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Tag Archives: Business & Economy

Swiss Unemployment Falls in June 2020

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.com Switzerland’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...

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Swiss unemployment falls in June 2020

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...

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Swiss government forecasts 2021 deficit but no tax hikes

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...

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Swiss salaries rise faster than inflation for the first time in 2 years

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...

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Swiss retail sales up 30% in May after COVID-19 measures eased

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...

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Swiss National Bank forecasts deflation until 2022

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...

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Coronavirus cost could rise to 40 billion francs in Switzerland this year

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...

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Coronavirus: new cases stable with small rise in deaths in Switzerland

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....

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Swiss economy shrinks in first quarter of 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...

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Swiss have mixed feelings about working from home, according to survey

[caption id="attachment_459835" align="alignleft" width="400"] © Vladimir Fedorov | Dreamstime.com[/caption] 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. In 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...

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