Tuesday , November 5 2024
Home / le News / Pandemic causes historic slump in Swiss GDP in second quarter

Pandemic causes historic slump in Swiss GDP in second quarter

Summary:
In the second quarter (Q2) of 2020, Switzerland’s GDP fell by –8.2 % after decreasing by –2.5 % in the previous quarter. © Michael Müller | Dreamstime.comGDP for Q2 2020 was 10.5% lower than Q4 2019. Domestic economic activity was severely restricted in the wake of the pandemic and the measures taken to contain it, said the government. However, Switzerland’s GDP decline remained limited when compared to the sharp recession experienced globally. Switzerland’s large pharmaceutical industry increased its turnover, preventing an even deeper slump. The worst hit sectors were accommodation and food services (–54.2 %), transport and communications (–21.7 %) and arts, entertainment and recreation (-18.8%). Healthcare (-8.6%), business-related services (-8.6%) and service exports

Topics:
Investec considers the following as important: ,

This could be interesting, too:

Investec writes Swiss National Bank to issue new money

Investec writes End of lifelong widows’ pensions moves closer to reality

Investec writes Swiss government deficit shrinks further

Investec writes Swiss government wants to invest more in bomb shelters

In the second quarter (Q2) of 2020, Switzerland’s GDP fell by –8.2 % after decreasing by –2.5 % in the previous quarter.

© Michael Müller | Dreamstime.com

GDP for Q2 2020 was 10.5% lower than Q4 2019.

Domestic economic activity was severely restricted in the wake of the pandemic and the measures taken to contain it, said the government.

However, Switzerland’s GDP decline remained limited when compared to the sharp recession experienced globally.

Switzerland’s large pharmaceutical industry increased its turnover, preventing an even deeper slump.

The worst hit sectors were accommodation and food services (–54.2 %), transport and communications (–21.7 %) and arts, entertainment and recreation (-18.8%). Healthcare (-8.6%), business-related services (-8.6%) and service exports (-15.9%) were also hard hit.

Tourism represents a small part of Switzerland’s GDP so the deep slump in this sector had a relatively limited effect on the headline GDP number compared to some other countries.

More on this:
Government press release (in French) – Take a 5 minute French test now

For more stories like this on Switzerland follow us on Facebook and Twitter.

About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to our niche client base.

Leave a Reply

Your email address will not be published. Required fields are marked *