Swiss media: Switzerland is no longer a "banking country" under the Credit Suisse crisis. Pharmaceuticals and commodities have become economic engines.

(Swiss media: Switzerland is no longer a "banking country" under the Credit Suisse crisis. Pharmaceuticals and commodities have become the economic engine). According to the Swiss newspaper Observer, the proportion of the banking sector in Switzerland's gross domestic product has shrunk to 4.9% from nearly 8% before the global financial crisis. Despite the stagnant or declining importance of the banking sector, Swiss insurers are growing, contributing about 4.1 per cent to GDP. According to statistics, the pharmaceutical and chemical industries account for 6.3% of Switzerland's GDP, leaving the banking industry behind. Pharmaceutical giants such as Novartis, Roche and Lonza are important drivers of growth in the country. Commodity groups such as Vito, Glencore and Cargill, based in Switzerland, contributed nearly 8.5 per cent of the country's economic output last year.