Economy (Switzerland)
=====================


     Overview:
         Switzerland's economic success is matched in few other nations. Per capita
         output, general living standards, education and science, health care, and
         diet are unsurpassed in Europe. Economic stability helps promote the
         important banking and tourist sectors. Since World War II, Switzerland's
         economy has adjusted smoothly to the great changes in output and trade
         patterns in Europe and presumably can adjust to the challenges of the 1990s,
         particularly to the further economic integration of Western Europe and the
         amazingly rapid changes in East European political and economic prospects.
         After 8 years of growth, the economy experienced a mild recession in 1991
         because monetary policy was tightened to combat inflation and because of the
         weak international economy. In the second half of 1992, however, Switzerland
         is expected to resume growth, despite inflation and unemployment problems.
         GDP growth for 1992 may be just under 1%, inflation should drop from 5.9% to
         3.5%, and the trade deficit will continue to decline after dropping by over
         15% to $5 billion, due to increased exports to Germany. Unemployment,
         however, is forecast to rise to 1.6% in 1992, up from 1.3% in 1991 and 0.5%
         in 1990.
     GDP:
         purchasing power equivalent - $147.4 billion, per capita $21,700; real
         growth rate -0.2% (1991 est.)
     Inflation rate (consumer prices):
         5.9% (1991)
     Unemployment rate:
         1.3% (1991)
     Budget:
         revenues $24.0 billion; expenditures $23.8 billion, including capital
         expenditures of $NA (1990)
     Exports:
         $62.2 billion (f.o.b., 1991 est.)
       commodities:
         machinery and equipment, precision instruments, metal products, foodstuffs,
         textiles and clothing
       partners:
         Western Europe 64% (EC 56%, other 8%), US 9%, Japan 4%
     Imports:
         $68.5 billion (c.i.f., 1991 est.)
       commodities:
         agricultural products, machinery and transportation equipment, chemicals,
         textiles, construction materials
       partners:
         Western Europe 78% (EC 71%, other 7%), US 6%
     External debt:
         $NA
     Industrial production:
         growth rate 0.4% (1991 est.)
     Electricity:
         17,710,000 kW capacity; 59,070 million kWh produced, 8,930 kWh per capita
         (1991)
     Industries:
         machinery, chemicals, watches, textiles, precision instruments
     Agriculture:
         dairy farming predominates; less than 50% self-sufficient; food shortages -
         fish, refined sugar, fats and oils (other than butter), grains, eggs,
         fruits, vegetables, meat
     Economic aid:
         donor - ODA and OOF commitments (1970-89), $3.5 billion