A small, federal direct democracy at the center of Europe, with one of the world's highest incomes per capita, a multilingual population, a globally-recognized safe-haven currency, and an economy specialized in pharmaceuticals, finance, machinery, and watchmaking.
Switzerland
Switzerland is a federal state of 26 cantons in central Europe, with a permanent resident population ≈ 9.1 million as of end-2025. The Federal Constitution organises power across the Confederation, the cantons, and the communes, and reserves an unusual amount of decision-making to direct popular vote through referendums and initiatives. The Swiss franc is treated globally as a safe-haven currency, and the Swiss National Bank manages the franc against price stability rather than against a foreign-exchange peg. The economy is small in headcount but large per worker: pharmaceuticals, machinery, finance, watchmaking, and high-end services anchor a globally specialized export base.
Federal architecture and direct democracy. The 1848 Federal Constitution and its 1999 revision define a confederation with strong cantonal and communal autonomy, a collective seven-member Federal Council as head of state and government, and direct-democratic instruments at every level of governance. Federal initiatives and referendums are routinely binding S7.
Multilingual national identity. German, French, Italian, and Romansh are the four national languages. The Confederation communicates with citizens in their cantonal language, and multilingual administration is built into the institutional structure S7.
Safe-haven currency and an independent central bank. The Swiss franc is treated globally as a safe-haven currency. The SNB mandate is price stability with consideration for the real economy. The bank uses the policy rate, FX market interventions, and SARON-linked operations to implement policy S3.
Specialised export base in high-value manufacturing and finance. Pharmaceuticals, chemicals, machinery, watchmaking, and high-end services account for the bulk of merchandise and services exports. Per-worker output ranks among the highest in the world; the economy is small in headcount but large in the value it adds per hour worked S1,S11.
EU-adjacent through bilateral agreements rather than EU membership. Switzerland is an EFTA founding member, and a network of bilateral agreements (Bilaterals I and II) regulates trade in goods, free movement of persons, and several sectoral relationships. The Swiss-EU institutional relationship is the single largest external-policy question facing the country S6.
Continue with the data
The indicator chapter is the live snapshot. Start with output and prices, then read external balance and the franc, then labor and finance.
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