General Information » Economy » Geneva Overview

Geneva’s ‘Gateway to Europe’ location has proved beneficial to the city’s economic development for centuries. Place du Bourg-de-Four in the Old Town attracted travellers from all over and street stalls and small workshops sprouted along the ‘rues basses’ near the lakeshore and on the banks of the Rhône, attracting foreign tradesmen and bankers from all over Europe. Lac Léman and the Rhône have also been used from very early times to transport goods to and from northern and southern Europe.

The cantonal income for Geneva in 2003 was SFr 20,763 million, averaging SFr 49,969 (¤32,642) per capita. The economy is diverse and spread across several sectors. Banking and insurance obviously play an important role, but relatively low taxes and Geneva’s central location have encouraged multinationals to set up their headquarters in the area. There are approximately 200 non governmental organisations in Geneva and some 200 diplomatic missions. Geneva’s role as a meeting place and banking centre attracts many visitors each year, 70% of whom are business travellers. In addition to the thousands of meetings and sessions held by various organisations and the world famous international motor show, The huge exhibition centre Palexpo attracts 1.37 million visitors each year. The combined direct and indirect benefits to Geneva from tourism amount to SFr 1.8 billion annually.

Geneva also boasts a number of precision watchmakers from world renowned companies such as Rolex, to small artisans like Golay Spierer, who make custom watches to order. Geneva canton produces almost 13,000 hectolitres of wine a year but very little makes it across the border, as most of it is consumed locally! Other industries include pharmaceuticals, precision instruments and cosmetics.