Switzerland’s Federal Department of Finance (FDF) and the Swiss National Bank (SNB), Switzerland’s central bank, have signed a new agreement on how SNB profits can be distributed. The new agreement, which applies until 2025, allows for the SNB to make an annual payment of up to CHF 6 billion to the government, should central bank […]
Swiss retail sales up in 2020 despite pandemic
Despite on and off closures of Swiss retailers last year, total 2020 retail sales figures rose by 0.1% compared to 2019. Switzerland’s backdrop of negative inflation, meant real total year-on-year retail sales rose by 0.8%. However, headline sales numbers masks significant variations by retail sector. While e-commerce (+14.1%), sales of technology (+13.8%) and food, drink […]
Swiss inflation turns negative in 2020
During 2020, average annual inflation was –0.7%, according to Switzerland’s Federal Statistical Office (FSO). In 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 […]
Swiss unemployment up steeply in 2020
Today, figures on Swiss unemployment at the end of 2020 were published. At 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 […]
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. 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 […]
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. During 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), […]
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. This 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 […]
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. Between 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 […]
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. The 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 […]
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. In 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 […]
