.jpg "Image") | Switzerland has virtually no mineral resources and a restricted surface area. It depends for its wealth on foreign trade. The relatively small size of its domestic market - a total population of just over 7,000,000 - is another factor which has encouraged Swiss manufacturers to look abroad: they need foreign markets in order to make investment in research and development worthwhile. Switzerland imports bulky raw materials and exports high-quality goods. In 2003 the value of one tonne of exported goods was two and a quarter times more than that of the same amount of imports.
The structure of the Swiss economy changed considerably at the end of the 20th century. The number of farming jobs fell by 25% between 1985 and 1995. Switzerland used to have one of the strongest economies in the world, despite the lack of most natural resources. While the standard of living is still very high, economic growth has been slow over the past years. Consequently, the unemployment rate, one of the lowest in the past (0.2%), has risen to about 4%.
Traditionally important industries such as construction and engineering also declined, while most branches in the service sector continued to grow. In 2003, the service sector accounted for 72% of those in employment. Nearly 24% were employed in industry and craft, and only just over four per cent were working in agriculture and forestry. |
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