Tag Archives: Business & Economy

The World Intellectual Property Organization (WIPO) has ranked Switzerland number one in the world for innovation for the tenth consecutive year, according to its latest Global Innovation Index (GII) published this week. © Thomas Jurkowski | Dreamstime.comSwitzerland, Sweden, U.S., U.K and Netherlands lead the innovation ranking, which ranks more than 130 nations. The biggest change in Switzerland’s score this year related to its performance on patents. The GII shows year-on-year...

In the second quarter (Q2) of 2020, Switzerland’s GDP fell by –8.2 % after decreasing by –2.5 % in the previous quarter. © Michael Müller | Dreamstime.comGDP for Q2 2020 was 10.5% lower than Q4 2019. Domestic economic activity was severely restricted in the wake of the pandemic and the measures taken to contain it, said the government. However, Switzerland’s GDP decline remained limited when compared to the sharp recession experienced globally. Switzerland’s large pharmaceutical...

A recent survey by a Swiss union USS shows that average pay for journalists in Switzerland has barely risen for 14 years. © Maren Winter | Dreamstime.comIn 2006, on average (median) a journalist earned CHF 7,200 a month. By 2020, this figure had risen to CHF 7,333, an average annual increase of 0.13%, which amounts to less than CHF 10. Journalists working for Switzerland’s broadcaster RTS, which is largely funded by an annual fee levied on households and businesses, faired the best,...

Switzerland’s unemployment rate rose from 4.2% to 4.6% in the second quarter of 2020, according to a recent survey that measures unemployment more broadly than Switzerland’s official unemployment measure. © Suriel Ramirez Zaldivar | Dreamstime.comThe method used for these calculations is the one defined by the International Labour Organisation (ILO), which includes all available job seekers – ILO definition of unemployment. The standard official Swiss measure includes only those...

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...

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...

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...

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...

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...

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...