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Switzerland

Switzerland has a highly developed industrialized economy and one of the highest standards of living in the world. Services is the dominant sector of the Swiss economy, with trade, financial activities, government, and other services accounting for 68 percent of all employment. Neither the soil nor the climate A22 favors agriculture, and Switzerland must import much of the food it A23 consumesand subsidize the farms that exist. Nearly all the farms are family enterprises; most are small in size. Agricultural products are A24 cereals such as wheat and barley, root crops such as sugar beets and potatoes, and fruits such as apples and grapes. About 124 million liters of wine are produced annually. A25 Dairy products make up a significant portion of Switzerland's agricultural sector. Each year some 3.8 million metric tons of cow's milk and 134,600 metric tons of cheese are produced. Switzerland is a major international financial center; its banks are supported by international depositors and financiers because of Swiss political and financial A26 stabilityand traditional secrecy in banking transactions. Private banking is one of the country's principal sources of income. A27 Although raw materials are extremely limited in Switzerland, the country has a well-developed manufacturing economy. Raw material imports are converted into high-value exports by the country's skilled workers. Leading A28 areas of manufacturing include precision engineering, in particular clocks and watches, and food products, particularly specialized goods such as chocolate and cheese.