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1994-05-02
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<text>
<title>
Switzerland: Economy
</title>
<article><hdr>The World Factbook 1993: Switzerland
Economy</hdr><body>
<p>Overview: Switzerland's economy - one of the most prosperous
and stable in the world - is nonetheless undergoing a painful
adjustment after both the inflationary boom of the late-1980s
and the electorate's rejection late last year of membership in
the European Economic Area. Stubborn inflation and a soft
economy have afflicted Switzerland. Despite slow growth in
1991-92, the Swiss central bank had been unable to ease monetary
policy in the past three years because of the threat to the
Swiss franc posed by high German interest rates. As a result,
unemployment is forecast to rise from 3% in 1992 to more than 4%
in 1993, with inflation moving down from 4% to 3%. The voters'
rejection in December 1992 of a referendum on membership in the
EEA which was supported by most political, business, and
financial leaders has raised doubts that the country can
maintain its preeminent prosperity and leadership in commercial
banking in the 21st century. Despite these problems, Swiss per
capita output, general living standards, education and science,
health care, and diet remain unsurpassed in Europe. The country
has few natural resources except for the scenic natural beauty
that has made it a world leader in tourism. Management-labor
relations remain generally harmonious.
</p>
<p>National product: GDP - purchasing power equivalent - $152.3
billion (1992)
</p>
<p>National product real growth rate: -0.6% (1992)
</p>
<p>National product per capita: $22,300 (1992)
</p>
<p>Inflation rate (consumer prices): 4.1% (1992 est.)
</p>
<p>Unemployment rate: 3% (1992 est.)
</p>
<p>Budget: revenues $24.0 billion; expenditures $23.8 billion,
including capital expenditures of $NA (1990)
</p>
<list>
<l>Exports: $62.2 billion (f.o.b., 1991 est.)</l>
<l> commodities: machinery and equipment, precision
instruments, metal products, foodstuffs, textiles and
clothing</l>
<l> partners: Western Europe 64% (EC countries 56%, other 8%),
US 9%, Japan 4%</l>
<l>Imports: $68.5 billion (c.i.f., 1991 est.)</l>
<l> commodities: agricultural products, machinery and
transportation equipment, chemicals, textiles, construction
materials</l>
<l> partners: Western Europe 78% (EC countries 71%, other 7%),
US 6%</l>
</list>
<p>External debt: $NA
</p>
<p>Industrial production: growth rate 0.4% (1991 est.)
</p>
<p>Electricity: 17,710,000 kW capacity; 56,000 million kWh
produced, 8,200 kWh per capita (1992)
</p>
<p>Industries: machinery, chemicals, watches, textiles, precision
instruments
</p>
<p>Agriculture: dairy farming predominates; less than 50%
self-sufficient in food; must import fish, refined sugar, fats
and oils (other than butter), grains, eggs, fruits, vegetables,
meat
</p>
<p>Economic aid: donor - ODA and OOF commitments (1970-89), $3.5
billion
</p>
<p>Currency: 1 Swiss franc, franken, or franco (SwF)=100
centimes, rappen, or centesimi
</p>
<p>Exchange rates: Swiss francs, franken, or franchi (SwF) per
US$1 - 1.4781 (January 1993), 1.4062 (1992), 1.4340 (1991),
1.3892 (1990), 1.6359 (1989), 1.4633 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>