Tag Archives: Business & Economy

On 1 April 2022, Switzerland’s Federal Statistical Office published March inflation data, which show prices 2.4% higher than one year ago. © Bigpressphoto | Dreamstime.comSwitzerland’s consumer price index (CPI) increased by 0.6% in March 2022 compared with the previous month. Inflation was +2.4% compared with the same month of the previous year. Swiss prices were driven higher by rising energy costs, which fed through into the cost of heating, transport – air transport in particular,...

Under public pressure Swiss food giant Nestlé announced it would pull certain brands in Russia. © Aleksei Filatov | Dreamstime.comAfter fierce criticism from Ukrainian politicians and members of the public the firm said it would continue to sell essential foods while pulling popular brands such as KitKat and Nesquik. A growing number of western brands have suspended their operations in Russia in protest at the war in Ukraine. A spokesperson for Nestlé said “We are fully complying...

Data published on 17 March 2022 showed a 15.4% jump in Swiss exports in February 2022. The sharp rise in exports when combined with a 2.9% fall in imports led to a monthly trade balance of CHF 5.7 billion. This is the first time in history that Switzerland’s monthly trade balance has exceeded CHF 5 billion. Photo by RODNAE Productions on Pexels.comIn February 2022, Switzerland exported CHF 24.0 billion worth of products while importing CHF 18.3 billion, creating a net trade balance of CHF...

Responding to the coronavirus is likely to have added between CHF 25 and 30 billion to Swiss federal borrowing, a sum that will only be known when the final calculation is made at the end of 2022. Paying this back is expected to take 11 to 13 years. © Marekusz | Dreamstime.comThe federal government said that repaying this money is critical for ensuring the nation is prepared for future crises and for maintaining the financial standing of the nation, something that attracts foreign...

The high inflation across the world is rippling as far as Switzerland. During the month of February 2022, Swiss prices rose 0.7%. Compared to the same month in 2021, prices were 2.2% higher, making this the highest price increase in two decades. © Radomír Režný | Dreamstime.comThe 0.66% monthly consumer price rise in February represents an annualised rate of 7.9%. Essentially, if the latest monthly rate of inflation were to continue for 12 months it would push consumer prices up by 7.9%....

This week, Switzerland’s Federal Prosecutor requested that Credit Suisse be fined the maximum of CHF 5 million allowed under Swiss law for money laundering related to its dealings with a network of Bulgarian drug traffickers, reported RTS. Swiss Federal Penal Tribunal in BellinzonaThe trial began two and a half weeks ago at the Switzerland’s Federal Penal Tribunal in Bellinzona. Two Bulgarians, one bank employee, one ex-employee and the bank appeared in court. Federal prosecutor Alice...

Dairy prices are rising globally. Higher global prices are expected to trigger price rises in Switzerland as local dairy farmers follow the global trend, reported 20 Minutes. © Erix2005 | Dreamstime.comSince the beginning of the year, the price of a tonne of dried milk has risen by around 16% to US$ 4,503, according to the website Global Dairy Trade. Contracts dated March 2022 are priced slightly higher at US$ 4,510. Between 4 January and 15 February 2022, prices rose 16% from US$ 3,866...

Recently published statistics show that more than half of the residents in certain parts of France were employed in Switzerland in 2018. © Sergii Figurnyi | Dreamstime.comThe data, published by INSEE, a French statistics agency, found that more than half of households in the communes du Genevois, Pays de Gex and Annemasse-Les Voirons, all regions bordering Switzerland, contained family members who worked abroad, almost all of them in Switzerland. In the communes du Genevois, 67% of...

Data published this week by Switzerland’s Federal Statistical Office (FSO) show that the number of active workers in Switzerland rose to a record 5.239 million by the end of 2021. Photo by Lex Photography on Pexels.comThe number of people employed at the end of 2021 was 1.9% higher than at the end of 2020. 5.239 million represents around 73% of those 15 or older. Sharp rise in hotel and restaurant jobs The number of people actively working in hotel and restaurant jobs rose 8,700...

In Germany, the lowest-priced Netflix subscription is CHF 8,30 (EUR 7.99) a month. The same subscription in Switzerland costs CHF 11.90, a price 43% higher than in Germany. Photo by Karolina Grabowska on Pexels.comGiven the large difference between German VAT(19%) and Swiss VAT (7.7%), all other things being equal, Swiss subscribers should expect to pay 10% less than German subscribers. After accounting for the VAT difference the Swiss price premium widens from 43% to 58%. According to...