Mostly industrialization and export of machinery and (later) pharmaceuticals. Banking is less of a relevant factor for Switzerland's GDP than most people realize. If I remember correctly even the insurance business (which is also considered financial industry) is larger than banking.
> Mostly industrialization and export of machinery and (later) pharmaceuticals.
Pharmaceuticals exports are highlight of Swiss exports, but as only 25% of the GDP is attributed to industry[0], this can't be a significant part of the economy.
Now how much of the 74% of the service revenue is banking is up for grabs, as tourism for instance is also a potentially big part. But even if it was only half of that, it would still be bigger that the pharma I guess ? (except if patents and/or IP was also counted as "services" ? but would it be that big either way ?)
I know that the banking sector in Switzerland only employs 89'000 people. So the statement a bit above "banking doesn't contribute as much as people think" seems to be believable to me.
