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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...

In the seven days to 12 June 2020, the number of new SARS-CoV-2 infections recorded in Switzerland was 127. © Xantana | Dreamstime.comA similar number of new cases was recorded in the week before (108) and the week before that (121), according to Worldinfometer.com. However, the number of deaths was up slightly when comparing the recent week (17) to the week before (2). Switzerland has come a long way since its first confirmed case in Switzerland was recorded on 24 February 2020....

Switzerland’s GDP fell by –2.6 % in the 1st quarter of 2020, after rising by +0.3% in the previous quarter, according to a government press release. © Michael Müller | Dreamstime.comDue to the coronavirus pandemic and the measures to contain it, economic activity in March was severely restricted, said the statement. A global slowdown also affected exports. The service sector was the worst hit with accommodation and food services down -23.4%. Transport and communications (-5.1%), trade...

Working from home is a mixed bag of pros and cons for most Swiss who were surveyed by gfs.bern in March and April 2020. But it worked for most. © Vladimir Fedorov | Dreamstime.comIn 2019, before the outbreak of the corona pandemic, around 1.1 million employees in Switzerland occasionally worked from home. During the pandemic the number of hours worked at home more than tripled. Before the virus an average employee spent 10.5 hours working from home a week. During the lockdown, the...