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Tag Archives: Business & Economy

Swiss inflation turns negative in 2020

During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO). © Dmitri Maruta | Dreamstime.comIn December 2020, Switzerland’s consumer price index (CPI) fell by 0.1% compared with November 2020. Compared to December 2019, prices in December 2020 were 0.8% lower. Annual inflation reached -0.7% across the full year. The main drivers of a falling CPI were lower travel prices and fuel costs. The price declines on these items were more...

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Swiss unemployment up steeply in 2020

Today, figures on Swiss unemployment at the end of 2020 were published. © Tero Vesalainen | Dreamstime.comAt the end of December 2020, there were 163,545 people registered as unemployed in Switzerland, a figure 39.5% higher than at the end of 2019. At 31 December 2020, the number of job seekers was 260,318, a number 34.9% above the same figure at the end of 2019. The last time the number of job seekers was close to this high in Switzerland was at the end of February 1997, when it...

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Swiss rents and property prices up in 2020 due to pandemic

© Bogdan Lazar | Dreamstime.com The pandemic had a significant impact on Swiss real estate prices in 2020, according to industry experts. Contrary to initial fears that property prices would fall, prices have risen over the period. Over the year, the offer prices of stand alone houses rose by 5.6% while apartment prices jumped by 5.5% across Switzerland as a whole, according to the Swiss Real Estate Offer Index compiled by ImmoScout24. 2020 has shown once more that...

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Swiss rents and property prices up in 2020 due to pandemic

The pandemic had a significant impact on Swiss real estate prices in 2020, according to industry experts. © Bogdan Lazar | Dreamstime.comContrary to initial fears that property prices would fall, prices have risen over the period. Over the year, the offer prices of stand alone houses rose by 5.6% while apartment prices jumped by 5.5% across Switzerland as a whole, according to the Swiss Real Estate Offer Index compiled by ImmoScout24. 2020 has shown once more that safe assets rise in...

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Company bankruptcies fell sharply in Switzerland in 2020

Despite the economic impacts of the coronavirus, significantly fewer Swiss companies went bankrupt in 2020 than the year before, according to the business data company Bisnode. © Sylvain Robin | Dreamstime.comDuring 2020, 3,811 Swiss companies filed for bankruptcy, 19% fewer than in 2019. Sectors that experienced the greatest fall in bankruptcies include artisans (-174 bankruptcies), hotels and restaurants (-124), retailers (-68) and wholesalers (-66). The slowdown in company failures...

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Pandemic dents financial optimism for 2021 in Switzerland

18% of Swiss adults are convinced their financial situation will worsen in 2021, according to a survey. © Photosbypanda | Dreamstime.comThis percentage is markedly higher than at the end of 2019 when the same figure was 13%. The rise in pessimism is largely linked to job insecurity. 68% are concerned they will face full or partial unemployment, while the self-employed worry they will get less business. In addition, 46% fear continued rises in health insurance premiums. More...

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Christmas traffic down 84% at Geneva airport

Normally Geneva airport is overrun with passengers during the Christmas period. This year there were 84% fewer passengers than last year, according to RTS. © Hai Huy Ton That | Dreamstime.comBetween 23 and 27 December 2020, there were around 47,000 passengers, down from the 300,000 that passed through the airport during the same period in 2019. The largest number of passengers typically depart for Portugal, followed by France, Spain, Italy, the UAE and the Netherlands. The flow in the...

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The US accuses Switzerland of currency manipulation

This week, the US Treasury reviewed and assessed the currency policies of 20 major U.S. trading partners during the four quarters ending June 2020. © Marekusz | Dreamstime.comThe report concluded that both Vietnam and Switzerland met all three criteria for currency manipulation under the Trade Facilitation and Trade Enforcement Act of 2015. The three tests include a significant bilateral trade surplus with the United States, a material current account surplus of at least 2% of GDP over...

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Large government budget deficit in 2021 for Switzerland

On 16 December 2020, Switzerland’s Council of States, the nation’s upper house, accepted a 2021 budget deeply in the red following its acceptance last week by the National Council. © Denis Linine | Dreamstime.comIn 2021, Switzerland’s federal government plans to collect CHF 75.8 billion while spending CHF 81.9 billion, plunging the budget CHF 6.1 billion into the red. The pandemic has significantly increased spending. Spending in 2021 is expected to be 8.8% higher than in 2020 and the...

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Swiss government promises one billion francs for Covid hit businesses

© Mcxas | Dreamstime.com This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion. Before this announcement, Bern had already committed to providing CHF 400 million to struggling businesses. Funding for the first CHF 400 million is split 50-50 between cantonal and federal tax payers. The additional CHF 600 million will be funded 80% out of the federal tax pot and 20% out of cantonal tax revenues. This means in...

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