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Current Account Key figures: Current Account: Down 13.72% against Q1/2019 to 17.4 bn. CHF of which Goods Trade Balance: Plus 8.05% against Q1/2019 to 17.4 bn. of which the Services Balance: Minus 53.84% to 3.02 bn. of which Investment Income: Minus 0.54% to 6.3 bn. CHF. Current Account Switzerland Q1 2020(see more posts on Switzerland Balance of Payments, Switzerland Capital Account, Switzerland Current Account, Switzerland Financial Account, ) Source: snb.ch - Click to enlarge In the first quarter of 2020, the current account surplus amounted to CHF 17 billion, CHF 3 billion less than in the same quarter of 2019. This decline was principally due to trade in services, particularly licence fees, telecommunications, computer and information services, and
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Current AccountKey figures:Current Account: Down 13.72% against Q1/2019 to 17.4 bn. CHF
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Current Account Switzerland Q1 2020(see more posts on Switzerland Balance of Payments, Switzerland Capital Account, Switzerland Current Account, Switzerland Financial Account, ) Source: snb.ch - Click to enlarge |
| In the first quarter of 2020, the current account surplus amounted to CHF 17 billion, CHF 3 billion less than in the same quarter of 2019. This decline was principally due to trade in services, particularly licence fees, telecommunications, computer and information services, and business services.
Transactions recorded in the financial account showed a net acquisition of CHF 34 billion on the assets side and a net incurrence of CHF 35 billion on the liabilities side in the first quarter of 2020. The SNB’s foreign currency purchases dominated on the assets side; this was reflected in an acquisition of reserve assets. The liabilities side was largely dominated by other investment: resident commercial banks recorded a substantial increase in liabilities to non-resident customers. Including derivatives, the financial account balance came to CHF –4 billion. |
Switzerland Financial Account, Q1 2020(see more posts on Switzerland Balance of Payments, Switzerland Capital Account, Switzerland Current Account, Switzerland Financial Account, ) Source: snb.ch - Click to enlarge |
| The net international investment position fell by CHF 67 billion to CHF 745 billion in the firstquarter of 2020. Stocks of assets were down by CHF 110 billion to CHF 5,155 billion, and stocks of liabilities decreased by CHF 42 billion to CHF 4,411 billion. The decline in assets was mainly due to the huge price falls on foreign stock exchanges; the weaker euro against the Swiss franc was also a contributory factor. The decrease in liabilities was chiefly attributable to the marked drop in prices on the Swiss stock exchange.
Comprehensive tables covering the balance of payments and the international investment position can be found on the SNB’s data portal, data.snb.ch, Table selection, International economic affairs. |
Switzerland International Investment Position, Q1 2020(see more posts on Switzerland International Investment Position, ) Source: snb.ch - Click to enlarge |
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Swiss Balance of Payments and International Investment Position: Q4 2019 and review of the year 2019
In the fourth quarter of 2019, the current account surplus was CHF 26 billion, CHF 11 billionmore than in Q4 2018. The increase was primarily attributable to the higher receipts surplus in investment income and goods trade. The transactions reported in the financial account showed a net acquisition of financial assets (CHF 40 billion) and a net incurrence of liabilities (CHF 19 billion) in Q4 2019.
Banks in Switzerland 2019
The Swiss National Bank has today published its report Banks in Switzerland 2019 and the corresponding data for its annual banking statistics. The most important figures are summarised below.
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Update June 29, 2020: After SNB Meeting. Sight Deposits have risen by +2.9 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +2.9 bn. compared to last week.
Weekly View – Alive and kicking
In spite of renewed fears of coronavirus clusters in Beijing, data last week suggested the more consumer-oriented sides of the Chinese economy were tracking improvements in industry, with a year-on-year increase in auto sales in May. UK retail sales were also encouraging, but the biggest surprise came from the US where May’s 18% rise in retail sales month on month was double analysts’ expectations.
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The last shred of power the elites hold is the belief of the masses that the elites are still in control. I understand the natural desire to believe somebody’s in charge: whether it’s the Deep State, the Chinese Communist Party, the Kremlin or Agenda 21 globalists, we’re primed to believe somebody somewhere is controlling events or pursuing agendas that drive global responses to events.
“The illusions of Keynesianism create a morally corrupt society” – Part II
Claudio Grass (CG): Overall, apart from the obvious economic consequences of the crisis, do you also see geopolitical and social ones, on a wider scale? Given all these “moving parts”, from the upcoming US election and internal frictions in the EU to the Hong Kong tensions and the rising public discontent in Latin America, where do expect the chips to fall once this is over?
Job postings fall by 27 percent due to pandemic
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Switzerland’s latest easing of Covid measures allows large political protests, provided masks worn
On 19 June 2020, Switzerland’s extraordinary state in relation to the SARS-CoV-2 pandemic ended. This was accompanied by further easing of restrictions aimed at reducing the spread of the virus. Hand washing, maintaining social distance and mask wearing are the three golden rules that remain, according to Swiss president Simonetta Sommaruga.
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