B. Pre-reading exercises

20. Switzerland

Nominal GDP: $678.57 billion 

GDP (PPP): $517.17 billion

Switzerland, one of the most stable market economies in the world. It is the twentieth largest economy in the world with a nominal GDP of $678.57 billion. The country offers a very high standard of living for its people represented by the GDP per capita of $80,590, only behind Luxembourg. Switzerland has a booming tourism industry and a strong financial sector. Switzerland has a long tradition of industry, especially the clock and watches industry and pharmaceuticals. Agriculture only contributes about 1% to its GDP. The country has a highly skilled workforce and low unemployment (3%). The country’s economy benefits from its stable political system, sound infrastructure, and favorable tax rates. In recent years, its growth rate has hovered between 1-1.5%.