Basel - Economy

Economy

As of 2010, Basel had an unemployment rate of 4.2%. As of 2008, there were 18 people employed in the primary economic sector and about 9 businesses involved in this sector. 34,645 people were employed in the secondary sector and there were 1,176 businesses in this sector. 120,130 people were employed in the tertiary sector, with 8,908 businesses in this sector. There were 82,449 residents of the municipality who were employed in some capacity, of which females made up 46.2% of the workforce.

In 2008 the total number of full-time equivalent jobs was 130,988. The number of jobs in the primary sector was 13, of which 10 were in agriculture and 4 were in forestry or lumber production. The number of jobs in the secondary sector was 33,171 of which 24,848 or (74.9%) were in manufacturing, 10 were in mining and 7,313 (22.0%) were in construction. The number of jobs in the tertiary sector was 97,804. In the tertiary sector; 12,880 or 13.2% were in the sale or repair of motor vehicles, 11,959 or 12.2% were in the movement and storage of goods, 6,120 or 6.3% were in a hotel or restaurant, 4,186 or 4.3% were in the information industry, 10,752 or 11.0% were the insurance or financial industry, 13,695 or 14.0% were technical professionals or scientists, 6,983 or 7.1% were in education and 16,060 or 16.4% were in health care.

In 2000, there were 121,842 workers who commuted into the municipality and 19,263 workers who commuted away. The municipality is a net importer of workers, with about 6.3 workers entering the municipality for every one leaving. About 23.9% of the workforce coming into Basel are coming from outside Switzerland, while 1.0% of the locals commute out of Switzerland for work. Of the working population, 49.2% used public transportation to get to work, and 18.7% used a private car.

An annual Federal Swiss trade fair (Mustermesse) takes place in Kleinbasel on the right bank of the Rhine. Other important trade shows include "BaselWorld" (watches and jewelry), Art Basel, Orbit and Cultura.

The Swiss chemical industry operates largely from Basel, and Basel also has a large pharmaceutical industry. Novartis, Syngenta, Ciba Specialty Chemicals, Clariant, Hoffmann-La Roche, Basilea Pharmaceutica and Actelion are headquartered there. Pharmaceuticals and specialty chemicals have become the modern focus of the city's industrial production.

Banking is extremely important to Basel:

• UBS AG maintains central offices in Basel,
• The Bank for International Settlements is located within the city and is the central banker's bank. The bank is controlled by a board of directors, which is composed of the elite central bankers of 11 different countries (US, UK, Belgium, Canada, France, Germany, Italy, Japan, Switzerland, the Netherlands and Sweden).

According to the BIS, "The choice of Switzerland for the seat of the BIS was a compromise by those countries that established the BIS: Belgium, France, Germany, Italy, Japan, the United Kingdom and the United States. When consensus could not be reached on locating the Bank in London, Brussels or Amsterdam, the choice fell on Switzerland. An independent, neutral country, Switzerland offered the BIS less exposure to undue influence from any of the major powers. Within Switzerland, Basel was chosen largely because of its location, with excellent railway connections in all directions, especially important at a time when most international travel was by train."

Created in May 1930, the BIS is owned by its member central banks, which are private entities. No agent of the Swiss public authorities may enter the premises without the express consent of the bank. The bank exercises supervision and police power over its premises. The bank enjoys immunity from criminal and administrative jurisdiction, as well as setting recommendations which become standard for the world's commercial banking system.

• Basel is also the location of the Basel Committee on Banking Supervision, which is distinct from the BIS. It usually meets at the BIS premises in Basel. Responsible for the Basel Accords (Basel I and Basel II), this organization fundamentally changed Risk Management within its industry.

Basel has Switzerland's second tallest building (Basler Messeturm / 105m) and Switzerland's tallest tower (St. Chrischona TV tower / 250m).

Swiss International Air Lines, the national airline of Switzerland, is headquartered on the grounds of EuroAirport Basel-Mulhouse-Freiburg in Saint-Louis, Haut-Rhin, France, near Basel. Prior to the formation of Swiss International Air Lines, the regional airline Crossair was headquartered near Basel.