Switzerland is a small country with considerable economic variety. Its cantons differ in their industry mix, business costs and proximity to customers. Their economic performance varies considerably, too.
An analysis published by the Neue Zürcher Zeitung, drawing on revised figures from the Federal Statistical Office, illustrates the scale of those differences. Zug and Basel-Stadt lead the country in economic output per resident. Schaffhausen and Neuchâtel rank higher than many might expect. Central Switzerland has also recorded substantial growth.
For international businesses, the findings raise a practical question: where in Switzerland would their business be best placed to succeed?
A clearer picture of the cantonal economies
The Federal Statistical Office has changed how it calculates cantonal gross domestic product. The revised approach draws more directly on local company data, allowing economic activity to be allocated more precisely to the canton where it takes place.
The changes are significant. According to the figures reported by the NZZ, GDP per resident in 2024 reached approximately CHF 318,000 in Zug and CHF 300,000 in Basel-Stadt. Geneva, Schaffhausen and Neuchâtel followed. Zurich ranked sixth, at around CHF 103,000.
The revised figures also show markedly different growth paths. Between 2011 and 2024, GDP per resident rose by 17 per cent across Switzerland. Zug recorded an increase of 66 per cent, Schwyz 39 per cent and Lucerne 24 per cent. Zurich’s increase was 2 per cent.
These figures require careful interpretation. The historical series has been recalculated, and the data remain provisional. An upward revision reveals activity that was previously measured differently; it does not represent a sudden increase in business activity.
What a ranking can tell a business
GDP per resident measures economic output relative to the population. It does not measure average household income, customer spending power or the ease of building a profitable company.
A concentration of highly productive businesses can lift a canton’s figures substantially. Commuters also contribute to output where they work while being counted as residents elsewhere.
The rankings therefore provide context. They cannot settle a location decision.
An international trading company, an engineering consultancy and a technology supplier may each have good reasons to choose different locations. A business serving Swiss customers may need to be close to buyers. A company coordinating international operations may place greater weight on access to talent, transport links and professional services.
The useful question is how a location supports the company’s commercial plans.
Five questions before choosing a location
For a business considering a Swiss presence, five questions deserve attention:
- Customers: Where are the buyers, decision-makers and potential partners?
- People: Which skills will the business need, and where can it recruit them?
- Industry connections: How valuable is proximity to suppliers, research institutions and other companies in the sector?
- Total costs: What will staffing, premises, administration and taxes cost together?
- Type of presence: Does the company need a Swiss entity and local team immediately, or could it begin with local representation?
Answering these questions helps turn a broad ambition to enter Switzerland into a workable business plan. It can also reveal whether a phased approach would make better use of the company’s resources.
Choosing a base for growth
The revised data underline an important feature of the Swiss economy: opportunities extend across several regions, each with different strengths.
For an international company, comparing locations early can help align the choice of canton with customer access, operational needs and plans for growth.
EntryPoint Switzerland helps international businesses assess the Swiss market, compare locations and coordinate the establishment of their local operations.
Considering a move into Switzerland? Contact us to discuss the location and type of presence that would best support your business.