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Tag Archives: Business & Economy

Swiss consumer sentiment nearly back to pre-crisis level

Consumer sentiment among Swiss households is improving, according to Switzerland’s economic affairs office (SECO). © Rosaria De Marco | Dreamstime.comIn April 2021, the consumer sentiment index climbed back to -7 points after reaching a low of -40 in early 2020. The level of -7 is close to the pre-crisis level of early 2020 and close to its long term average of -5. The primary reason for the rise in consumer sentiment is a significant improvement in expectations regarding general...

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Swiss consumer sentiment nearly back to pre-crisis level

Consumer sentiment among Swiss households is improving, according to Switzerland’s economic affairs office (SECO). © Rosaria De Marco | Dreamstime.comIn April 2021, the consumer sentiment index climbed back to -7 points after reaching a low of -40 in early 2020. The level of -7 is close to the pre-crisis level of early 2020 and close to its long term average of -5. The primary reason for the rise in consumer sentiment is a significant improvement in...

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SWISS plans large cuts to fleet and staff numbers

On 6 May 2021, SWISS announced a plan to cut jobs and the size of its fleet. © Boarding1now | Dreamstime.comDue to the continuing global coronavirus pandemic and structural changes in the market, the company expects a 20% structural decline in demand. In response, the airline plans to cut the fleet it had in 2019 by 15% and bring its personnel numbers down by 1,700 – before the pandemic SWISS employed 9,500 people. The company described the cuts as unavoidable. Much of this staff...

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Real Swiss salaries up most in 5 years

On 30 April 2021, Switzerland’s Federal Statistical Office released salary data for 2020 which showed a 1.5% rise in real salaries compared to 2019. © Suwat Supachavinswad | Dreamstime.comIn 2020, a 0.8% rise in nominal salaries was boosted by inflation of -0.7% bringing the total increase in the real average Swiss salary to 1.5%. The last time salaries rose this much was in 2015 when the real increase was 1.5%. In both 2015 and 2020 negative inflation of -1.1% and -0.7% significantly...

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Switzerland books a federal deficit of 14 billion francs in 2020

On 14 April 2021, Switzerland’s federal government announced it had spent CHF 14.2 billion more that it had collected in revenue in 2020. © Marekusz | Dreamstime.comThe loss represents the federal government’s consolidated excess expenditure for the year and is linked to the consequences of the Covid-19 pandemic, according to the statement. An additional CHF 16.8 billion was spent as a result of the pandemic. Consolidated accounts include the results of companies linked to the...

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Minimum wage hurting young people in Swiss canton

Around three years ago, the Swiss canton of Jura introduced a minimum wage of CHF 20 an hour (US$ 21.65). Now there is political pressure relook at the move, according to RTS. © Kasto80 | Dreamstime.comA group of cantonal parliamentarians from the PDC (CVP) is pushing for a review of the situation in response to pressure from some young people. The group says that the CHF 20 floor on hourly wages is having a negative effect on the employment prospects of some job seekers, particularly...

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IMF praises Switzerland’s economic response to the pandemic

© Marekusz | Dreamstime.com According to the International Monetary Fund (IMF), Switzerland has economically navigated the Covid-19 pandemic well so far. In 2020, the Swiss economy shrank by 2.9%, far less than many other advanced European economies. France (-8.2%), Germany (-4.9%), Italy (-8.9%) and the UK (-9.9%) all performed far worse. According to the IMF, the impact of the pandemic in Switzerland was cushioned by solid public and household finances, competitive...

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IMF praises Switzerland’s economic response to the pandemic

According to the International Monetary Fund (IMF), Switzerland has economically navigated the Covid-19 pandemic well so far. © Marekusz | Dreamstime.comIn 2020, the Swiss economy shrank by 2.9%, far less than many other advanced European economies. France (-8.2%), Germany (-4.9%), Italy (-8.9%) and the UK (-9.9%) all performed far worse. According to the IMF, the impact of the pandemic in Switzerland was cushioned by solid public and household finances, competitive export industries,...

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Swiss bankruptcies fell by 7% in 2020

In 2020, the Covid-19 pandemic hit the Swiss economy. GDP fell by 2.9% compared to 2019. However, despite the fall in economic output the number of bankruptcies fell by 6.7% compared to 2019. © Deaconsdocs | Dreamstime.comIn addition to a fall in the number of bankruptcies, the sum lost from closed bankruptcies fell 27%, after adjusting for the CHF 6.5 billion lost from the collapse of the Erb empire, Switzerland’s second largest bankruptcy after Swissair. Rolf Erb, the last CEO of the...

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Inflation accelerates in Switzerland in March

During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO). Since the beginning of 2021 it has begun to rise. © Vlad Ispas | Dreamstime.comIn January 2021 inflation was 0.1%. In February it rose to 0.2% and it March it was 0.3%. Since the end of 2020, Swiss prices have risen by nearly 0.6% (0.56%). If the current inflation rate were to continue until the end of the year annual inflation in Switzerland would hit 2.25%. The sharpest...

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