shington, DC 20008
telephone:
(202) 745-7900
FAX:
(202) 387-2564
consulates general:
Atlanta, Chicago, Houston, Los Angeles, New York, and San Francisco
US diplomatic representation:
chief of mission:
Ambassador Joseph B. GILDENHORN
embassy:
Jubilaeumstrasse 93, 3005 Bern
mailing address:
use embassy street address
telephone:
[41] (31) 437-011
FAX:
[41] (31) 437-344
branch office:
Geneva
consulate general:
Zurich
Flag: red square with a bold, equilateral white cross in the center that does not
extend to the edges of the flag

*Switzerland, Economy

Overview:
Switzerland's economy - one of the most prosperous and stable in the world -
is nonetheless undergoing a painful adjustment after both the inflationary
boom of the late-1980s and the electorate's rejection late last year of
membership in the European Economic Area. Stubborn inflation and a soft
economy have afflicted Switzerland. Despite slow growth in 1991-92, the
Swiss central bank had been unable to ease monetary policy in the past three
years because of the threat to the Swiss franc posed by high German interest
rates. As a result, unemployment is forecast to rise from 3% in 1992 to more
than 4% in 1993, with inflation moving down from 4% to 3%. The voters'
rejection in December 1992 of a referendum on membership in the EEA which
was supported by most political, business, and financial leaders has raised
doubts that the country can maintain its preeminent prosperity and
leadership in commercial banking in the 21st century. Despite these
problems, Swiss per capita output, general living standards, education and
science, health care, and diet remain unsurpassed in Europe. The country has
few natural resources except for the scenic natural beauty that has made it
a world leader in tourism. Management-labor relations remain generally
harmonious.
National product:
GDP - purchasing power equivalent - $152.3 billion (1992)
National product real growth rate:
-0.6% (1992)
National product per capita:
$22,300 (1992)
Inflation rate (consumer prices):
4.1% (1992 est.)
Unemployment rate:
3% (1992 est.)
Budget:
revenues $24.0 billion; expenditures $23.8 billion, including capital
expenditures of $NA (1990)
Exports:
$62.2 billion (f.o.b., 1991 est.)
commodities:
machinery and equipment, precision instruments, metal products, foodstuffs,
textiles and clothing
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