Switzerland’s finance market: a tiny significantly less important than a decade ago, but nonetheless a large plank of the economic climate. Keystone / Gian Ehrenzeller
The contribution of Switzerland’s finance sector to the country’s gross domestic item (GDP) has lowered in excess of the earlier ten decades.
This written content was published on April 20, 2022 – 19:28 April 20, 2022 – 19:28 swissinfo.ch/ug
The share of GDP accounted for by monetary and insurance policy products and services was 9% last year, down from 10% in 2011, the State Secretariat for Global Finance (SIF)External connection reported in a report posted on Wednesday.
By comparison, the sizing of the financial sector in Luxembourg is 25.1% of GDP. In Singapore it really is 13.8%, in the US 8.9%, and in the United kingdom 8.2%, the SIF wrote.
The selection of personnel in the Swiss finance sector dropped from all-around 216,400 in 2011 to 211,605 in 2021, and now account for 5.2% of the general workforce.
The Swiss banking earth attempts to reinvent itself
A new economic infrastructure guarantees to renovate the way cash flows across the globe.
Less banking institutions
The total variety of financial institutions declined from 320 to 243, with private banks and foreign-controlled banking institutions recording the major lessen.
The advancement displays the affect of the structural adjust in wealth administration for foreign property, in accordance to the SIF.
The four most important Swiss banking establishments in the meantime accounted for 45% of the full equilibrium sheet totals in 2020.
Hottest figures also demonstrate Switzerland turning out to be a world hub for commence-ups that rely on blockchain engineering, generally in the fintech sector.
The variety of these businesses climbed from 842 in 2019 to 1,128 in 2021, and accounted for just above 6,000 personnel.
Finally, complete capital investments of Swiss insurers enhanced to CHF579.5 billion ($611.4 billion) in 2020 from CHF490.6 billion in 2010, the SIF described.
Why Switzerland issues for the tropical forests
Even though there is this deep-rooted tradition of respect of the setting in Switzerland it does not essentially extend further than the country’s borders.
Content in this story
- The Swiss banking planet tries to reinvent by itself
- Why Switzerland matters for the tropical forests
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