With gross added value of approx. 63 billion Swiss francs in 2018, banks and insurance companies account for 9.4 percent of the Swiss economy as a whole. Taking into account indirect effects along the entire value chain, roughly 83 billion Swiss francs are attributable to financial sector activities. Financial institutions and insurance companies both provide 218,400 jobs and are therefore a key employer. In addition, the financial sector generates tax revenue of 17.6 billion Swiss francs through direct and indirect effects.
These are the first results of an economic impact analysis conducted by BAK Economics on behalf of Swiss Bankers Association (SBA) and Swiss Insurance Association (SIA). The complete study featuring an in-depth analysis of the financial sector will be published in November 2019.