Economic and Trade Relations

BILATERAL ECONOMIC AND TRADE RELATIONS BETWEEN GREECE AND SWITZERLAND
SWITZERLAND ECONOMY

a. Swiss Economy

The Swiss economy, one of the most competitive in the world, is traditionally based on the service sector (financial and insurance services, tourism, etc.). The industrial sector also contributes to the development of the country's economy (pharmaceutical products, electrical machinery and devices, precision instruments - watches, processed foods). Small and medium-sized enterprises constitute the broad basis of the Swiss economy, whilst large multinationals, especially pharmaceuticals, based in Switzerland also contribute significantly to GDP.

In 2024, Switzerland's GDP registered marginal growth of 1.3%, slightly higher than in 2023 (0.7%), but lower than in 2022 (3.1%). Inflation decelerated to 1.3% in 2024 from 2.1% in 2023 and 2.8% in 2022. Unemployment increased to 2.4% in 2024 from 2% in 2023 and 2.2% in 2022. GDP is expected to grow by 1.4% in 2025 and 1.6% in 2026, growth below the historical average of the Swiss economy, which is 1.8% (since 1981). Unemployment in the country will also show a slight increase, at 2.8% in both 2025 and 2026.


b. Swiss global trade

In 2024, Switzerland's global exports increased by 4.2% (€375.08 billion) compared to 2023. This increase is almost entirely due to the chemicals and pharmaceuticals sectors, the country's top export sectors. At the same time, imports in 2024 decreased by 0.4% (€312 billion), resulting in an increase in the Swiss trade surplus by 35.56% compared to 2023.

Switzerland's most important export partners for 2024 are the US, Germany, China, Slovenia and Italy, whilst main suppliers include Germany, Italy, the US, France and Slovenia. The main products exported from Switzerland in 2024 were precious and semi-precious stones and precious metals, pharmaceuticals, chemicals, watchmaking products and machinery. The main products imported into Switzerland in 2024 were precious and semi-precious stones and precious metals, pharmaceuticals, machinery, vehicles and electrical equipment.


c. EU-Switzerland Economic Relations

Switzerland is a member of the European Free Trade Association (EFTA) and is among the countries in Europe with the highest concentration of businesses and capital in proportion to its population. Since 12.12.2008, it has fully implemented the Schengen acquis. On 20.12.2024, the negotiations for the package of Agreements between Switzerland and the EU were officially concluded. Before ratification by the Swiss side, this package of Agreements will be submitted to a referendum in Switzerland, either mandatory or optional, which is expected to be held, at the earliest, in 2027. On the basis of transitional arrangements until the ratification of the package of Agreements, Switzerland has already submitted proposals in the European research and innovation programs Horizon Europe, Euratom and Digital Europe for 2025.


d. Greece - Switzerland Bilateral Economic & Trade Relations

Trade in goods

Greece-Switzerland bilateral trade in goods 2020-2024

Greece-Switzerland bilateral trade in services 2020-2024

Switzerland is the sixth largest investor in Greece in terms of flows for 2024 and the fifth largest investor in terms of investment stock for 2023.


e. Tourism

Greece is a popular tourist destination for the Swiss. In 2024, arrivals amounted to 675.7 thousand visitors, an increase of 20.64%, compared to 2023. However, tourism receipts from Switzerland decreased by almost 9%, to 493.3 million euros in 2024 (2.28% of the total), from 541.8 million euros in 2023 (2.63% of the total).

* excl. Cruise sector data