestic production. According to wikipedia, Switzerland produces about 60% of the food consumed in the country. The main items the country produces are known for are dairy produce, especially cheeses. Swiss farmers are said to be one of the first food processors.
Switzerland’s primary trade markets are chemicals and medicinal products, machinery, instruments and watches. Germany, Italy and France are the leading partners of trade with Switzerland. This makes sense as they are its neighboring countries.
Tourism is a huge industry in Switzerland. The well developed infrastructure provides a good market for tourist related services and equipment to the country. Tourism accounts for a lot of jobs as well. Some of the major sightseeing destinations are the Matterhorn, Jungfraujoch, Lake Geneva, Bern, Zurich, The Rhine Falls and Swiss National Park.
In line with Tourism, banking provides a lot of business and jobs. Swiss neutrality and the stability of the currency provides an environment for this sector to thrive. There is even a stereotype of the “Swiss Banker”. Swiss banks are known for their secrecy and tax evasion. UBS and Credit Suisse are respectively the largest and second largest Swiss banks and account for over 50% of all deposits in Switzerland. This industry makes up for a large portion of the country’s GDP.
Overall, the monetary and political stability of the country is attractive to investors. A company such as Sigtax allows you to use the advantages of such an amazing economy to help form corporations with local registration experts. They even offer audit, booking, and corporate administrative services in the area.