INDUSTRY SECTORS: Major contributors
The major contributors in the Switzerland’s industry sector are the machinery, the electrical engineering and metals industry (or MEM industry)contributing 19.3% of Switzerland’s GDP in 2007. The sector also contributes to the growth of the Swiss economy as it employs over 350,000 of the working population.
Switzerland’s export volumes areamong the largest in the world for almost all division of the MEM industry. About 80% of the industry output is exported, accounting for more of 40% of Switzerland’s net visible exports. The output ofSwitzerland’s MEM industry includes:
* Machine tools
* Household goods construction plants
* Specialized microelectronic apparatus
Rank ordering industries starting with the largest byvalue of annual output:
1. Machinery: Exports volume rank among the highest in the world.
2. Chemicals and pharmaceuticals: it focuses on perfume essences, dye-stuffs and food flavorings,exports almost 85% of its outputs. Invest highly in exports.
3. Watches: Exports about 95% of its production. Net exports of 17 billion francs in 2008
4. Textiles: Focuses mainly on themanufacture of high-quality products.
5. Precision instruments: is the major employer in some regions of Switzerland and most of products are exported.
6. Tourism: Switzerland has one of the world’sleading tourist industries. Its tourists bring huge revenues to the economy.
7. Banking: There are 327 authorized banks and security dealers in Switzerland
8. Insurance: There is a lot of moneyspent in this industry. Insurance companies earn half their money abroad. Switzerland is the leading insurance exporter in Europe.
Prices: The costof living in Switzerland is expensive, in 2002 was considered the third country most expensive in Europe. Swiss pay high prices for meat, cooking oil, fish and vegetables. Housing is also expensive...