Bern, Switzerland (GenevaLunch) – The Swiss Finance Department Tuesday 14 July published its annual figures on the financial and insurance industries, awaited with more interest than usual. The most startling numbers for 2008 show the fall in the value of client securities managed: down from CHF5,2325 billion in 2007 to CHF3,847b in 2008. The drop reflects the decline in the stock market, which at the end of 2007 had a value of CHF1,187 billion but by the end of 2008 it stood at CHF774b.

The country’s net international assets balance at the end of the year was CHF656b. The number represents total assets abroad minus total foreign liabilities.

The figures show that the impact of the global financial crisis had a slow start in Switzerland. The industry, with 60, 444 companies, still accounted for 11.4 percent of GDP (gross domestic product) on 31 December 2008, down slightly from 12.3 percent in 2007. The percentage of employees as part of the Swiss workforce also slipped, but only slightly, from 5.9 to 5.8 percent and the total number of people was actually higher, up from 193,100 to 195,600.

Figures on Switzerland as a location for financial services, 2009, English version (pdf)

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