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Mostly industrialization and export of machinery and (later) pharmaceuticals. Banking is less of a relevant factor for Switzerland's GDP than most people realiz
by folli 4y ago
Mostly industrialization and export of machinery and (later) pharmaceuticals. Banking is less of a relevant factor for Switzerland's GDP than most people realize. If I remember correctly even the insurance business (which is also considered financial industry) is larger than banking.
- makeitdouble 4y ago> Mostly industrialization and export of machinery and (later) pharmaceuticals. Pharmaceuticals exports are highlight of Swiss exports, but as only 25% of the GDP is attributed to industry[0], this can't be a significant part of the economy. Now how much of the 74% of the service revenue is banking is up for grabs, as tourism for instance is also a potentially big part. But even if it was only half of that, it would still be bigger that the pharma I guess ? (except if patents and/or IP was also counted as "services" ? but would it be that big either way ?) [0] https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft/uebersicht/wirtschaft---fakten-und-zahlen.html https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft...
- holgerschurig 4y agoI know that the banking sector in Switzerland only employs 89'000 people. So the statement a bit above "banking doesn't contribute as much as people think" seems to be believable to me.
- GoblinSlayer 4y agoBank's income depends on the volume of its assets, not the number of employees. The usual power law.