Switzerland 2015.

125 Pages·2015·3.073 MB·English

by  OECD

OECD Economic Surveys O
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SWITZERLAND D
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SPECIAL FEATURES: POLICIES TO TAME THE HOUSING CYCLE; RAISING PUBLIC n
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SPENDING EFFICIENCY m
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Most recent editions e SWITZERLAND
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Australia, December 2014 Israel, December 2013
Austria, July 2015 Italy, February 2015
Belgium, February 2015 Japan, April 2015
Brazil, November 2015 Korea, June 2014
Canada, June 2014 Latvia, February 2015
Chile, October 2013 Luxembourg, March 2015
China, March 2015 Mexico, January 2015
Colombia, January 2015 Netherlands, April 2014 V NOVEMBER 2015
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Czech Republic, March 2014 New Zealand, June 2015 lu
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Denmark, January 2014 Norway, March 2014
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Estonia, January 2015 Poland, March 2014 2
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Euro area, April 2014 Portugal, October 2014 1
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European Union, April 2014 Russian Federation, January 2014 /
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Finland, February 2014 Slovak Republic, November 2014 u
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France, March 2015 Slovenia, May 2015 p
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Germany, May 2014 South Africa, July 2015 m
Greece, November 2013 Spain, September 2014 e
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Hungary, January 2014 Sweden, March 2015 t 3
Iceland, September 2015 Switzerland, November 2015
India, November 2014 Turkey, July 2014
Indonesia, March 2015 United Kingdom, February 2015
Ireland, September 2015 United States, June 2014
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Consult this publication on line at http://dx.doi.org/10.1787/eco_surveys-che-2015-en. N
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Volume 2015/Supplement 3 ISSN 0376-6438
2015 SUBSCRIPTION
November 2015
(18 ISSUES) N
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ISBN 978-92-64-24704-8 9HSTCQE*cehaei+ ve
10 2015 20 1 P m
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OECD Economic Surveys:
Switzerland
2015
This document and any map included herein are without prejudice tothe status of or
sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries
andtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2015),OECDEconomicSurveys:Switzerland2015,OECDPublishing,Paris.
http://dx.doi.org/10.1787/eco_surveys-che-2015-en
ISBN978-92-64-24704-8(print)
ISBN978-92-64-24706-2(PDF)
ISBN978-92-64-24732-1(epub)
Series:OECDEconomicSurveys
ISSN0376-6438(print)
ISSN1609-7513(online)
OECDEconomicSurveys:Switzerland
ISSN1995-3402(print)
ISSN1999-0464(online)
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TABLEOFCONTENTS
Table of contents
BasicstatisticsofSwitzerland,2014 .......................................... 7
Abbreviationsandacronyms................................................. 9
Executivesummary......................................................... 11
Mainfindingsandkeyrecommendations .................................. 13
Assessmentandrecommendations........................................... 15
Recentmacroeconomicdevelopmentsandprospects ........................ 18
Recommendationformacroeconomicpolicies.................................. 23
Boostingmedium-termgrowthprospects .................................. 23
Recommendationsforboostingproductivityandmedium-termgrowth ............. 29
Recommendationsforclimatechange ....................................... 30
Policiestotamethehousingcycle......................................... 30
Recommendationsformanagingthehousingcycle ............................. 35
Raisingefficiencyinpublicspending ...................................... 35
Recommendationsforincreasingpublicspendingefficiencyandimproving
thefiscalframework..................................................... 40
Adjustingtointernationalbestpracticeontaxissues,
includinginformationexchange .......................................... 41
Recommendationsoninternationaltaxissuesandinformationsharing............. 43
Bibliography............................................................ 43
Annex.Progressinstructuralreform........................................... 47
Thematic chapters
Chapter1.Policiestotamethehousingcycle ................................... 55
Introduction............................................................ 56
DevelopmentsintheSwisshousingmarket ................................ 57
ThestructureoftheSwisshousingmarket ................................. 59
Driversofdevelopmentsinthehousingmarket............................. 63
Supply................................................................. 69
Taxationofhousing ..................................................... 73
Macroeconomicrisksfromthehousingmarket ............................. 78
Recommendationstomitigaterisksinthehousingmarket....................... 86
Bibliography............................................................ 86
OECDECONOMICSURVEYS:SWITZERLAND©OECD2015 3
TABLEOFCONTENTS
Chapter2.Raisingpublicspendingefficiency................................... 89
Introduction............................................................ 90
Increasingproductionefficiency .......................................... 93
Recommendationsforpromotingefficiencyineducationspending ................. 98
Recommendationsforpromotingefficiencyinhealth-careexpenditure.............. 105
Recommendationforpromotingefficiencyintransport .......................... 107
Recommendationsforpromotingefficiencyinagriculture........................ 110
Allocatingpublicexpenditureefficiently ................................... 110
Recommendationsfortacklingtheriseinpensionexpenditure.................... 114
Recommendationsforimprovingefficiencyinfiscalequalisation .................. 115
Recommendationsforusingprocurementtoraisepublicspendingefficiency ......... 117
Bibliography............................................................ 117
Boxes
1. Thepopularinitiativeagainstmassimmigration......................... 28
1.1. ChangesinSwissmigrationpolicy..................................... 68
1.2. RegulationsforforeignersontheSwisshousingmarket(“LexKoller”) ...... 69
1.3. The1990sSwissbankingcrisis ........................................ 79
1.4. OnehundredyearsofRaiffeisenbanksinSwitzerland.................... 81
2.1. DataEnvelopmentAnalysis........................................... 91
2.2. MigraMENTOR ...................................................... 95
2.3. Vocationaleducationandtraining ..................................... 97
2.4. DirectpaymentsinSwissagriculture................................... 109
Tables
1. Macroeconomicindicatorsandprojections ............................. 20
1.1. Apartmentsownedbynon-profitco-operatives,2013..................... 77
1.2. RaiffeisenGroupbalancesheetandmortgageshare...................... 81
1.3. Regulationand“self”regulationinthemortgagesector................... 82
2.1. Acute-caresectorstatisticsinSwitzerland .............................. 103
Figures
1. RealGDPgrowthanditsmaincomponents ............................. 16
2. TheOECDBetterLifeIndexforSwitzerland ............................. 17
3. ComponentsofGDPgrowthandexchangerates ......................... 18
4. Macroeconomicindicators............................................ 19
5. Monetarypolicyhasbeenstimulative .................................. 21
6. GDPpercapitaisoneofthehighestintheOECDduetohighlabour
resourceutilisation,2013 ............................................. 24
7. Realhourlywageshavedecoupledfromlabourproductivitygrowth........ 25
8. Publicownershipoftelecommunicationsandutilities,andinsolvency
intheOECD......................................................... 26
9. Foreign-bornpopulationbyorigin,2000and2010 ........................ 28
10. GHGemissionsbysectorandtargetsinSwitzerland...................... 29
11. Realhousepriceandrentindicators ................................... 31
12. Growthindomesticmortgagelending.................................. 32
13. Shareofnewmortgageswithhighloan-to-valueandimplied
debt-service-to-incomeratios ......................................... 34
14. Shareofgenericsinthetotalpharmaceuticalmarket,2013(ornearestyear) .. 38
4 OECDECONOMICSURVEYS:SWITZERLAND©OECD2015
TABLEOFCONTENTS
15. Publicexpenditureonhealthcareissettoincreaseinthemediumterm.... 39
1.1. AffordabilityandabsolutecostofhousinginselectedOECDcountries,2011... 56
1.2. HousepricesinSwitzerlandoverrecentcycles .......................... 57
1.3. Realestatepricesbycanton........................................... 58
1.4. Vacancyratesacrosscantons.......................................... 60
1.5. Ownershipstructureacrosscountries .................................. 60
1.6. HousingexpendituresinOECDcountries ............................... 61
1.7. HomeownershipinselectedEuropeancountries,2014.................... 62
1.8. PensionandlifeinsuranceassetsinOECDcountries,2013................. 63
1.9. MortgageinterestratesinSwitzerland.................................. 64
1.10. Housingprice-to-incomeratios........................................ 65
1.11. Housingaffordabilityandcosts........................................ 65
1.12. Mortgagevolumesandhouseholddisposableincome..................... 66
1.13. Migrationandnaturalpopulationgrowth ............................... 67
1.14. Housinginvestmentinselectedcountries............................... 70
1.15. Housingsupplyresponsivenessinselectedcountries..................... 71
1.16. RentalyieldsinpremiercitiesinselectedOECDcountries,mid-2014........ 76
1.17. StockofresidentialloansrelativetototalbankloansandGDP............. 80
1.18. Totalmortgageloansbybanktype ..................................... 80
1.19. Shareofnewmortgageswithhighloan-to-valueandimplied
debt-service-to-incomeratios ......................................... 83
1.20. HouseholddebtinOECDcountries..................................... 85
2.1. Governmentspendingandemployment................................ 90
2.2. Outputinefficiencyinsecondaryeducation,2012 ........................ 91
2.3. Outputinefficiencyinhealthcare,2012................................. 92
2.4. Enrolmentratesinearlychildhoodandprimaryeducation
attheageofthree ................................................... 93
2.5. Prematureexitfrombaccalaureateschoolsbycanton .................... 96
2.6. Matchbetweenjobrequirementsandtrainingoneyearaftergraduation
fromaUAS,2011 .................................................... 98
2.7. Decompositionofhealthexpendituredevelopmentsandprojections ....... 100
2.8. Numberofinsurersbysizeoftheirportfolioofinsuredpeople............. 101
2.9. Shareofgenericsinthetotalpharmaceuticalmarket,2013(ornearestyear) .. 104
2.10. Hourlydistributionoftrainpassengers,ZurichHauptbahnhof,2014........ 106
2.11. Lowproductivityandhighsupportinagriculture ........................ 108
2.12. Trendsinthegrossdebt-to-GDPratiobylevelofgovernment,1990-2014 .... 110
2.13. Publicfinanceprojections............................................. 111
OECDECONOMICSURVEYS:SWITZERLAND©OECD2015 5
This Survey is published on the responsibility of the Economic and
Development Review Committee (EDRC) of the OECD, which is charged with the
examinationoftheeconomicsituationofmembercountries.
The economic situation and policies of Switzerland were reviewed by the
Committeeon21September2015.Thedraftreportwasthenrevisedinthelightof
the discussions and given final approval as the agreed report of the whole
Committeeon16October2015.
The Secretariat’s draft report was prepared for the Committee by Petar
Vujanovic and Richard Dutu under the supervision of Peter Jarrett. Secretarial
assistancewasprovidedbyDacilKurzwegandKrystelRakotoarisoaandstatistical
assistancebyPatrizioSicari.
ThepreviousSurveyofSwitzerlandwasissuedinNovember2013.
InformationaboutthelatestaswellaspreviousSurveysandmoreinformation
abouthowSurveysarepreparedisavailableatwww.oecd.org/eco/surveys.
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BASICSTATISTICSOFSWITZERLAND,2014
(NumbersinparenthesesrefertotheOECDaverage)*
LAND,PEOPLEANDELECTORALCYCLE
Population(million) 8.2 Populationdensityperkm² 198.9 (34.9)
Under15(%) 14.1 (18.1) Lifeexpectancy(years,2013) 82.9 (80.4)
Over65(%) 18.5 (16.0) Men 80.7 (77.8)
Foreign-born(%,2012) 27.7 Women 85.0 (83.1)
Latest5-yearaveragegrowth(%) 1.2 (0.6) Latestgeneralelection October2015
ECONOMY
Grossdomesticproduct(GDP) Valueaddedshares(%,2013)
Incurrentprices(billionUSD) 708.9 Primarysector 0.7 (2.5)
Incurrentprices(billionCHF) 648.0 Industryincludingconstruction 25.7 (26.6)
Latest5-yearaveragerealgrowth(%) 1.9 (1.9) Services 73.6 (70.7)
Percapita(000USDPPP)a 58.0 (39.2)
GENERALGOVERNMENT
PercentofGDP
Expenditure(2013) 33.5 (41.9) Grossfinancialdebta 45.8 (110.3)
Revenue(2013) 33.6 (37.7) Netfinancialdebta 7.0 (68.0)
EXTERNALACCOUNTS
Exchangerate(CHFperUSD) 0.914 Mainexports(%oftotalmerchandiseexports)
PPPexchangerate(USA=1) 1.361 Chemicalsandrelatedproducts,n.e.s. 29.8
InpercentofGDP Commoditiesandtransactions,n.e.s. 25.2
Exportsofgoodsandservices 63.9 (53.6) Miscellaneousmanufacturedarticles 19.4
Importsofgoodsandservices 51.9 (49.4) Mainimports(%oftotalmerchandiseimports)
Currentaccountbalance 7.0 (0.0) Commoditiesandtransactions,n.e.s. 26.2
Netinternationalinvestmentposition 116.4 Machineryandtransportequipment 19.1
Chemicalsandrelatedproducts,n.e.s. 17.7
LABOURMARKET,SKILLSANDINNOVATION
Employmentratefor15-64year-olds(%) 79.9 (65.7) Unemploymentrate,LabourForceSurvey(age15andover)(%) 4.5 (7.3)
Men 84.5 (73.6) Youth(age15-24,%) 8.6 (15.0)
Women 75.2 (57.9) Long-termunemployed(1yearandover,%) 1.7 (2.5)
Participationratefor15-64year-olds(%) 83.8 (71.2) Tertiaryeducationalattainment25-64year-olds(%,2013) 38.9 (33.3)
Averagehoursworkedperyear 1568 (1770) GrossdomesticexpenditureonR&D(%ofGDP,2012) 3.0 (2.3)
ENVIRONMENT
Totalprimaryenergysupplypercapita(toe,2013) 3.3 (4.2) CO2emissionsfromfuelcombustionpercapita(tonnes,2012) 5.1 (9.7)
Renewables(%,2013) 20.2 (8.8) Waterabstractionspercapita(1000m3,2012) 0.2
Fineparticulatematterconcentration(urban,PM10,µg/m3,2011) 20.6 (28.0) Municipalwastepercapita(tonnes,2013b) 0.7 (0.5)
SOCIETY
Incomeinequality(Ginicoefficient,2012) 0.285 (0.308) Educationoutcomes(PISAscore,2012)
Relativepovertyrate(%,2012) 9.1 (10.9) Reading 509 (496)
Medianequivalisedhouseholdincome(000USDPPP,2010) 31.3 (20.4) Mathematics 531 (494)
Publicandprivatespending(%ofGDP) Science 515 (501)
Healthcare,currentexpenditure(2013) 11.1 (9.0) Shareofwomeninparliament(%,July2015) 28.5 (27.0)
Pensions(2011) 11.8 (8.7) Netofficialdevelopmentassistance(%ofGNI) 0.49 (0.36)
Education(primary,secondary,postsec.nontertiary,2011) 4.0 (3.9)
Betterlifeindex:www.oecdbetterlifeindex.org/fr/
* WheretheOECDaggregateisnotprovidedinthesourcedatabase,asimpleOECDaverageoflatestavailabledataiscalculatedwhere
dataexistforatleast29 membercountries.
a) 2012forSwitzerland.
b) 2012fortheOECDaggregate.
Source: Calculationsbasedondataextractedfromthedatabasesofthefollowingorganisations:OECD,InternationalEnergyAgency,
WorldBank,InternationalMonetaryFundandInter-ParliamentaryUnion.