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. Switzerland, 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 […]
Pandemic causes historic slump in Swiss GDP in second quarter
In the second quarter (Q2) of 2020, Switzerland’s GDP fell by –8.2 % after decreasing by –2.5 % in the previous quarter. GDP 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, […]
Journalists in Switzerland have not had a pay rise for 14 years
A recent survey by a Swiss union USS shows that average pay for journalists in Switzerland has barely risen for 14 years. In 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 […]
Unemployment up in second quarter of 2020 in Switzerland
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. The 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. […]
Swiss unemployment falls in June 2020
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). 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 […]
Swiss government forecasts 2021 deficit but no tax hikes
The coronavirus is set to knock a CHF 1 billion hole in Switzerland’s federal budget for 2021, according to a press release. Without 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 […]
Swiss salaries rise faster than inflation for the first time in 2 years
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. This is the first time in two years that the average Swiss salary has grown faster […]
Swiss retail sales up 30% in May after COVID-19 measures eased
Recently published figures show a overall jump of 30.2% in retail sales in May 2020 compared to April 2020. May’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 […]
Swiss National Bank forecasts deflation until 2022
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. The coronavirus pandemic has led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The bank […]
Coronavirus cost could rise to 40 billion francs in Switzerland this year
The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. On 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system […]
