What kind of economy does Switzerland have, and how is Norway's different?

Switzerland's Economy

Switzerland has a service-oriented economy, with the services sector contributing approximately 74% of its GDP. This includes significant sectors like banking, insurance, and tourism15. The country also boasts a strong industrial sector, particularly in the export of high-quality products such as Swiss watches35. Switzerland's economy is characterized by a high GDP per capita, low public debt, and a strong focus on research and development1. The majority of Swiss businesses are small and medium-sized enterprises (SMEs)1.

Norway's Economy

Norway's economy is energy-rich and highly dependent on natural resources, particularly petroleum and hydropower4. It features a mix of free market activity and government intervention, with the government controlling key sectors like the petroleum industry4. Norway is not a member of the European Union but participates in the European Economic Area (EEA), allowing it to be part of the EU's single market except for fisheries and agriculture4. The country has a high GDP per capita and is known for its stable economy and strong external financial position4.

Key Differences

• Sector Focus: Switzerland's economy is primarily service-based, while Norway's is heavily reliant on natural resources, especially oil and gas.
• EU Integration: Switzerland is not an EU member but has bilateral agreements, whereas Norway is part of the EEA, integrating it into the EU's single market.
• Industrial Output: Switzerland is renowned for its precision engineering and watchmaking, whereas Norway focuses on energy production and related industries.
• Economic Structure: Switzerland has a diverse economy with a strong financial sector, whereas Norway's economy is more specialized in energy and natural resources.