Tag Archives: Swiss Macro

Swiss cantons have very different tax bases, tax rates and costs. To even things up, and temper tax rate competition between cantons that jockey to attract the wealthiest residents with the lowest tax rates, Switzerland has a system known as la péréquation financière nationale in French, or Finanzausgleich in German, which requires “rich” cantons to give money to “poor” cantons. Yesterday, the Swiss federal government...

The KOF Swiss Economic Institute defines itself as one of the leading economic “think tanks” in Switzerland. In this prospect, KOF (acronym for the German word “Konjunkturforschungsstelle”, which means business cycle research institute) aims to play two roles, one as a mediator between a broader public (politics, society) and the research community, and one as a leading platform for economists, especially within...

14.06.2016 09:15  – FSO, Prices (0353-1606-10) Producer and Import Price Index in May 2016 0.4% rise in Producer and Import Price Index Neuchâtel, 14.06.2016 (FSO) – The Producer and Import Price Index rose in May 2016 by 0.4% compared with the previous month, reaching 99.7 points (base December 2015 = 100). This was primarily attributable to higher prices for scrap and petroleum products. Compared with May 2015,...

08.06.2016 09:15  – FSO, Prices (0353-1606-00) Swiss Consumer Price Index in May 2016 For the third time in a row, prices in Switzerland increased against the previous month. Inflation was -0.4% against last year. Still in 2015 yearly inflation was mostly around -1.5% y/y. Now yearly HCPI inflation is -0.5%. Will this rising price tendency continue? It will be surely a problem for the SNB. They might need a stronger...

07.06.2016 09:15  – FSO, Economic Surveys (0353-1605-60) Employment barometer in 1st quarter 2016 Employment growth, but only in tertiary sector Varying employment trends Neuchâtel, 07.06.2016 (FSO) – In the 1st quarter 2016 total employment (number of jobs) rose by 0.6% compared with the same quarter a year ago (0.0% compared with the previous quarter). In full-time equivalents, employment in the same period fell by...

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Key points: Q/Q GDP growth: +0.1%, YoY GDP growth: +0.7% Until 2014, Swiss GDP was driven by net exports: Exports were rising more quickly than imports, which improved GDP. Positive change in the trade balance in goods: Recently only the trade balance of goods continued to increase (+8.1% YoY exports, +1.4% YoY imports in Q1/2016) Negative change in the trade balance for services (+6.7% YoY) increased more than the export of services (+2.0%). Exports of services are for example banking...

01.06.2016 09:15  – FSO, Economic Surveys (0353-1605-70) The Used Goods Question Retail sales in several countries like Germany, Italy, Japan and Switzerland continue to fall. In the United States they have strongly risen recently. We should remind readers, that used goods sold via Ebay or similar, are not contained in this statistics. Still they create economic value for the purchases. By mentality, Swiss, Germans or Japanese pay more attention so that used goods do not lose their value...

Bern, 01.06.2016 – Switzerland’s real gross domestic product (GDP) grew by 0.1% in the 1st quarter of 2016.* GDP was underpinned by consumption expenditure from private households and investments in construction and equipment but curbed slightly by government consumption. On the production side, the picture was mixed: whilst financial services and the hotel and catering industry saw a decline, value added in manufacturing, construction and the healthcare sector increased. In comparison...

The sector that got hit most by the sudden appreciation of the Swiss franc, was industrial production. They must compete with Germany, that benefits of the weak euro. The newest data from March show that this sector recovered. This opens the question again, if the Swiss franc is really overvalued. Certainly not against the dollar, other sectors like pharmaceuticals and chemicals export at lot to the United States. Further explanations on this press release: The secondary sector...