Switzerland. A. Definitions and sources of data

Size: px

Start display at page:

Download "Switzerland. A. Definitions and sources of data"

Charlene Conley
5 years ago
Views:

1 Switzerland A. Definitions and sources of data The Swiss National Bank (SNB) compiles data on foreign direct investment (FDI) for balance of payments- and international investment position- purposes. The SNB is authorized by the federal law on the Swiss National Bank from 3 October 2003 and the decree on the national bank law from 18 March 2004 to conduct quarterly and annual surveys. Before, the surveys were conducted in accordance with article 2 of the Federal Statistical Act of 9 October Participation in the surveys is mandatory for all enterprises resident in Switzerland with FDI capital exceeding Sfr 10 million (or quarterly FDI flows exceeding Sfr 1 million). FDI is defined, essentially in line with international standards, as a cross-border investment in an enterprise in order to exercise a significant degree of influence on the management of this enterprise. This is normally the case with a participation of at least 10 per cent of voting shares. Geographical detail on data on FDI flows are reported since For the period of , aggregated FDI flows published in the balance-of-payments statistics were estimated based on a pilot survey covering mainly manufacturing enterprises. Until 1991, reinvested earnings were included in equity capital of FDI flows and not reported separately. FDI flow and stock data includes the activities of offshore enterprises established in Switzerland by nonresidents or established abroad by Swiss residents; they do not include transactions of real estate and buildings by non-resident individuals in Switzerland or by Swiss residents abroad. The directional principle is overwhelmingly applied. Data on the flows and stocks of FDI are published in the SNB Monthly Statistical Bulletin, available on They contain detailed breakdowns by regions and countries, and by sectors and industries. Detailed flow data are published with a time lag of 8 months, detailed stock data with a time lag of 12 months. Stock data generally refer to book values. The Federal Statistical Act of 9 October 1992, introducing a compulsory reporting of balance of payments-related information, led to an extension of the coverage of the direct investment survey in Therefore, when interpreting data, it has to be taken into account that there is a break in time series in Data refer to manufacturing activities and services. The classification by economic activities applied by the SNB is the "Allgemeine Systematik der Wirtschaftszweige 1985" (ASWZ) and relates to the main economic activity of the enterprise resident in Switzerland. It is derived from the United Nations International Standard Industrial Classification of All Economic Activities (ISIC). Transition to a classification derived from NACE rev.1.1 (NOGA2002) is envisaged. Outward FDI data with a breakdown by economic sectors (secondary and tertiary) are available from 1985 (flows) / 1986 (stocks) onwards, a detailed breakdown by economic activity is available since The country classification of inward FDI data follows the principle of immediate ownership while for outward data, efforts are undertaken to apply the principle of ultimate beneficial ownership, as far as possible. In addition, the SNB reports data on the employment of affiliates abroad of Swiss TNCs and the employment of affiliates of foreign TNCs in Switzerland, with a breakdown by regions and countries. Posting date: 19 September 2005

2 UNCTAD WID Country Profile: SWITZERLAND Page 2 of 36 The Federal Office of Statistics in cooperation with economiesuisse reports data on research and development (R&D) expenditure of foreign affiliates of Swiss TNCs. The data are collected in the framework of a survey on R&D by private enterprises, introduced in 1983 and taking place every four years (every three years up to 1992). The survey is based on the Swiss Enterprise Register (Registre des entreprises et des établissements, REE) and covered, for the reporting year 2000, a number of 6,299 enterprises resident in Switzerland. Data on affiliates abroad of Swiss TNCs, refering to affiliates of which the ultimate beneficial owner is a Swiss TNC, are estimated. A break in time series is caused by the introduction of NOGA for the classification by economic activity, as of Furthermore, the survey was expanded to include insurance companies in 2000.

3 B. Statistics on FDI and the operations of TNCs

4 UNCTAD WID Country Profile: SWITZERLAND Page 4 of 36 Table 1. Summary of FDI (Millions of Swiss Francs) Variable Inward Outward 1. FDI flows, (annual average) FDI flows as a percentage of GFCF, (annual average) FDI stock, FDI stock as a percentage of GDP, Sources : Based on tables 3a and 4 and UNCTAD, FDI/TNC database. Table 2. Summary of international production (Number of employees and millions of Swiss francs) Variable Affiliates of foreign TNCs in Switzerland Foreign affiliates of home-based TNCs abroad 1. Employment, Research and development expenditures, Sources: Based on tables 32 and 67 and UNCTAD, FDI/TNC database.

5 UNCTAD WID Country Profile: SWITZERLAND Page 5 of 36 Table 3a. FDI flows, by type of investment, (Millions of Swiss Francs) Inward investment Outward investment Reinvested Reinvested Year Equity earnings Other Total Equity earnings Other Total Source: Banque Nationale Suisse, Bulletin mensuel de statistiques économiques, various issues. Note: Components might not add up to the total due to rounding.

6 UNCTAD WID Country Profile: SWITZERLAND Page 6 of 36 Year Equity Table 3b. FDI flows, by type of investment, (Millions of dollars) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total Source: International Monetary Fund, balance-of-payments CD-ROM, March 05. Note : Due to rounding, the components may not add up to the total.

7 UNCTAD WID Country Profile: SWITZERLAND Page 7 of 36 Table 4. FDI stocks, by type of investment, (Millions of Swiss Francs) Inward investment Outward investment Intra- Intra- Reinvested company Reinvested company Year Equity earnings loans Total Equity earnings loans Total Source: Banque Nationale Suisse, Bulletin mensuel de statistiques économiques, various issues. Notes: Reinvested earnings are included in equity and not reported separately. Data might differ from those in tables 11, 12, 14, 15 and 16 since data by components and those with breakdown by sector/industry and by region/economy are revised during different periods.

8 UNCTAD WID Country Profile: SWITZERLAND Page 8 of 36 Table 5. FDI flows in the host economy, by industry, (Millions of Francs) Sector / industry Total Secondary Chemicals and chemical products Metal and metal products Electrical and electronic equipment Unspecified secondary Tertiary Trade Transport, storage and communications Finance Financial Intermediation Monetary intermediation Other financial intermediation Insurance and Pension Funding Other services Source: Swiss National Bank, Statistics Notes: Chemicals and chemical products include plastics. Metal and metal products include machinery and equipment. Electrical and electronic equipment include energy and precision instruments. Secondary includes construction. Other financial intermediation includes financial and management holdings whose share capital is foreign-controlled.

9 UNCTAD WID Country Profile: SWITZERLAND Page 9 of 36 Table 6. FDI flows in the host economy, by geographical origin, (Millions of Francs) Country / economy Total world Developed countries Western Europe European Union Austria Belgium Luxembourg Denmark France Germany Italy Netherlands Spain Sweden United Kingdom Other Western Europe North America Canada United States Other developed countries Israel Japan Developing economies Africa Latin America and the Caribbean Asia West Asia Turkey Unspecified Source: Swiss National Bank, Statistics Notes: Prior to 1993, data for Austria and Sweden are included in Other Western Europe. Data for Finland are not reported separately and are included in Other Western Europe. United Kingdom includes Guernsey, Jersey and the Isle of Man. Unspecified developing countries refers to Argentina, Brazil, Chile, Mexico, Hong Kong (China), Malaysia, Philippines, Republic of Korea, Singapore, Taiwan Province of China and Thailand. Unspecified refers mainly to the countries in Central and Eastern Europe, Andorra, Cyprus, Gibraltar, Holy See, Monaco and San Marino. From 1990 to 1992, Israel and Turkey are included in the regional subcategories Asia and Other Western Europe respectively.

10 UNCTAD WID Country Profile: SWITZERLAND Page 10 of 36 Table 8. FDI flows abroad, by industry, (Millions of Francs) Sector / industry Total Secondary Textiles, clothing and leather Chemicals and chemical products Metal and metal products Electrical and electronic equipment Unspecified secondary Tertiary Trade Transport, storage and communications Finance Financial Intermediation Monetary intermediation Other financial intermediation Insurance and Pension Funding Other services Source: Swiss National Bank, Statistics Notes: Chemicals and chemical products include plastics. Metal and metal products include machinery and equipment. Electrical and electronic equipment include energy and precision instruments. Secondary includes construction. Other financial intermediation includes financial and management holdings whose share capital is foreign-controlled.

11 UNCTAD WID Country Profile: SWITZERLAND Page 11 of 36 Table 9. FDI flows abroad, by geographical destination, (Millions of Francs) Country / economy Total world Developed countries Western Europe European Union Austria Belgium Luxembourg Denmark Finland France Germany Greece Ireland Italy Netherlands Portugal Spain Sweden United Kingdom Other Western Europe North America Canada United States Other developed countries Australia Japan New Zealand South Africa Developing economies Africa North Africa Egypt Morocco Other Africa Côte d'ivoire Nigeria Latin America and the Caribbean South America Argentina Brazil Chile Colombia Ecuador Peru Uruguay Venezuela Other Latin America and Caribbean Costa Rica Guatemala Mexico Developing Europe Croatia Asia West Asia Lebanon Saudi Arabia Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Malaysia /

12 UNCTAD WID Country Profile: SWITZERLAND Page 12 of 36 Table 9. FDI flows abroad, by geographical destination, (concluded) (Millions of Francs) Country / economy Pakistan Philippines Republic of Korea Singapore Taiwan Province of China Thailand Viet Nam Central and Eastern Europe Czech Republic Hungary Poland Russian Federation Slovakia Unspecified Source: Swiss National Bank, Statistics Source: Banque Nationale Suisse, Bulletin trimestriel, various issues and Swiss Balance of Payments, various issues. Notes: Data for Austria and Sweden prior to 1993, and data for Finland prior to 1995, are included in Other Western Europe. United Kingdom includes Guernsey, Jersey and the Isle of Man. Before 1993, Latin America and the Caribbean refers to Argentina, Brazil, Chile and Mexico. Unspecified Other Latin America and the Caribbean refers mainly to the offshore financial centres in Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Jamaica, Montserrat, Netherlands Antilles, Panama and St. Kitts and Nevis. Unspecified Asia includes the Pacific. Central and Eastern Europe includes Bosnia, Slovenia and the former Yugoslav Republic of Macedonia. Unspecified refers mainly to Andorra, Cyprus, Gibraltar, Holy See, Malta, Monaco and San Marino. Data might differ from those in table 10 as the composition of regions is not the same. From 1990 to 1992, Turkey is included in the regional sub-categories Other Western Europe. Israel is included in the regional subcategories Asia.

13 UNCTAD WID Country Profile: SWITZERLAND Page 13 of 36 Table 10. FDI flows abroad, by industry and geographical destination, 1990, 1995, 2000 and 2001 (Millions of Swiss Francs) Region/economy / Sector/industry Secondary Tertiary Total Secondary Tertiary Total Secondary Tertiary Total Secondary Tertiary Total Total world Developed countries Western Europe European Union Other Western Europe Unspecified Western Europe North America Other developed countries Developing economies Africa Latin America and the Caribbean South America Unspecified Latin America and Caribbean Asia South, East and South-East Asia Unspecified Asia Central and Eastern Europe Source: Banque Nationale Suisse, Bulletin mensuel de statistiques économiques, various issues. Notes: For the year 1990, data for the European Union refer to the 12 member countries. Other Western Europe refers to the member countries of EFTA. Unspecified Western Europe also includes Cyprus, Malta and Turkey. Other developed countries are comprised of Australia, Japan, New Zealand and South Africa. Data for South America refer to Argentina, Chile, Brazil and Mexico. The countries in South, East and South-East Asia included here are Hong Kong (China), Malaysia, Philippines, Republic of Korea, Singapore, Taiwan Province of China and Thailand. Central and Eastern Europe include the countries of the former Yugoslavia. Data might differ from those in table 9 as the composition of regions is not the same. Israel and Turkey are included in the regional sub-categories Asia and Other Western Europe respectively.

14 UNCTAD WID Country Profile: SWITZERLAND Page 14 of 36 Table 11. FDI stocks in the host economy, by industry, (Millions of Francs) Sector / industry Total Secondary Chemicals and chemical products Metal and metal products Electrical and electronic equipment Unspecified secondary Tertiary Trade Transport, storage and communications Finance Financial Intermediation Monetary intermediation Other financial intermediation Insurance and Pension Funding Other services Source: Swiss National Bank, Statistics Notes: Chemicals and chemical products include plastics. Metal and metal products include machinery and equipment. Electrical and electronic equipment include energy and precision instruments. Secondary includes construction. Other financial intermediation includes financial and management holdings whose share capital is foreign-controlled.

15 UNCTAD WID Country Profile: SWITZERLAND Page 15 of 36 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of Francs) Country / economy Total world Developed countries Western Europe European Union Austria Belgium / Luxembourg Belgium Luxembourg Denmark France Germany Italy Netherlands Spain Sweden United Kingdom Other Western Europe North America Canada United States Other developed countries Israel Japan Developing economies Africa Latin America and the Caribbean Asia West Asia Turkey Unspecified Source: Swiss National Bank, Statistics Notes: Prior to 1993, data for Austria and Sweden are included in Other Western Europe. Data for Finland are not reported separately and are included in Other Western Europe. United Kingdom includes Guernsey, Jersey and the Isle of Man. Unspecified developing countries refers to Argentina, Brazil, Chile, Mexico, Hong Kong (China), Malaysia, Philippines, Republic of Korea, Singapore, Taiwan Province of China and Thailand. Unspecified refers mainly to the countries in Central and Eastern Europe, Andorra, Cyprus, Gibraltar, Holy See, Monaco and San Marino. Data might differ from those presented in table 4 since data by components and those with breakdown by region/economy are revised during different periods. From 1990 to 1992, Israel and Turkey are included in the regional sub-categories Asia and Other Western Europe respectively.

16 UNCTAD WID Country Profile: SWITZERLAND Page 16 of 36 Table 14. FDI stocks abroad, by industry, (Millions of Francs) Sector / industry Total Secondary Textiles, clothing and leather Chemicals and chemical products Metal and metal products Electrical and electronic equipment Unspecified secondary Tertiary Trade Transport, storage and communications Finance Financial Intermediation Monetary intermediation Other financial intermediation Insurance and Pension Funding Other services Source: Swiss National Bank, Statistics Notes: Chemicals and chemical products include plastics. Metal and metal products include machinery and equipment. Electrical and electronic equipment include energy and precision instruments. Secondary includes construction. Other financial intermediation includes financial and management holdings whose share capital is foreign-controlled. Data might differ from those presented in table 4 since data by components and those with breakdown by sector/industry are revised during different periods.

17 UNCTAD WID Country Profile: SWITZERLAND Page 17 of 36 Table 15. FDI stocks abroad, by geographical origin, (Millions of Francs) Country / economy Total world Developed countries Western Europe European Union Austria Belgium Luxembourg Denmark Finland France Germany Greece Ireland Italy Netherlands Portugal Spain Sweden United Kingdom Other Western Europe North America Canada United States Other developed countries Australia Japan New Zealand South Africa Developing economies Africa North Africa Egypt Morocco Other Africa Côte d'ivoire Nigeria Latin America and the Caribbean South America Argentina Brazil Chile Colombia Ecuador Peru Uruguay Venezuela Other Latin America and Caribbe Costa Rica Guatemala Mexico Developing Europe Croatia Asia West Asia Lebanon Saudi Arabia Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Malaysia Pakistan /

18 UNCTAD WID Country Profile: SWITZERLAND Page 18 of 36 Table 15. FDI stocks abroad, by geographical origin, (concluded) (Millions of Francs) Country / economy Philippines Republic of Korea Singapore Taiwan Province of China Thailand Viet Nam Central and Eastern Europe Czech Republic Hungary Poland Russian Federation Slovakia Unspecified Source: Swiss National Bank, Statistics Notes: Data for Austria and Sweden prior to 1993, and data for Finland prior to 1995, are included in Other Western Europe. United Kingdom includes Guernsey, Jersey and the Isle of Man. Before 1993, Latin America and the Caribbean refers to Argentina, Brazil, Chile and Mexico. Unspecified Latin America and the Caribbean refers mainly to the offshore financial centres in Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Jamaica, Montserrat, Netherlands Antilles, Panama and St. Kitts and Nevis. Unspecified Asia includes the Pacific. Central and Eastern Europe includes Bosnia, Slovenia and the former Yugoslav Republic of Macedonia. Unspecified refers mainly to Andorra, Cyprus, Gibraltar, Holy See, Malta, Monaco and San Marino. Data might differ from those in table 16 as the composition of regions is not the same. They might also differ from those presented in table 4 since data by components and those with breakdown by region/economy are revised during different periods. From 1990 to 1992, Turkey is included in the regional sub-categories Other Western Europe. Israel is included in the regional sub-categories Asia.

19 UNCTAD WID Country Profile: SWITZERLAND Page 19 of 36 Table 16. FDI stocks abroad, by industry and geographical destination, 1990, 1995, 2000 and 2001 (Millions of Swiss Francs) Region/economy / Sector/industry Secondary Tertiary Total Secondary Tertiary Total Secondary Tertiary Total Secondary Tertiary Total Total world Developed countries Western Europe European Union Other Western Europe Unspecified Western Europe North America Other developed countries Developing economies Africa Latin America and the Caribbean South America Unspecified Latin America and Caribbean Asia South, East and South-East Asia Unspecified Asia Central and Eastern Europe Source: Banque Nationale Suisse,Bulletin mensuel de statistiques économiques, various issues. Notes: For the year 1990, data for the European Union refer to the 12 member countries. Other Western Europe refers to the member countries of EFTA. Unspecified Western Europe also includes Cyprus, Malta and Turkey. Other developedcountries are comprised of Australia, Japan, New Zealand and South Africa. Data for South America refer to Argentina, Chile, Brazil and Mexico. The countries in South, East and South-East Asia included here are Hong Kong (China), Malaysia, Philippines, Republic of Korea, Singapore, Taiwan Province of China and Thailand. Central and Eastern Europe include the countries of the former Yugoslavia. Data might differ from those in table 15 as the composition of regions is not the same. They might also differ from those presented in table 4 since data by components and those with breakdown by regions are revised during different periods. Israel and Turkey are included in the regional sub-categories Asia and Other Western Europe respectively.

20 UNCTAD WID Country Profile: SWITZERLAND Page 20 of 36 Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad, (Thousands of employees) Country / economy Total world Developed countries Western Europe European Union Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom Other Western Europe North America Canada United States Other developed countries Australia Japan New Zealand South Africa Developing economies Africa North Africa Egypt Morocco Other Africa Côte d'ivoire Nigeria Latin America and the Caribbean South America Argentina Brazil Chile Colombia Ecuador Peru Uruguay Venezuela Other Latin America and Caribbean Costa Rica Guatemala Mexico Developing Europe Croatia Asia West Asia Lebanon Saudi Arabia Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Malaysia Pakistan Philippines Republic of Korea Singapore Taiwan Province of China Thailand Viet Nam /

21 UNCTAD WID Country Profile: SWITZERLAND Page 21 of 36 Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad, (concluded) (Thousands of employees) Country / economy Central and Eastern Europe Czech Republic Hungary Poland Russian Federation Slovakia Unspecified Source: Swiss National Bank, Statistics Notes: Chemicals and chemical products include plastics. Metal and metal products include machinery and equipment. Electrical and electronic equipment include energy. Unspecified secondary includes construction. Other financial intermediation includes financial and management

SWITZERLAND October 2011

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT INVESTMENT COUNTRY PROFILES SWITZERLAND October 2011 i NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing