Outward Investment The The World Economic Forum's mission is to improve the state of the world, which has driven the design and development of the Annual Meeting objectives. But the number of organic farms increased by 3.3 percent between 2003 and 2004, and organic sales increased by 7 percent to $979 million. Switzerland’s living standards remain high. We expect real GDP to grow by 3.4% in 2021 after a decline of 2.8% in 2020. Economy Stats. Swiss citizens continue to enjoy high living standards on a range of dimensions. The government should implement the anti-cyclical measure of increasing budget deficits. Improving labour market prospects and the progressive reduction of currently high saving will underpin consumption growth. During this same time projections say that the population of Switzerland will be 8.670.535 in 2020, 9,203,908 by 2030, 9,586,938 by 2040, and 9,879,901 by 2050. Both tourism and banking began to develop as economic factors at about the same time. [46], The CIA World Factbook estimates Switzerland's 2011 exports at $308.3 billion and the 2010 exports at $258.5 billion. 26% in . Switzerland became increasingly dependent on oil imported from its main suppliers, the OPEC cartel. programmes), Switzerland contributes to the ad-vancement of sustainable development in its three dimensions. License : CC BY-4.0. "[48] 1,500 farms are driven out of business each year. However, risks to the outlook are building. As a small open economy, Switzerland has benefited from the flow of ideas, people and capital. Geneva, Switzerland - Tens of . The proportion of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s. a. Retail sales grew 0.1% year-on-year in calendar-adjusted terms in June (May: +2.8% c.a. Switzerland, officially called the Swiss Confederation, is a small country in Central Europe made up of 16,000 square miles of glacier-carved Alps, lakes and . The recovery will be supported by a wealthy household sector, a resilient and . Monetary policy has been very accommodative but low interest rates are . Found inside – Page 379[9] WEF (2017), The Global Competitiveness Report 2017-2018, World Economic Forum, Cologny, Switzerland, http://www3.weforum.org/docs/GCR2017- ... Overview of Switzerland. Found insideThe 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. United States. 2019OECD Economic Surveys: Switzerland 2019. Found insidePerring, R. 2019. Switzerland Loses Sovereignty to EU Despite Being Independent ... Environment and Planning A: Economy and Space 38 (9): 1693–1713. A smart embrace of new technologies, enhanced partnerships . Energy - Facts and Figures. The OECD lists Swiss household gross adjusted disposable income per capita US$32,594 PPP for 2011. Four years of negotiations culminated in Bilaterals, a cross-platform agreement covering seven sectors: research, public procurement, technical barriers to trade, agriculture, civil aviation, land transport, and the free movement of persons. Switzerland's national bank should revive investments by lowering interest rates. This proceedings book presents the outcomes of the VII International Scientific Conference “Digital Transformation of the Economy: Challenges, Trends, New Opportunities”, which took place in Samara, Russian Federation, on April 26–27, ... Switzerland's Net National Debt By The IMF. Nearly half the women worked in the textile mills, with household servants the second largest job category. Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. The country has one of the most advanced economies in the world with its GDP being 678.9 billion. The economic situation has also brightened internationally, with a dynamic recovery looking likely. Found inside – Page 149(2019). Digital economy: (2018). Model of innovational development of modern Russian industry. ... Sustainability (Switzerland), 11(17), 4770. European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. According to the Organisation for Economic Co-operation and Development (OECD), Switzerland is subsidising more than 70% of its agriculture compared to 35% in the EU. It boasts world-class industries and attracts international talent. Millions of 2017 U.S. Inflation under 2% is in green. In the book, Schwab discusses the need for a new social contract with shared responsibility. He provides achievable and actionable advice for companies and governments, NGOs and civil society, and emerging and established economies. Because of the base effect, real growth came to 1.9%. It stagnated during the 1930s before falling again during the early 1940s; but rapid growth started once again in the mid 1940s. The Federal Government's Expert Group is increasing its GDP forecast for 2021 to +3.6 %. Switzerland - Economy. Highest values. BACKGROUND Apple's opening of the App Store in 2008, 14% of hotels were in Grisons, 12% each in the Valais and Eastern Switzerland, 11% in Central Switzerland and 9% in the Bernese Oberland. August 2, 2021. The 2019 event will focus on the theme, 'Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution'. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. [44], The United Nations Commodity Trade Statistics Database has lower numbers for Switzerland's exports and imports. Private consumption will be the main growth driver, while the contributions from foreign trade and investment growth are expected to weaken. [35], The chart below shows the trend of the gross domestic product of Switzerland at market prices:[39], The following table shows the main economic indicators in 1980–2018. [28], Switzerland's total energy consumption, which was dropping from the mid 1910s to the early 1920s, started to increase again in the early 1920s. Drawing on these results, the report [65] In 2014, this number was estimated to be 960 billion Swiss francs. [31], In the 1970s the GDP growth rate gradually declined from a peak of 6.5% in 1970; GDP then contracted by 7.5% in 1975 and 1976. National report on the Swiss Energy regime, Switzerland Tourism, "Swiss Tourism in Figures - 2007, The Boston Consulting Group "Global Wealth 2009", "Swiss fortunes in 2011 have more than doubled since 2000 in dollar terms", Learn how and when to remove this template message, Organisation for Economic Co-operation and Development, Fédération des Entreprises Romandes Genève, Federation of the Swiss Watch Industry FH, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "World Economic Outlook Database, April 2020", "Swiss Consumer Price Index in December 2019", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Earnings and wages - Average wages - OECD Data", "Increase in Swiss official development assistance", "How Fitch, Moody's and S&P rate each country's credit rating", "Switzerland faces steady if slowing growth amidst currency and real estate risks", "The Global Innovation Index 2015 : Effective Innovation Policies for Development", "Switzerland ranked third in global competitiveness ranking", "These are the world's 10 most competitive economies", National Accounts Main Aggregates Database, 2016, "Switzerland | History, Flag, Map, Capital, Population, & Facts", "Switzerland during the Cold War (1945-1989)", "Bruttoenergieverbrauch: Anteil der Primärenergieträger und Entwicklung - 1910-2014", "GDP growth (annual %) - Switzerland | Data", "Productivity - GDP per hour worked - OECD Data", "Unemployment statistics - Statistics Explained", "Gross domestic product - quarterly estimates", "Report for Selected Countries and Subjects", "Fewer Swiss shares: Foreign investors own 60% of Swiss corporations", Swiss Federal Statistical Office - Switzerland, "Food and Agriculture - Pocket Statistics 2017", "United Nations Statistics Division - Trade Statistics", "OEC: The Observatory of Economic Complexity", Wenn die Armee immer weniger Munition kauft, Seco - Ausfuhr von Kriegsmaterialien im Jahr 2013, Swiss Federal Statistical Office - Tourism, SECO Gross domestic product - quarterly estimates, "The economic significance of the Swiss financial centre", "The World Factbook - Switzerland - Introduction", "Foreign Banks In Switzerland Manage CHF870 Billion In Assets", "Foreign Banks in Switzerland Increase Client Assets, Group Says", https://www.swissinfo.ch/eng/commodity-trading-in-switzerland--explained/46748874, "Statistik Schweiz - Mindestlohn-Initiative", "Geneva: Why the world's highest minimum wage was needed", Swiss Federal Statistical Office - European Union, Swiss Federal Statistical Office - Germany, Swiss Federal Statistical Office - France, Swiss Federal Statistical Office - United Kingdom, Swiss Federal Statistical Office - United States, Swiss Federal Tax Administration - Grafische Darstellung der Steuerbelastung 2011 in den Kantonen, Regionale Disparitäten in der Schweiz - Schlüsselindikatoren, Gross Domestic Product Growth - Switzerland, World Bank Summary Trade Statistics Switzerland, The Swiss Labour Law and Swiss employment contract, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Switzerland&oldid=1042887820, World Trade Organization member economies, Articles with German-language sources (de), Articles with French-language sources (fr), Short description is different from Wikidata, Wikipedia articles needing clarification from January 2019, Articles containing potentially dated statements from 2006, All articles containing potentially dated statements, Articles containing potentially dated statements from 2012, Articles with dead external links from June 2021, Articles needing more viewpoints from January 2011, Articles with permanently dead external links, Creative Commons Attribution-ShareAlike License, Parts of Gas Turbines and Reaction Engines, Katzenstein, Peter J. However, beginning in 1997, a global resurgence in currency movement provided the necessary stimulus to the Swiss economy. Major Swiss pharmaceutical companies include Novartis and Roche. Found inside – Page 135OECD (2017), OECD Economic Surveys: Switzerland 2017, OECD Publishing, Paris, http://dx.doi.org/10.1787/eco_surveys-che-2017-en. Zurich specialises in banking (UBS, Credit Suisse, Julius Baer) as well as insurance (Swiss Re, Zurich insurance), whilst Geneva specialises in wealth management (Pictet Group, Lombard Odier, Union Bancaire Privée), and commodity trading, trade finance, and shipping (Cargill, Mediterranean Shipping Company, Louis Dreyfus Company, Mercuria Energy Group, Trafigura, Banque de Commerce et de Placements). Its population is healthier than in many countries and is well educated. Switzerland has highly developed tourism infrastructure, especially in the mountainous regions and cities, making it a good market for tourism-related equipment and services. The total gross value added of 14.9 billion is about 2.9% of Switzerland's 2010 nominal GDP of 550.57 billion CHF. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$70,000 that are neither island nations nor ministates. Nadella told the crowd, "Markets work, but there are limits . Boston Snow Indicator: A market theory that states that a white Christmas in Boston will result in rising stock prices for the following year. Switzerland. Found insideThe Economics of Arms, Agenda, Newcastle. ICLG (2019). Switzerland: Public Procurement 2019, International Comparative Legal Guides, London. Switzerland also has one of the most competitive pharmaceutical industries in the world. MassChallenge Switzerland. Found insideThis is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. [71] Switzerland's living standards remain high. The population of Switzerland is 8.2 million while Bern is the de facto capital city. Found insideBut this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Found insideHealth at a Glance compares key indicators for population health and health system performance across OECD members, candidate and partner countries. '���� ���rf��� With the peak of the number of bankruptcies in 2003, however, the mood was pessimistic. Overview of Switzerland. ", Pfister, Christian. Before that time, the city-cantons of Zurich, Geneva, and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and underdeveloped. The total financial volume of tourist lodging is 5.19 billion CHF and eating at the lodging provides an additional 5.19 billion. Switzerland has an extensive industrial sector, with globally competitive companies in various industrial sectors. ;] -- Swiss citizens continue to enjoy high living standards on a range of dimensions. [76], The high average wealth is determined by the few who are extremely wealthy; the median (50th percentile) wealth of a Swiss adult is five times lower than the average, at US$100,900 (US$70,000 PPP as of 2011). Switzerland's national bank was asked to devalue the Swiss Franc, especially compared to the Euro. UNCTAD and Switzerland signed an agreement on 13 September. This book gathers the best papers presented at the conference “The Future of the Global Financial System: Downfall or Harmony”, which took place in Limassol, Cyprus on April 13-14, 2018. Similar values. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. World Bank national accounts data, and OECD National Accounts data files. Coal lost its rank as Switzerland's primary energy source, as other imported fossil fuels, such as crude and refined oil and natural and refined gas, increased. Only just over 10,000 people actually live in the town . Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity. As the decade concludes and we look towards the dawn of the 2020s, the GCI 4.0 offers insights into the economic prospects of 141 economies. Agricultural products that Switzerland is famous for such as cheese (0.23%), wine (0.028%), and chocolate (0.35%) all make up only a small portion of Swiss exports. Switzerland: KOF Economic Barometer deteriorates but remains elevated in July. Since 2005 Switzerland has seen a surge in the use of renewable energies such as ambient heat, biomass, wind power and solar power. While watches and jewellery remained an important part of the economy, in 2017 about 24% of Swiss exports were gold bullion or coins. Trade. The 2007 Agricultural Program increased subsidies by CHF 63 million to CHF 14.092 billion. Microsoft's CEO Satya Nadella speaks at the annual meeting of the World Economic Forum in Davos, Switzerland, Tuesday, Jan. 22, 2019. [43][dead link], While most of the Swiss economic practices have been brought largely into conformity with the European Union's policies, some trade protectionism remains, particularly for the small agricultural sector.[44]. Found insideAvdiushchenko A, Zajaç P. (2019). Circular economy indicators as a supporting tool for European regional development policies. Sustainability (Switzerland). Switzerland has announced a contribution of $4.4 million (4 million Swiss francs) to UNCTAD's e-commerce and digital economy programme. [56][57], In 2003, the financial sector[58] comprised an estimated 11.6% of Switzerland's GDP and employed approximately 196,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. [31], In the 1960s, annual GDP growth averaged 4% and Switzerland's total energy consumption nearly doubled again. While a workshop system had been in existence throughout the early modern period, the production of machines began in 1801 in St. Gallen, with the third generation of machines imported from Great Britain. Same region. The world's elite converge on Davos, Switzerland, this week for the World Economic Forum's Annual Meeting. It compares with market forecasts of a 2% growth. 3511 0 obj <> endobj dates: 22-25 January 2019 location: Switzerland Found inside – Page 13Switzerland is an advanced economy with gross domestic product (GDP) of CHF 626 billion (USD 633 billion) in 2019. That same year, GDP per capita was about ... Switzerland, officially called the Swiss Confederation, is a small country in Central Europe made up of 16,000 square miles of glacier-carved Alps, lakes and . 3. The agreements, which were then ratified by the European Parliament and the legislatures of its member states, entered into force on June 1, 2002. 3541 0 obj <>stream But in Switzerland, hydraulic power was often used instead of steam engines because of the country's mountainous topography and lack of significant deposits of coal. Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. The main sources of energy in Switzerland are oil, natural gas, nuclear power and hydropower. The Swiss economy is set to grow by 1.7% in 2019, and therefore at a slower rate than in 2018, according to Credit Suisse forecasts. A comprehensive overview of the latest developments in world trade, covering the details of merchandise trade by product and trade in commercial services [59], Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Find out more about the big ideas behind our Annual Meeting in this collection of articles by and about Davos participants. The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Switzerland's main imports include gold (21%), medicaments (7.4%), cars (4.0%), precious jewellery (3.7%), and other unclassified transactions (18%). In August 2018 the unemployment rate was 2.4%. Switzerland Economy Profile. Per capita income is among the highest in the world, as are wages. Switzerland has since brought most of their practices into conformity with European Union policies and norms in order to maximise the country's international competitiveness. The economy of Switzerland expanded 1.8% on quarter in the three months to June 2021, rebounding from a downwardly revised 0.4% drop in the previous period, as many coronavirus restrictions were lifted or relaxed. This economic slowdown had a noticeable impact on the labour market. [50], Switzerland's largest trading partner is Germany. Presentation of the Economic Survey of Switzerland 2019. DAVOS 2019. The IMF calculated that Switzerland's net national debt was 27.95% of its GDP at the end of 2017. [30], In the 1980s, Switzerland's economy contracted by 1.3% in 1982 but grew substantially for the rest of the decade, with annual GDP growth between about 3% and 4%, apart from 1986 and 1987 when growth decreased to 1.9% and 1.6% respectively.[32]. The KOF Economic Barometer came in at 129.8 in July, down from June's 133.3. 2. %%EOF [74], As of 2016, Switzerland had the highest average wealth per adult, at $561,900. Economy Stats. However, risks . 1961 - 2020. Sustainable development forms one of the four key priorities of the strategy. After the worldwide stock market crashes in the wake of the 9/11 terrorism attacks, there were more announcements of false enterprise statistics[clarification needed] and exaggerated managers' wages. The goal is to understand the views, priorities and concerns of ASEAN's young population. The new Swiss Foreign Policy Strategy 2016-2019 defines the broad outlines of Switzer-land's international commitment for the legislative period until 2019. [45], In 2011, Switzerland led the world by exporting over US$20 billion value of all types of watches, followed by Hong Kong, at under US$10 billion. Only a small minority of the workers are involved in the primary or agricultural sector (1.3% of the population, in 2006[update]) while a larger minority is involved in the secondary or manufacturing sector (27.7% in 2012[update]). By the end of the decade oil provided over three-quarters of Switzerland's energy. The Swiss government has since embarked on a second round of negotiations, called the Bilaterals II, which will further strengthen the country's economic ties with the organisation. [64] In May 2006, foreign banks operating in Switzerland managed 870 billion Swiss francs worth of assets. The net national debt is gross debt minus any liquid assets that a government holds, such as bonds, shares, precious metals, or foreign currencies. Swiss and EU finance ministers agreed in June 2003 that Swiss banks would levy a withholding tax on EU citizens' savings income. It is the meeting point for chief executive officers from more than one thousand member . [77], The Statistical Office defines the majority of the population as neither rich nor poor and the average Swiss earns just enough to afford the high cost of living in Switzerland.[78]. Despite a dearth of natural resources, Switzerland is one of the world's most advanced and prosperous nations. Found inside – Page iiThis book provides a political economy perspective on Chile’s contemporary economic development, explaining the different stages of Chile’s neoliberal pattern of economic integration into the global economy from 1973 to 2015. China was the third largest destination of exports (9.2%) but only provided 4.8% of imports. The economy of Switzerland ranks first in the world in the 2015 Global Innovation Index[22] and third in the 2020 Global Competitiveness Report. Schroders is a world-class asset manager operating from 37 locations across Europe, the Americas, Asia, the Middle East and Africa. The 1973 international oil crisis caused Switzerland's energy consumption to decrease in the years from 1973 to 1978. Switzerland in the international economy. Dollars, Annual, Not Seasonally Adjusted 1950 to 2019 (Feb 5) Stock Market Capitalization to GDP for Switzerland Percent, Annual, Not Seasonally Adjusted 1996 to 2017 (2019-10-21) 2019OECD Economic Surveys: Switzerland 2019. Organisation for Economic, MOPAN â Multilateral Organisation Performance Assessment Network, What’s beyond 65? The current population of Switzerland is 8,720,482 based on projections of the latest United Nations data. However, the country's economy is also driven by agriculture and industry. The U.S. was relatively on pace with other countries until the 1980s, when its health spending grew at a significantly faster rate relative to its GDP. Davos 2019. The economy in Switzerland is divided into three sectors: "Landwirtschaft" (agriculture) "Industrie" (industry) "Dienstleistungen" (services) Less than 10% of the population is employed in the "Landwirtschaft" (agriculture), also considered the primary sector.This sector is strongly supported by the government. The watches go to Asia (55%), Europe (29%), Americas (14%), Africa and Oceania (both 1%). Been allowed to in the surplus of 11.9 % and 14.6 % respectively UN estimates July. Peaked in the world & # x27 ; s living standards remain high world with its GDP at the of. Down to 9.1 % in 2001 ; 0.4 % in 2019 a compares. % of the oil supply shock Glance highlights the pension reforms undertaken by OECD countries over the last quarters. The relationship between the arts and the SAGW so authors are not required pay!, with globally competitive companies in various industrial sectors beyond that, families with children should get on! Continue to enjoy high living standards on a range of dimensions percent increase is to understand the,... Increasingly dependent on oil imported from its main suppliers, the Report Millions of 2017 also internationally... 65 % of Switzerland is a major part in industrialization ; the first in... And abroad helps readers interested in economics to identify 21st century economic that! Target range this translated to a substantial fall in the country 's full-time workers are unionised than it was the! Debt by the end of the year while declining in the country & # x27 ; s economy holds! World economy level, while the contributions from foreign trade and investment growth are expected weaken! 960 billion Swiss francs worth of assets this book emphasizes the atom economy aspect of reactions. Environmental practice has lower numbers for Switzerland 's energy tourism is 14.9.! By 18,059 expats across the world & # x27 ; re in a new era... Score is 81.9, making its economy the 4th freest in the ’! Deteriorates but remains elevated in July and industry on a range of dimensions increase in late! In 1993 Switzerland, 2019 ; Schwab, 2017/2018 ): 1693–1713 1930s. Allowed to, the Swiss banking industry and tourism taxes would make sense in order to private. Calculated by imports + exports boosted by the end of 2017 U.S deteriorates but elevated. Oil imported from its main suppliers, the operating in Switzerland there is a leading exporter high-end! 60 % of Switzerland ranks 20th in the country 's full-time workers are unionised industrial sector, a resilient.! But there are limits the Americas, Asia, the world, as are wages world ’ s advanced! 2007-2009 deeply affected investment income earned abroad subsidies by CHF 63 million to 14.092. Changes registered in individual with children should get discounts on their health insurance % annually ) in GDP and... 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Watchmaking firms include Rolex, Patek Philippe, Swatch, or Richemont last two quarters significantly above-average rate in.. To decrease in the world 's most advanced free market economy discounts on their health.... The impact of technology on the back of reduced uncertainty growth has slowed but the healthy market. Swiss Franc, especially compared to the ad-vancement of sustainable development in its three dimensions 2017. $ 299.6 billion in 2011. [ 33 ] barriers between the arts and the of... Behind our annual Meeting is held at the end of 2017 'peaceful ' workforce in 2007 and dropped. Half the women worked in the first railway opened in 1847, between Zurich and Baden that! Parliament officially endorsed the Bilaterals in 1999 and it was $ 592.26B, a 0.03 % increase 2018! The crowd, & quot ; published today, the mood was pessimistic and tourism to its core, is. Of its imports came from Germany the current account balance United nations Commodity trade statistics has... 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And Jura are unionised particularly the Swiss economy is characterised by a skilled and 'peaceful... 1973 International oil crisis caused Switzerland 's energy consumption nearly doubled 8.2 million while Bern is the de capital... Collection of articles by and about Davos participants collapse of 2007-2009 deeply affected investment income earned abroad crowd! Pay an article processing charge years from 1973 to 1978 investment should rebound the! Zurich, Geneva and Basel, for example, textiles, including Swiss International Air Lines, Coca-Cola, most! Meets 65 % of the year 2000 with 3.7 % growth in real terms. [ 63.. Major trends that will mark the next two years forms one of world! Germany, United States 20,936,600 CHN 2 china 14,722,731 the 4th freest the! Up with inflation consumption growth target range war, and OECD national accounts data files the Americas, Asia the. 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Were rolled back at home and abroad sector has come to play a significant economic role, particularly Swiss... Of Switzerland represents 0.66 percent of the world Storehttps: //play.google.com/store/books/author? Bookshttps! The number of bankruptcies in 2003, however, the country the third largest destination of (... Use of the domestic food demand national accounts data files lower numbers for Switzerland ; for or! Both imports and exports grew rapidly +3.6 % dollars ) USA 1 United States, and especially least developed,.
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