on:
chief of mission:
(vacant); Charge d'Affaires Michael C. POLT
embassy:
Jubilaeumstrasse 93, 3005 Bern
mailing address:
use embassy street address
telephone:
[41] (31) 357-7011
FAX:
[41] (31) 357-7344
branch office:
Geneva
consulate(s) general:
Zurich
Flag:
red square with a bold, equilateral white cross in the center that
does not extend to the edges of the flag

@Switzerland, Economy

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 of
membership in the European Economic Area in 1992. The Swiss finally
emerged from a three-year recession in mid-1993 and posted a -0.6% GDP
growth for the year. After a three-year struggle with inflation, the
Swiss central bank's tight monetary policies have begun to pay off.
Inflation slowed to 3.3% in 1993 from about 4% in 1992 and is expected
to slow down further to 1.5% in 1994. Unemployment, however, will
continue to be a problem over the near term. Swiss unemployment
reached 5.1% in 1993 and will likely remain at that level through 1994
before declining in 1995. The voters' rejection 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 twenty-first 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.
National product:
GDP - purchasing power equivalent - $149.1 billion (1993)
National product real growth rate:
-0.6% (1993)
National product per capita:
$21,300 (1993)
Inflation rate (consumer prices):
3.3% (1993 est.)
Unemployment rate:
5.1% (1993 est.)
Budget:
revenues:
$23.7 billion
expenditures:
$26.9 billion, including capital expenditures of $NA (1993 est.)
Exports:
$63 billion (f.o.b., 1993)
commodities:
machinery and equipment, precision instruments, metal products,
foodstuffs, textiles and clothing
partners:
Western Europe 63.1% (EC countries 56%, other