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Covid-19 is forecast to hit personal incomes by a total of around CHF 15 billion both this year and in 2021, according to the Basel-based research institute BAK Economics, reported Le Matin. © Bigpressphoto | Dreamstime.comSpread across Switzerland’s 8.6 million residents this comes out at around CHF 1,740 per person and CHF 2,830 per worker. BAK Economics expects significant declines in personal revenue in the form of lost salaries, lost freelance business and lower investment returns...

The number unemployed in Switzerland at 30 June 2020, fell 5,709 in June to 159,289, according to the State Secretariat for the Economy (SECO). © Wutthichai Luemuang | Dreamstime.comSwitzerland’s unemployment rate fell from 3.4% to 3.2%. However, despite improving on May 2020, the number unemployed was 53,067 (+54.6%) higher than at the end of June 2019. Switzerland’s official unemployment figures however include only those registered as unemployed, a lower percentage that excludes...

In 1999, Switzerland signed a deal with the EU allowing free movement of people between Switzerland and the bloc. The deal came into force in 2002. This led to a rise in immigration into Switzerland, which in turn eventually led to rising rents. © Andreaciox | Dreamstime.comHowever, since 2014 there has been a marked slowdown in EU immigration into Switzerland. In addition, a lot of rental homes have been built. The overall supply of rental properties now exceeds demand. A report...

The coronavirus is set to knock a CHF 1 billion hole in Switzerland’s federal budget for 2021, according to a press release. © | Dreamstime.comWithout the virus the budget was CHF 2.2 billion in the black. Post virus the budget is now CHF 1 billion in the red. The virus is expected to add CHF 2.0 billion to next years spending. The extra money is earmarked for SARS-CoV-2 tests, business loan guarantees and support to the sports sector. The Federal Council is confident that the extra...

In 2019, Swiss salaries were on average of 0.9% higher than the year before. A nominal rise of +0.9% combined with low inflation of 0.4% delivered a real boost of 0.5% to someone earning an average salary in Switzerland. © Vsg Art Stock Photography And Paintings | Dreamstime.comThis is the first time in two years that the average Swiss salary has grown faster than inflation. In 2017 and 2018 the real average salary fell -0.1% and -0.4% in real terms. Overall, in nominal terms, average...

Recently published figures show a overall jump of 30.2% in retail sales in May 2020 compared to April 2020. © Nora Tarvus | Dreamstime.comMay’s rise of 30.2% follows falls of 6.5% in March and 13.7% in April. However not all retail sectors experienced the same rise in May sales. Food, drink and tobacco sales rose 3.4% and fuel sales were up 6.3% month on month. Clothing and shoe sales were up a whopping 433.5% compared to April. Clothing and shoe sales fell 55.4% and 61.0% in March...

On 18 June 2020, the Swiss National Bank (SNB) said it would maintain its negative rate of interest (-0.75%) and remains willing to intervene more strongly in the foreign exchange market. © Marekusz | Dreamstime.comThe coronavirus pandemic has led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The bank presented a new lower inflation forecast than the one it issued in March 2020. The red line in the chart above shows deflation...

Switzerland’s federal government is against imposing nationwide restrictions to slow the spread of a second wave on infections, according to the NZZ am Sonntag newspaper. © Michael Müller | Dreamstime.comThe federal government plan, which is under development, is more regional than the response to the first wave of infections and focuses decision making power at the cantonal level, reported the newspaper. Cantons would have the power to independently confine and quarantine schools,...

A majority of Switzerland’s parliament voted in favour of introducing a tax on flights departing from Switzerland. © Christian Heinz | Dreamstime.com132 voted in favour of the tax, with 65 against. The tax would range from CHF 30 to CHF 120 depending on the distance and class of travel, according to 20 Minutes. Private flights would be taxed too. A tax of between CHF 500 and CHF 5,000 would be charged depending on the type and size of aircraft. Parliament also voted in favour (133...

The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. © Pascal Halder | Dreamstime.comOn 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion). In May 2020, parliament approved an overall sum of CHF 57...