Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Switzerland Exports: Overview
The total volume of exports declined by 6.85% in 2020 amid COVID-19 restrictions and global lockdowns. According to IMF, the decline in imports volume widened from -0.01% in 2019 to -6.26% in 2020 due to trade restrictions and lower demand for goods and services.
The share of natural or cultured pearls, precious or semi-precious stones in total exports exhibited an overall decreasing trend over the last four years. The booming pharmaceutical manufacturing sector and increasing global demand due to the aging and outbreak of COVID-19 have driven up exports of the sector. Switzerland enjoys a leading position in the world pharmaceutical market due to the superior level of research and development carried out in the country. The country ranked second in world export of pharmaceutical products with 14% followed by Ireland (10.4%), The US (8.5%), Belgium (7.3%) in 2020.
China, the US, and Germany were Switzerland’s top three trading partners in 2020; they accounted for 38.54% of total trade (exports and imports).
Switzerland Exports as a % of GDP
Exports as a % of GDP of Switzerland was 54.7% in 2021, while Switzerland’s exports as a % of GDP decreased by 5.4% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Switzerland increased by 14.3%. The exports as a % of GDP was highest in the years 2013 (66.0%), and lowest in the year 2011 (47.2%).
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