what service industry is an important part of the swiss economy
Swiss banking industry
title: Switzerland text: the world's largest account balances as a percentage of GDP. Switzerland is home to several large multinational corporations. The largest Swiss companies by revenue are Glencore, Gunvor, Nestlé, Novartis, Hoffmann-La Roche, ABB, Mercuria Energy Group and Adecco. Also, notable are UBS AG, Zurich Financial Services, Credit Suisse, Barry Callebaut, Swiss Re, Tetra Pak, The Swatch Group and Swiss International Air Lines. Switzerland is ranked as having one of the most powerful economies in the world. Switzerland's most important economic sector is manufacturing. Manufacturing consists largely of the production of specialist chemicals, health and pharmaceutical goods, scientific and precision measuring instruments title: Economy of Switzerland text: in green. The Swiss economy follows the typical First World model with respect to the economic sectors. Only a small minority of the workers are involved in the primary or agricultural sector (1.3% of the population, ) while a larger minority is involved in the secondary or manufacturing sector (27.7% ). The majority of the working population are involved in the tertiary or services sector of the economy (71.0% ). While most of the Swiss economic practices have been brought largely into conformity with the European Union's policies, some trade protectionism remains, particularly for the small agricultural sector. Switzerland is title: Switzerland text: and musical instruments. The largest exported goods are chemicals (34% of exported goods), machines/electronics (20.9%), and precision instruments/watches (16.9%). Exported services amount to a third of exports. The service sector – especially banking and insurance, tourism, and international organisations – is another important industry for Switzerland. Slightly more than 5 million people work in Switzerland; about 25% of employees belonged to a trade union in 2004. Switzerland has a more flexible job market than neighbouring countries and the unemployment rate is very low. The unemployment rate increased from a low of 1.7% in June 2000 to a peak of 4.4% title: Economy of Switzerland text: Novartis and Roche. Switzerland also has an extensive industrial sector, with globally competitive companies in various industrial sectors. Most noticeably, food processing like Nestlé, chemical for industrial and construction use like Sika AG, and roof coating chemicals Sarnafil. LafargeHolcim is the largest construction materials group in the world. Switzerland is extremely protective of its agricultural industry. High tariffs and extensive domestic subsidisations encourage domestic production, which currently produces about 60% of the food consumed in the country. According to the Organisation for Economic Co-operation and Development (OECD), Switzerland is subsidising more than 70% of its agriculture compared to 35% in title: Economy of Switzerland text: The tax would increase gradually to 35% by 2011, with 75% of the funds being transferred to the EU. Recent estimates value EU capital inflows to Switzerland to $8.3 billion. Switzerland is a member of a number of international economic organizations, including the United Nations, the World Trade Organization, the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development. Economy of Switzerland The economy of Switzerland is one of the world's most advanced economies. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of