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||1980 - 2015
Switzerland's economy has low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Its policy of long-term monetary security and bank secrecy has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment. However, Switzerland has come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Because of the country's small size and high labor specialization, industry and trade are the keys to Switzerland's economic livelihood. The global financial crisis of 2008 and resulting economic downturn in 2009 (-2.1 percent year-on-year) stalled export demand and put Switzerland in a recession. The Swiss National Bank during this period implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover a year later. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2 percent per year during 2011-14. On the expenditure side, private final consumption expenditure is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (24 percent) and government final consumption expenditure (11 percent). Meanwhile, export of goods and services account for 64 percent of GDP while imports account for a much lower 53 percent. This page provides - Switzerland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Switzerland GDP Growth Rate - was last refreshed on Friday, October 9, 2015.