瑞士劳动生产率的企业层面分析
A Firm Level Analysis ofLabor Productivity inSwitzerland Tianxiao Zheng SIP/2025/133 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on August 26, 2025. This paper isalso published separately as IMF Country Report No 25/264. 2025OCT IMF Selected Issues PaperEuropean Department A Firm Level Analysis of Labor Productivity in SwitzerlandPrepared by Tianxiao Zheng Authorized for distribution by Gabriel Di BellaOctober2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted onAugust 26, 2025. This paper is also published separately as IMF Country Report No25/264. ABSTRACT:Switzerland’s labor productivity is generally higher than that in other advanced economy peers,although with significant variation across sectors and firm sizes. Multinational enterprises drive averageproductivity upwards, while small firms and the services sector lag. Adapting to the evolving global structureand ensuring sustained labor productivity growth require policies to support firm scale-up, address laborshortages, and enhance competition. RECOMMENDED CITATION:Indraccolo, Leonardo “Bridging the Gap: Understanding the UK-US ProductivityDecoupling.” IMF Selected Issues Paper 25/133 A Firm Level Analysis of LaborProductivity in Switzerland Switzerland Prepared by Tianxiao Zheng1 SWITZERLAND SELECTED ISSUES Approved By:European Department Prepared By Tianxiao Zheng (EUR) A FIRM LEVEL ANALYSIS OF LABOR PRODUCTIVITY IN SWITZERLAND___________2 FIGURES 1. Real GDP per Person Employed of Switzerland vs. U.S. and Europe __________________22. Number of Working Hours ___________________________________________________________33. Hourly Labor Productivity of Switzerland vs United States and Europe_______________34. Labor Productivity by Sector and Region_____________________________________________35. R&D Intensity ________________________________________________________________________46. R&D Intensity Difference Between Swiss and U.S. Firms in High-R&D Sectors _______47. Difference in Firm Share Between Switzerland and U.S. in High-R&D Sectors ________48. Gross Issuance of Equity by Region __________________________________________________59. Corporate Leverage by Region _______________________________________________________510. Difference in Gross Issuance of Equity Between Switzerland andthe United States _______________________________________________________________________511. Difference in Leverage Between Switzerland the United States _____________________512. Venture Capital Investments, 2013–23 ______________________________________________613. Firm Size Distribution _______________________________________________________________614. Production Share Distribution ______________________________________________________715. Employment Share Distribution_____________________________________________________716. Share of Gross Value Added of MNEs by Sector ____________________________________717. Labor Productivity (w/o MNEs) in Switzerland ______________________________________818. Labor Productivity (w/o MNEs) in the United States ________________________________819. Employment by Industry ____________________________________________________________920. Labor Productivity Growth Rate Between 2009–2019 _______________________________921. Firm Entry Rates, 2019 ____________________________________________________________1022. Firm Entry Rates __________________________________________________________________1023. R&D Activities by Firm Size _______________________________________________________10 References____________________________________________________________________________13 A FIRM LEVEL ANALYSIS OF LABOR PRODUCTIVITY INSWITZERLAND1 Switzerland’s labor productivity is generally higher than that in other advanced economy peers,although with significant variation across sectors and firm sizes. Multinational enterprises driveaverage productivity upwards, while small firms and the services sector lag. Adapting to the evolvingglobal structure and ensuring sustained labor productivity growth require policies to support firmscale-up, address labor shortages, and enhance competition. 1.Switzerland’s labor productivity ranks at or near the top among OECD countries. Thisperformance is predicated onstrong research and development (R&D), innovation, infrastructure,education, and an open and competitive business environment. Switzerland is highly integrated intoglobal value chains, specializing in high-value-added activities and hosting many large multinationalenterprises (MNEs). 2.Swiss real GDP per capita hasrecently increased relative to itsEuropean peers, but has declinedcompared to the U.S.(Figure 1).Thedecline versus the U.S. r
