Tag Archives: Business & Economy

© 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...

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,...

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...

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...

Researchers in Switzerland have developed an invisible lock made of a printed transparent electronic material. [embedded content] The transparent touch sensitive material can be placed anywhere, which means, unlike a traditional keypad, making it very difficult for an intruder to even know where to press. The team at Switzerland’s EMPA research centre is focused on developing thin film photovoltaics. The polymer film has electronic circuits made from conductive metal oxide-based...

A recently published survey run by Gastrosuisse, a hotel and restaurant industry association, suggests that 18.4% of businesses in the sector have already closed down due to the business disruption caused by the Covid-19 pandemic. © Ralf Liebhold | Dreamstime.com18.4% of the businesses polled reported that they had already closed with no plans to reopen. Without financial aid 23% reported that they will probably disappear. Only 34.9% said that they were certain they would reopen....

Swiss chocolate sales went into steep decline in 2020, according to ChocoSuisse, Switzerland’s chocolate industry association. © Phattha Intharakamhaeng | Dreamstime.comThe amount of chocolate produced in Switzerland in 2020 was 10% lower than in 2019 and sales revenue was down by 14.5%, a sharp drop. In 2020, Swiss chocolatiers produced around 180,000 tons, 20,000 tons less than the year before and sales fell by CHF 260 million to CHF 1.53 billion. The export business, which makes up...

A recent parliamentary vote on whether to issue a formal request to the Federal Council, Switzerland’s executive, to reopen restaurants on 22 March 2021, found a majority of 97 to 90, according to Le Matin. © Tetiana Soares | Dreamstime.comThe main parties supporting the demand were the Swiss People’s Party (UDC/SVP) and the PLR (FDP). The Socialist and Green parties were against it. The formal demand to the Federal Council stipulates: Increased testing and vaccinationAn end to the...

© Nikiforov Oleg | Dreamstime.com The economic impact of the Covid-​19 pandemic has hit low-income households far harder than those on high incomes, according to a study published by the KOF Swiss Economic Institute at ETH Zurich. Infection rates rise with income More people in the higher income range reported being infected with Covid-19 than those in lower income groups. Among those with incomes below CHF 4,000, 4% said they had tested positive and a further 8%...

© Tanya Keisha | Dreamstime.com In 2020, the number of overnight stays in Swiss hotels fell by 40% to 23.7 million, a fall of 15.8 million nights compared to 2019. The fall, driven by Covid-19, is the largest fall in overnight stays in Switzerland since the end of the 1950s, according to Switzerland’s Federal Statistical Office. Plummeting hotel stays were driven mainly by a large slump in foreign visitors. Hotel nights spent by Swiss tourists dropped by only 8.6%...